New Preconstruction Condo Projects Tour Targets Investors In South Florida Published on 12/1/2013 10:23:07 PM
Staying apprised of the increasing number of investment opportunities related to the nearly 180 new condo towers proposed for South Florida is about to get easier with this week's launch of a new preconstruction condo projects tour.
Real estate analyst Peter Zalewski – who founded the preconstruction condo projects website CraneSpotters.com in conjunction with the Miami Association Of Realtors - has committed to narrate the new weekly tours of South Florida’s most active coastal markets beginning Saturday, December 7, 2013.
Zalewski – who with a team of veteran researchers rely on public records and private research to closely monitor every new condo tower proposed to be developed east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties - intends to provide an indepth analysis of every proposed tower visited during the three-hour preconstruction condo market tours.
Additionally, a searchable list of every proposed condo tower with project profiles and a 3-D locator map is available at CraneSpotters.com.
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 29, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
"South Florida is in the early stages of the tricounty region's newest preconstruction condo boom," said Peter Zalewski, a principal with the Downtown Miami based real estate consultancy Condo Vultures® LLC. "Our organization has been working diligently since early 2011 to identify, understand, and monitor every condo tower - and increasingly every rental project - proposed to be developed east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties. The preconstruction condo tours are just another step in our quest to provide ahead-of-the-curve expertise to investors who want to take positions in rapidly changing South Florida real estate market."
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.
Beginning this month, the scheduled preconstruction condo tours will provide unmatched insight into every proposed tower slated to go up in a respective South Florida coastal market. The market tours will rotate on a weekly basis to feature 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.
(For more information on the upcoming Preconstruction Condo Projects tours, please call 305-865-5859 or send an email to Bus@CraneSpotters.com. Please be sure to also sign up the CraneSpotters.com Bulletin newsletter.)
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.
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™.
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