25,000 Condo Units Proposed For South Florida Coast Since Crash Of 2007 Published on 1/9/2014 11:58:00 PM
As the South Florida housing market rebounds from the real estate crash of 2007, a trio of newly proposed condo towers in Greater Downtown Miami and Coral Gables have propelled the total number of units announced in the tricounty region to more than 25,000, according to a new report from CondoVultures.com.
During the previous South Florida condo boom that began in 2003, developers created nearly 49,000 units in the region's seven largest coastal 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, according to the Condo Vultures® Official Condo Buyers Guide™ series.
With the newest announced projects, developers are now proposing at least 46 new towers with nearly 13,600 condo units in the Greater Downtown Miami market that stretches from the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay west to Interstate 95 as of January 9, 2014, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
In the Coral Gables market, developers are now proposing three new condo tower with nearly 500 units in this wealthy suburb southwest of the city of Miami as of January 9, 2014, according to the Preconstruction Condo Projects Database™.
Overall in South Florida, at least 184 new condo towers with more than 25,100 units are proposed, planned, under construction, or recently completed in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach as of January 9, 2014, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
(It is worth noting, real estate expert Peter Zalewski - founder of CraneSpotters.com in conjunction with the Miami Association Of Realtors - narrates weekly Official Preconstruction Condo Project Tours of South Florida's hottest coastal market, including Greater Downtown Miami, on Saturdays and Sundays during the winter tourism season.)
CondoVultures.com is scheduled to profile condo trends in the fourth 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 January 13, 2014.
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.
For the pair of newly announced condo towers in Greater Downtown Miami, the proposed Edge On Brickell is slated to be a 55-story tower with 130 condo units on the south bank of the Miami River at 55 SW Miami Avenue Road, according to the Miami Real Deal.
Less than a mile away, a developer is proposing a yet-to-be-named condo tower with 24 floors and 155 units on a site in the 1000 block of Southwest Second Avenue, according to the Miami Daily Business Review.
Nearby in Coral Gables, a development group is proposing a 10-story condo tower with 270 units - dubbed the Collection Residences - for a 2.8-acre site located at 250 Bird Road, according to the Miami Herald and city of Coral Gables records.
Some seven 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 45 other buildings - Aventura's Echo Aventura (two towers), and Marina Palms Yacht Club & Residences (one tower); Bal Harbour's Oceana Bal Harbour; Fort Lauderdale's Adagio Residences; Greater Downtown Miami's 1100 Millecento Residences, Bay House, Bond At Brickell, Brickell Citycentre (two towers), BrickellHouse, Centro, Habitat II, ICON Bay, MyBrickell, Nine At Mary Brickell Village projects; Hallandale Beach's Beachwalk; Hollywood's Costa Hollywood (two towers), H3,Positano Beach; 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, Glass, 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 1,780 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 September 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 at 425 NE 22nd St., Suite 409, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.
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