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Related Group To Add 4 New Condo Towers To Proposed ICON Palm Beach
Related Group To Add 4 New Condo Towers To Proposed ICON Palm Beach
Published on 9/22/2013 10:37:00 PM

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As the South Florida condo market rebounds from the devastating crash of 2007, the Related Group - the tricounty region's largest vertical condo developer - plans to add four new condo towers with more than 660 additional units to its previously proposed ICON Palm Beach twin-tower project on Flagler Drive north of Downtown West Palm Beach, according to a new report from CondoVultures.com.  

Under the revised plan, the four newly proposed condo towers would be developed in partnership with neighboring landowner RSBC Real Estate Co. that controls a 13.9-acre waterfront site and marina in the 4200 block of Flagler Drive, immediately south of the proposed ICON Palm Beach project that was slated to be built on a 5.1-acre site in the 4400 block of Flagler Drive, according to city of West Palm Beach records.

With the Related Group's revised plans, at least 10 new condo towers with more than 1,800 units have been proposed in the Downtown West Palm Beach area as of September 22, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Prior to the revised ICON Palm Beach plans, at least eight development sites with the potential for hundreds of residential - either rental or condominium - units were already being contemplated in the North Flagler Drive corridor just north of Downtown West Palm Beach, according to a CondoVultures.com report.

Overall in the tricounty South Florida region, developers are now proposing nearly 22,500 units for coastal Miami-Dade, Broward, and Palm Beach counties as of September 22, 2013, according to the Preconstruction Condo Projects Database™.

CondoVultures.com is scheduled to profile condo trends in the second 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 July 15, 2013.

The Condo Vultures® Market Intelligence Report™ plans to publish 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.

The Downtown West Palm Beach and Palm Beach Island condo market is defined as Palm Beach Lakes Boulevard south to Southern Boulevard, and the Atlantic Ocean west to Australian Avenue / Interstate 95, according to the analysis based on the Condo Vultures® Official Condo Buyers Guide To Downtown West Palm Beach and Palm Beach Island™.

In West Palm Beach, the Related Group is working to finally develop the ICON Palm Beach project that was originally proposed to be a 150-unit luxury tower to be built - but later shelved - during the last South Florida boom-and-bust cycle that began in 2003. 

In 2011, the Related Group revived plans to develop the ICON Palm Beach project - this time with two towers and 505 units - but later revised down to 397 units before ultimately opting to “pull” its plans “indefinitely” following opposition from nearby residents, according to a CondoVultures.com report.

Some six years after the South Florida real estate crash began in 2007, two new condo projects - 23 Biscayne Bay and 4001 North Ocean - have already been completed in the tricounty region and 38 other highrises - Aventura's Bellini At Williams IslandEcho Aventura (two towers), and Marina Palms Yacht Club & Residences (two towers); Fort Lauderdale's Adagio Residences; Greater Downtown Miami's 1100 Millecento ResidencesBrickell Citycentre (two towers), BrickellHouseHabitat IIICON BayMyBrickellNine At Mary Brickell Village projects; Hallandale Beach's Beachwalk; Hollywood's Apogee BeachCosta Hollywood (two towers), H3Sage Beach (two towers); Key Biscayne's Oceana (two towers); Miami's Baltus House in the Morningside area and Grove At Grand Bay (two towers) in Coconut Grove; Miami Beach's Faena HouseOne Ocean (two towers), Peloro Miami Beach, and Residences At Miami Beach Edition; and Sunny Isles Beach's 400 Sunny Isles (two towers), Chateau BeachJade SignatureMansions 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 West Palm Beach and South Florida alike.

As of June 30, 2013, less than 150 new condos were unsold out of a total of more than 3,400 units created in the Downtown West Palm Beach and Palm Beach Island coastal market during the last South Florida boom that began in 2003, according to a new CondoVultures.com report

On the resale market, more than 280 condos are available for purchase at an average asking price of about $216 per square foot in the Downtown West Palm Beach and Palm Beach Island coastal market as of September 22, 2013, according to the licensed Florida brokerage CVR Realty™

Of the condos being marketed for resale in the Downtown West Palm Beach and Palm Beach Island coastal market, about 40 percent of the units were created since 2003. The average resale asking price for the condo units created since 2003 is about $226 per square foot, according to Florida Realtors association data.

Overall in South Florida, less than 2,150 new condo units remain unsold from a supply of nearly 49,000 units created since 2003 in South Florida’s seven largest coastal markets of Greater Downtown MiamiSouth BeachSunny Isles BeachHollywood / Hallandale BeachDowntown Fort Lauderdale and the BeachBoca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island as of March 31, 2013, according to a recent CondoVultures.com report.

The total number of unsold new condos does not include any of the more than 8,000 units that were purchased in bulk transactions by investment groups that plan to one day resell the units at a premium, according to the Condo Vultures® Bulk Deals Database™

A number of the newly proposed condo units are not expected to be completed until 2014 when the unsold developer inventory from South Florida's last real estate boom and bust is projected to be sold.

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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