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22nd New Condo Tower Proposed For South Florida Since Real Estate Crash
22nd New Condo Tower Proposed For South Florida Since Real Estate Crash
Published on 2/7/2012 5:21:00 PM

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Fueled by steady presales at the nearby Apogee Beach condo tower, a Miami entity ultimately controlled by Jorge Perez of the Related Group is planning a 31-story tower with condo and hotel units fronting the Intracoastal Waterway in the city of Hallandale Beach in Southeast Broward County, according to a new report from CondoVultures.com

The proposed Beachwalk tower - which would stand 305-feet high with 84 residential units and 432 hotel rooms at the western end of the Hallandale Beach Boulevard Causeway - is the second new project slated for construction in the Hollywood / Hallandale Beach coastal condo market since the South Florida real estate crash, according to the CondoVultures.com Preconstruction Condo Projects list. 

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 discuss newly proposed condo projects and release the final 2011 developer sales totals at the upcoming 4th annual "State of the South Florida Condo Market" seminar in Greater Downtown Miami in February.  

Overall, the proposed Beachwalk project would be the 22nd new condo tower with nearly 4,400 units planned 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. 

Despite the unsold inventory, the Related Group broke ground on the 23-story Apogee Beach condo tower on the sand just north of Hallandale Beach Boulevard in December 2011, according to a recent CondoVultures.com report

As of Jan. 30, 2012, buyers have committed to purchase all but eight units in the 49-unit Apogee Beach project, according to company marketing material.  

The path to development for the proposed Beachwalk tower - a few blocks west of the Apogee Beach project - is shaping up to be a bit more complicated initially.   

At a Jan. 25, 2012 meeting, the Hallandale Beach Planning and Zoning Board voted unanimously to recommend the "denial" of certain aspects of the Beachwalk project as originally proposed, according to Christy Dominguez, Hallandale Beach Planning and Zoning Director.   

The developer's initial Beachwalk plans sought permission and variances that include the "vacation" of a street and a greater number of units than currently permitted under density guidelines. 

Despite the setback, the developer is expected to pursue approval from the Hallandale Beach City Commission, which "does not have to accept the recommendation" of the Planning and Zoning Board, according to Dominguez.  

The Related Group-controlled entity acquired the Beachwalk development site - where the former Manero's Steakhouse stood for 50 years - for more than $2.9 million from TD Bank in May 2011, according to the South Florida Business Journal.   

The Beachwalk project as originally proposed is estimated to cost $60 million to construct but have a market value of $80 million at the time of completion, according to Hallandale Beach government documents. 

The Hollywood / Hallandale Beach coastal condo market stretches from the town of Golden Beach north to Sheridan Street, and the Atlantic Ocean west to Federal Highway (U.S. 1). The Hollywood / Hallandale Beach coastal market is divided into three areas: Hollywood, Hallandale, and the Beach.   

As of Dec. 31, 2011, developers sold all but four units out of a pool of nearly 5,000 condos created between 2003 and 2011, according to CondoVultures.com.    

The sales velocity in the Hollywood / Hallandale Beach area made it the first South Florida coastal condo market to statistically sell out all developer units created during the last real estate boom, according to a CondoVultures.com report.    

As of Feb. 8, 2012, there are nearly 215 Hollywood / Hallandale Beach coastal condo units - created since 2003 - on the resale market at a median asking price of more than $365 per square foot, according to an analysis by the licensed Florida real estate brokerage CVR Realty™.  

Units range in price from less than $130 per square foot to more than $1,340 per square foot, according to data from the Florida Realtors association.

On the rental front, nearly 110 units created during the condo boom are available for lease at a median asking price of $2.60 per square foot per month as of Feb. 8, 2012, according to the report. 

In 2011, renters leased nearly 300 units created during the condo boom at a median price of nearly $1.55 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.

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™.

© Copyright 2012. Condo Vultures® LLC. All Rights Reserved.   


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