Developers Propose 2 New Boutique Condo Projects For Miami Beach Market Published on 2/26/2014 11:27:00 PM
As the South Florida housing market rebounds from the real estate crash of 2007, a pair of unrelated developers are proposing two new condo projects for the barrier island city of Miami Beach, according to a new report from CondoVultures.com.
The first of the newly proposed unnamed towers is slated to feature 60 units on a waterfront site on the MacArthur Causeway just west of the South Of Fifth neighborhood of Miami Beach while the second unnamed project is to feature 60 condo-hotel units as part of a second phase of a new hotel in South Beach, according to city of Miami Beach records.
With the newest announced projects, developers are now proposing at least 23 new buildings with nearly 1,300 condo units in the Miami Beach market that stretches from South Pointe Drive north to 87th Street, and the Atlantic Ocean west to Biscayne Bay as of February 26, 2014, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
Overall in South Florida, at least 195 new condo towers with nearly 26,150 units are proposed, planned, under construction, or recently completed in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach as of February 26, 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 by bus and boat of South Florida's hottest coastal market including Greater Downtown Miami and Miami Beach 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 22, 2014.
The Condo Vultures® Market Intelligence Report™ plans to publish a 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, developer Harvey Hernandez - who is already constructing the BrickellHouse and the Centro projects in Greater Downtown Miami - wants to put up a 12-story condo tower on a 3.7-acre site at the southeastern tip of Terminal Island between the U.S. Coast Guard Station to the east and the Fisher Island ferry terminal to the west, according to government records.
Another developer is proposing a five-story condo-hotel on a vacant site located next to the new Vintro Hotel South Beach in the 2200 block of Park Avenue in Miami Beach, according to government records.
Overall, some seven years after the South Florida real estate crash began in 2007, five new condo projects (in order) - 23 Biscayne Bay, 4001 North Ocean, Apogee Beach, Bellini Williams Island, and MyBrickell - have already been completed in the tricounty region and 57 other buildings - Aventura's Echo Aventura (two towers), and Marina Palms Yacht Club & Residences; Bal Harbour's Oceana Bal Harbour; Fort Lauderdale's Adagio Residences, Aquavita Las Olas (two towers), Vela Vista; Greater Downtown Miami's 1100 Millecento Residences, Bay House, Bond At Brickell, Brickell Citycentre (two towers), BrickellHouse, Centro, Crimson Residences On Biscayne Bay, Habitat II, ICON Bay, Nine At Mary Brickell Village, SLS Hotel And Residences Brickell 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 Key Biscayne (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; North Palm Beach's Water Club Of North Palm Beach (two towers); Sunny Isles Beach's 400 Sunny Isles (two towers), Chateau Beach, Jade Signature, Mansions At Acqualina, Porsche Design Tower, Regalia; and Surfside's Chateau Ocean and the Surf Club Four Seasons Private Residences (five towers) - 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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