5th Oceanfront Condo Tower Proposed For Sunny Isles Beach Published on 1/31/2012 6:47:00 PM
A veteran developer with a track record in South America and a growing land portfolio in South Florida plans to build an ultra-luxury condominium tower on an oceanfront site in the barrier island city of Sunny Isles Beach in Northeast Miami-Dade County, according to a new report from CondoVultures.com.
The proposed 35-story Chateau Beach tower - with 84 units and 271,500 square feet on a one-acre site on Collins Avenue - would be the fifth project slated for construction in Sunny Isles Beach in the last six months, according to the CondoVultures.com Preconstruction Condo Projects list.
Overall, more than 20 new condo tower with 4,300 units are proposed for the coastal area of the tricounty South Florida region despite an estimated 4,200 developer units remaining unsold as of Dec. 31, 2011, according to a preliminary estimate based on the CondoVultures.com Official Condo Buyers Guide™ series.
CondoVultures.com is scheduled to profile new unit sale trends in the fourth quarter of 2011 in the seven largest coastal condo markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.
Since the week of Jan. 16, the Condo Vultures® Market Intelligence Report™ has been publishing a seven-part series every week analyzing new condo sales trends in 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.
Condo Vultures® founder Peter Zalewski is scheduled to release the final 2011 totals at the upcoming 4th annual "State of the South Florida Condo Market" seminar in Greater Downtown Miami in February.
The next step for the proposed Chateau Beach condo project is on Feb. 16, 2012 when the project’s developer – a Florida entity controlled by the Grosskopf Group of Argentina - is scheduled to appear before the Sunny Isles Beach City Commission for a public hearing on the proposed tower, according to a City of Sunny Isles Beach Notice of Zoning Hearing.
The Grosskopf Group develops and invests in residential towers and shopping centers in Argentina and Uruguay. The group has reportedly developed several condo towers including the Chateau Libertador Residence and Chateau Puerto Madero Residence.
In South Florida, the Grosskopf Group has acquired five developments sites - and counting - around South Florida ranging from the existing Ocean Palm Motel site on Collins Avenue in Sunny Isles Beach to the former Paramount Park condo tower site at 728 Biscayne Blvd. in Greater Downtown Miami, according to Miami-Dade County Property Appraiser Office records.
In Sunny Isles Beach, the site of the proposed Chateau Beach site was originally slated to be the Park Place condo tower but the project's developer, Sunny Isles Resort Developers LLLP with Hector A Dasso, could not avoid a "final judgment of foreclosure" in the amount of $36 million in November 2011, according to an order signed by Miami-Dade Circuit Court Judge William Thomas.
The property was put up for auction on Jan. 9, 2012 whereby the lender of record, Chateau Beach LLC with Manuel Grosskopf, won the bidding, clearing the way to obtain title on Jan. 27, 2012, according to Miami-Dade County records.
If the proposed Chateau Beach project is approved at the February commission meeting, presales could begin immediately with construction - a two-year process - starting around September 2012, according to the licensed Florida real estate brokerage Venegas International Group.
Prices are slated to range from $650 to $800 per square foot with a total deposit of 50 percent of the contracted purchase amount.
The proposed Chateau Beach tower is to offer units that range in size from less than 1,500 square feet to more than 9,000 square feet.
Sunny Isles Beach is a 40-block stretch from the town 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.
Between 2003 and 2011, developers have sold nearly 5,800 condos with more than 9.4 million square feet of space as of Dec. 31, 2011, according to a new CondoVultures.com report.
Despite the sales velocity, some nine percent of the nearly 6,400 units created in Sunny Isles Beach since 2003 remain unsold and in the control of the original developers, according to the report.
At the current 2011 sales pace of more than 40 condos per month, the unsold developer units in Sunny Isles Beach would be absorbed in the first quarter of 2013.
As of Jan. 31, 2012, there are more than 350 Sunny Isles Beach units - created since 2003 - on the resale market at a median asking price of more than $535 per square foot, according to an analysis by the licensed Florida real estate brokerage CVR Realty™.
Units range in price from less than $160 per square foot to more than $1,800 per square foot, according to data from the Florida Realtors association.
On the rental front, nearly 125 units created during the condo boom are available for lease at a median asking price of $3.02 per square foot per month as of Jan. 31, 2012, according to the report.
In 2011, renters leased more than 300 units created during the condo boom at a median price of nearly $2.10 per square foot per month between January and December, according to the data.
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.
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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