New 'Porsche Design' Oceanfront Condo Tower Proposed For South Florida Published on 11/9/2011 8:03:00 PM
Sunny Isles Beach is poised to begin another condo highrise construction boom as a fourth tower - the 57-story Porsche Design Residences - has been proposed for an oceanfront site located in the barrier island city in Northeast Miami-Dade County, according to a new report from CondoVultures.com.
Plans for the Porsche Design Residences project comes a week after Sunny Isles Beach city attorney Hans Ottinot told CondoVultures.com that developers have approached the municipality with plans to construct three other oceanfront condo towers within the barrier island city's boundaries, according to a recent report.
Given the shrinking inventory of developer units from the real estate boom, Sunny Isles Beach is following the emerging South Florida trend of new condo construction as 13 towers with nearly 3,500 units are already being proposed for the tricounty region of Miami-Dade, Broward, and Palm Beach as of Nov. 10, 2011, according to the CondoVultures.com Preconstruction Condo Projects list.
The proposed Porsche Design Residences project with 132 units and more than 500,000 square feet of space is slated to be developed on a 2.2-acre site where the 120-unit Golden Nugget Beach Club & Hotel currently stands, according to city of Sunny Isles Beach government records.
The proposed Porsche Design Residences project is scheduled to be discussed at a Nov. 17, 2011 public hearing being held by the Sunny Isles Beach City Commission, according to a public notice published in the Miami Herald on Nov. 6, 2011.
The proposed Porsche Design Residences project would be developed by Dezer Properties and Porsche Design, according to the South Florida Business Journal.
The Dezers have developed thousands of condo units in the Sunny Isles Beach market including the six towers that don the name of New York City real estate mogul Donald Trump.
For Porsche Design - a highend men's accessories company headquartered in Germany - the proposed Sunny Isles Beach tower would be the first condo development in South Florida, according to the South Florida Business Journal.
Porsche Design's roots trace back to Prof. Ferdinand Alexander Porsche, designer of the Porsche 911 sports car and grandson of the founder of the Porsche, according to the company's website.
At the current 2011 sales pace of nearly 45 new condo transactions per month, the unsold existing developer units from the real estate boom in Sunny Isles Beach would be absorbed by the end of 2012, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.
Overall, the South Florida condo boom has generated nearly $4.1 billion in developer sales of newly created units in Sunny Isles Beach as of Sept. 30, 2011, according to a new CondoVultures.com report.
Between 2003 and the third quarter of 2011, developers have sold more than 9.2 million square feet of condo space in Sunny Isles Beach, according to the report.
Sunny Isles Beach is a 40-block stretch from the city of Golden Beach boundary south to Haulover Beach Park, Biscayne Bay east to the Atlantic Ocean. Sunny Isles Beach is divided up into three neighborhoods separated by causeways: North, Central, and South.
Developers created 27 projects with nearly 6,400 units in the Sunny Isles Beach market since 2003. Prior to the boom, developers had built nearly 60 projects with nearly 12,000 units in Sunny Isles Beach, according to the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.
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 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
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