2 New Condo Towers Proposed For Hollywood / Hallandale Beach Market Published on 11/24/2013 7:41:00 PM
As the South Florida housing market rebounds from the real estate crash of 2007, a pair of unrelated residential developers are proposing two new condo towers in the Hollywood / Hallandale Beach market of Southeast Broward County between Greater Downtown Miami and Downtown Fort Lauderdale, according to a new report from CondoVultures.com.
The first of the newly proposed unnamed towers is slated to have 30 stories with 64 units on an oceanfront site on South Ocean Drive while the second unnamed tower is to have 200 units within the expansive Village At Gulfstream Park racino and outdoor mall on South Federal Highway, according to city of Hallandale Beach records and a Miami Herald article.
With the newly proposed condo towers in Hollywood / Hallandale Beach, developers are now proposing at least 13 new towers with nearly 1,650 condo units in a market that stretches from the Miami-Dade County line north to Sheridan Street, and the Atlantic Ocean west to Federal Highway as of November 22, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
Overall in South Florida, at least 178 new condo towers with nearly 23,350 units are now proposed, planned, under construction, or recently completed in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach as of November 22, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
(It is worth noting, market expert Peter Zalewski - founder of CraneSpotters.com in conjunction with the Miami Association Of Realtors - is scheduled to begin offering expert narration for a new Preconstruction Condo Project Bus Tour Of South Florida's Hottest Coastal Markets beginning December 7, 2013.)
"The Hollywood / Hallandale Beach area has one of the most dynamic condo markets in coastal South Florida," said Peter Zalewski, a principal with the Downtown Miami based real estate consultancy Condo Vultures® LLC. "The Hollywood / Hallandale Beach condo market was the first of South Florida's seven largest coastal markets to sell out of new units developed during the last building boom. At this point of the current cycle, the Hollywood / Hallandale Beach area ranks as the fourth most active condo market in coastal South Florida behind only Greater Downtown Miami, West Palm Beach, and Sunny Isles Beach.
"The unanswered question going forward is whether buyers will continue to purchase new condo units in the Hollywood / Hallandale Beach market given the rising prices and the amount of newly proposed condos slated to go up in nearby areas."
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, a Florida corporation - B & H Fort Lauderdale Beach LLC with members Gilbert Benhamou and Eyal Steve Levy of Aventura - has submitted plans to build a luxury highrise on the 1.3-acre site of the recently terminated 42-unit Regency House Beach Club Resort in the 2000 block of South Ocean Drive fronting the Atlantic Ocean, according to city of Hallandale Beach records.
The development group - B & H Fort Lauderdale Beach LLC - proposing the new 30-story condo project is different than the site's owner of record - GBP Regency LLC with Rainer Viete of Pompano Beach - that acquired the land for $10 million - using a $5 million loan - in July 2011, according to the Broward County Property Appraiser's website.
The site's owner of record - GBP Regency LLC - terminated the existing Regency House Beach Club Resort - that was created in 1984 - in August 2013 at the same time its loan on the property was increased to $7.5 million, according to Broward County records.
Some 1.5 miles west of the newly proposed oceanfront condo tower, the owner of the 300-acre Village At Gulfstream Park mixed-use facility is "close to launching" sales for a 200-unit condo tower slated to go up on the property located in the 500 block of South Federal Highway, according to the Miami Herald.
Additional details on the soon-to-be-launched condo project are unclear as no new development applications have appeared on any recent or future meeting agendas in Hallandale Beach, according to government records.
Opened in 2010, the Village At Gulfstream Park should have already had a number of new condo units developed on the site.
"Original plans called for Gulfstream by now to have added a 250-room hotel and 500 condominium units on its way to becoming a mixed-use destination with the added attraction of gambling," according to the Miami Herald.
Some six years after the South Florida real estate crash began in 2007, four new condo projects (in order) - 23 Biscayne Bay, 4001 North Ocean, Apogee Beach, and Bellini Williams Island - have already been completed in the tricounty region and 41 other buildings - Aventura's 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 101 Key Biscayne and 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, Marea South Beach, 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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