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South American Developer Proposes New Condo Project For Key Biscayne
South American Developer Proposes New Condo Project For Key Biscayne
Published on 6/28/2013 5:29:00 PM

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With at least 139 new condo towers already proposed for South Florida, a developer with roots in Venezuela has announced plans for a new condo project in the wealthy enclave of Key Biscayne just southeast of Greater Downtown Miami as the tricounty real estate market shows signs of recovering from the dramatic downturn of 2007, according to a new report from CondoVultures.com.

The newly proposed condo project - dubbed the 101 Key Biscayne - comes at a time when developers are proposing more than 90 buildings with nearly 14,350 units in Miami-Dade County, according to the Cranespotters.com Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Overall in South Florida, developers are now proposing more than 18,560 units for the tricounty region of coastal Miami-Dade, Broward, and Palm Beach as of June 28, 2013, according to Cranespotters.com.

CondoVultures.com has been profiling condo trends in the first quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of April 15, 2013.

The Condo Vultures® Market Intelligence Report™ has been publishing a 10-part weekly series that analyzes the markets of Greater Downtown MiamiSouth BeachBal Harbour / Surfside / Bay Harbor IslandsSunny Isles BeachAventuraHollywood / Hallandale BeachDowntown Fort Lauderdale and the BeachPompano BeachBoca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.

In Key Biscayne, the newly proposed 101 Key Biscayne condo project is slated to stand five-stories tall and feature 11 units - ranging in size from about 1,850 square feet to 1,950 square feet - on the east side of Sunrise Drive on the 1.2-square-mile island. 

The project's developer - 101 Sunrise LLC with Eric Soulavy as manager - purchased the 0.7-acre site with a 20-unit rental complex built more than 45 years ago for $4.8 million in October 2012, according to Miami-Dade County Property Appraiser and Florida Department Of State records.

The development site has a 2013 assessed value of nearly $3.75 million, according to government records.

Construction on the proposed condo complex is scheduled to begin in September 2013 with the project completed in December 2014, according to marketing literature. 

Some six years after the South Florida real estate crash began in 2007, one new condo tower has already been completed in the tricounty region and 24 other highrises - Aventura's Bellini At Williams Island; Greater Downtown Miami's 1100 Millecento ResidencesBrickell Citycentre (two towers), BrickellHouseHabitat IIICON Bay, and MyBrickell projects; Hallandale Beach's Beachwalk; Hollywood's Apogee Beach and Costa Hollywood (two towers); Key Biscayne's Oceana (two towers); Miami's Baltus House in the Morningside area and Grove At Grand Bay (two towers) in the Coconut Grove are ; Miami Beach's Faena House Saxony and Residences At Miami Beach Edition; Palm Beach County's 4001 North Ocean project; and Sunny Isles Beach's Chateau BeachMansions At AcqualinaPorsche Design Tower, and Regalia - are under construction as the post-crash development era gains momentum, according to a CondoVultures.com report.

The push for new condo construction comes as the boom-era unit inventory is dwindling in South Florida.  

As of March 31, 2013, less than 2,150 condos are unsold out of a total of nearly 49,000 units created in South Florida's seven largest coastal markets during the last South Florida boom that began in 2003, according to a new CondoVultures.com report.

It is important to note there are various stages to a residential real estate transaction in South Florida.

A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government. 

As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.  

The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.   

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™Official Condo Buyers Guide To South Beach™Official Condo Buyers Guide to Sunny Isles Beach™Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™Official Condo Buyers Guide to Hollywood / Hallandale Beach™Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.

© Copyright 2013. Condo Vultures® LLC. All Rights Reserved.  


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