Sunny Isles Beach: 2 New Condo Towers Proposed For Waterfront Site Published on 6/18/2012 3:57:13 PM
A Greater Downtown Miami developer is planning to construct a pair of new condo towers on a site fronting the Intracoastal Waterway in Sunny Isles Beach as the coastal market increasingly shows signs of recovering from the dramatic South Florida real estate crash that began in 2007, according to a new report from CondoVultures.com.
The proposed 400 Sunny Isles project is envisioned to be a pair of 20-story towers with 230 condo units on a nearly 2.7-acre site located on the south side of Sunny Isles Boulevard (Northeast 163rd Street) just west of Collins Avenue, according to the Preconstruction Condo Projects list from the licensed Florida brokerage CVR Realty™.
The developer - Key International with roots in Spain - of the proposed 400 Sunny Isles project also built the Ivy and Mint condo towers on the north bank of the Miami River in Greater Downtown Miami during the South Florida real estate boom.
As of March 31, 2012, the developer has sold nearly 930 units out of more than 1,030 units built in the Ivy and Mint condo towers for a combined $321 million, according to Miami-Dade County records.
Key International with a joint venture partner is also finishing up the construction and overseeing the sales of the former NoBe Bay project - renamed the Eden Beach - on Indian Creek Drive in the North Beach neighborhood of Miami Beach after acquiring the 15-story tower from Regions Bank in 2011, according to the company's website.
CondoVultures.com profiled South Florida new unit sales by project in the first quarter of 2012 in the seven largest coastal condo markets in the tricounty region of Miami-Dade, Broward, and Palm Beach counties.
Beginning the week of April 16, 2012, the Condo Vultures® Market Intelligence Report™ published a seven-part weekly series that 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.
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.
Developers created 26 projects with nearly 6,350 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 an analysis based on the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.
As of March 31, 2012, about 470 new developer units - more than seven percent of the boom-era inventory - were unsold in Sunny Isles Beach, according to a recent CondoVultures.com report.
The newly announced 400 Sunny Isles project - which was revived when the South Florida real estate market tumbled a few years ago - increases the number of proposed condo towers in South Florida to 45 with more than 7,600 units in the tricounty region of Miami-Dade, Broward, and Palm Beach as of May 31, 2012, according to the Preconstruction Condo Projects list.
At least nine new towers with nearly 800 units - including the 400 Sunny Isles project - are proposed for the Sunny Isles Beach coastal condo market, according to the report.
Fueled by investors primarily from overseas, less than 3,900 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 March 31, 2012, according to a recent CondoVultures.com report.
Condo Vultures® relied on public records and private research to complete this study over the course of the last three years.
The results of this exhaustive researching of deeds, condominium documents, and government files is the basis for a series of seven ebooks titled the Official Condo Buyers Guide™. The guides for Greater Downtown Miami, South Beach, and Sunny Isles Beach are already on available for purchase on Amazon.com.
This information is also the foundation for a new Condo Ratings Agency™ service designed to provide guidance on the financial stability of nearly 1,000 condo projects - old and new - with 125,000 units east of Interstate 95 in Miami-Dade, Broward, and Palm Beach counties.
As of May 31, 2012, at least six condo towers - Hollywood's Apogee Beach; Miami's 23 Biscayne Bay and MyBrickell towers; Sunny Isles Beach's Regalia; Aventura's Bellini At Williams Island; and the 4001 North Ocean project are under construction, according to a recent CondoVultures.com report.
Construction on a pair of 40-story condo towers at the proposed six-tower Brickell Citicentre complex in Greater Downtown Miami is scheduled to begin in the upcoming weeks, according to a recent report from CondoVultures.com.
It is unclear how many of the other proposed towers could get developed in the short term as construction financing is challenging - and expensive - to secure, industry watchers said.
To overcome the obvious financing hurdle, most of the newly proposed projects are requiring prospective buyers to commit to deposits - to be paid in phases - of as much as 80 percent of the preconstruction contract price, industry watchers said.
During the most recent South Florida condo boom, preconstruction buyers were generally asked for deposits of about 20 percent, industry watchers said.
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 in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached 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™.
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