3rd New Condo Project Completed In South Florida Since Crash Of 2007 Published on 10/11/2013 7:12:00 PM
With at least 170 new condo towers already proposed for South Florida, a third condo project has been completed while at least three more towers are scheduled to be delivered before the end of the year as the region's real estate market shows signs of recovering from the dramatic downturn of 2007, according to a new report from CondoVultures.com.
The newly completed Apogee Beach condominium complex with 49 units in Hollywood Beach in Southeast Broward County recorded its first transaction in the 24-story tower fronting the Atlantic Ocean on September 17, 2013, according to Broward County records.
In addition to the Apogee Beach project, three other condo projects - Bellini Williams Island in Aventura, MyBrickell in Greater Downtown Miami, and the Regalia in Sunny Isles Beach - are expected to complete construction by the end of 2013, according to marketing literature from each project.
In the Hollywood / Hallandale Beach market, a combination of domestic and international developers - in unrelated projects - are proposing to construct 11 towers with nearly 1,450 new condo units in a market that stretches from the Miami-Dade County line north to Sheridan Road, and the Atlantic Ocean west to Federal Highway as of October 11, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
Overall in South Florida, at least 172 new condo towers with more than 22,500 units are proposed, planned, under construction, or recently completed in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach as of October 11, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
CondoVultures.com is scheduled to profile condo trends in the third 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 October 14, 2013.
The Condo Vultures® Market Intelligence Report™ plans to publish a 10-part weekly series that analyzes the markets of Greater Downtown Miami, South Beach, Bal Harbour / Surfside / Bay Harbor Islands, Sunny Isles Beach, Aventura, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Pompano Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
In the Hollywood / Hallandale Beach market, the developer of the Apogee Beach project has sold 44 units for more than $50.6 million for an average price of nearly $462 per square foot as of October 11, 2013, according to Broward County records.
The new condos at the Apogee Beach project have sold for less than $775,000 to at least $2.3 million each with the price per square foot ranging from less than $355 per square foot to more than $725 per square foot, according to government records.
Some six years after the South Florida real estate crash began in 2007, three new condo projects - 23 Biscayne Bay, 4001 North Ocean, and Apogee Beach - have already been completed in the tricounty region and 40 other buildings - Aventura's Bellini At Williams Island, Echo Aventura (two towers), and Marina Palms Yacht Club & Residences (two towers); Bal Harbour's Oceana Bal Harbour; Fort Lauderdale's Adagio Residences; Greater Downtown Miami's 1100 Millecento Residences, Brickell Citycentre (two towers), BrickellHouse, Habitat II, ICON Bay, MyBrickell, Nine At Mary Brickell Village projects; Hallandale Beach's Beachwalk; Hollywood's Costa Hollywood (two towers), H3, Sage 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 321 Ocean Drive (two towers), Faena House, One Ocean (two towers), Peloro Miami Beach, and Residences At Miami Beach Edition; and Sunny Isles Beach's 400 Sunny Isles (two towers), Chateau Beach, Jade Signature, Mansions At Acqualina, Porsche 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.
Fueled by investors primarily from overseas, about 1,925 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 Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island as of June 30, 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.
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