Opportunity Fund Proposes New Boutique Condo Project In Miami Beach Published on 10/23/2013 9:04:00 PM
As the South Florida housing market increasingly rebounds from the real estate crash of 2007, an opportunity fund with ties to New York City is proposing a new seven-story condo project less than a mile away from the planned Ritz-Carlton Residences going up in the barrier island city of Miami Beach, according to a new report from CondoVultures.com.
The boutique project's developer - an entity controlled by BH3 Development with Daniel Lebensohn - plans to build 65-units on a portion of a 2.3-acre site that currently houses Talmudic University in the 4000 block of Alton Road and the Julia Tuttle Causeway in Miami Beach, according to city of Miami Beach and Miami-Dade Property Appraiser records.
The Ritz-Carlon Residences Miami Beach is slated to be developed in the 4800 block of Alton Road in Miami Beach, according to South Florida Business Journal.
In Miami Beach, a combination of domestic and international developers - in unrelated projects - are now proposing to construct at least 20 new towers with more than 1,125 condo units in the barrier island city that is comprised of the neighborhoods of South Beach, Middle Beach, and North Beach as of October 23, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
Overall in South Florida, at least 173 new condo towers with more than 22,600 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 23, 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 Miami Beach, the BH3-controlled entity purchased the $6.2 million mortgage on the site of Talumdic College from the lender of record, Branch Banking & Trust Co., for an undisclosed amount in March 2013 but has not taken title to the property as of October 23, 2013, according to Miami-Dade County records.
The site has a 2013 market value of of $10.1 million. Talmudic College originally purchased the site in December 2003 for $8 million and obtained the loan, according to Miami-Dade County records.
During the South Florida condo crash, BH3 bought and resold units in a number of projects including the Trump Hollywood in Hollywood and the Fontainebleau III Sorrento and Terra Beachside Villas in Miami Beach, according to a company statement.
Earlier this year, BH3 ventured into development in South Florida by entering into a joint-venture arrangement with Aventura developer Gary Cohen to build the Prive condo project on an undeveloped island just east of Williams Island, according to a recent CondoVultures.com report.
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 recent 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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