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2 Condo Towers Proposed For Private Island In Northeast Miami-Dade County
2 Condo Towers Proposed For Private Island In Northeast Miami-Dade County
Published on 9/25/2012 1:37:00 AM

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A new condo project comprised of a pair of eight-story towers is being proposed for an undeveloped island located in the Intracoastal Waterway between the cities of Aventura and Sunny Isles Beach in Northeast Miami-Dade County, according to a new report from CondoVultures.com

The proposed Village At Island Estates calls for a 148 units located in two Mediterranean-style towers on a nearly nine-acre island just east of the exclusive Aventura neighborhood of Williams Island, according to corporate marketing material provided by the licensed Florida brokerage CVR Realty™

With the proposed Village At Island Estates project, developers are now planning 70 buildings in the coastal tricounty South Florida region of Miami-Dade, Broward, and Palm Beach since the real estate crash began in 2007, according to the Preconstruction Condo Projects list compiled by CVR Realty™.

Some five years after the South Florida condo market began to stall, one new tower has already been completed in the tricounty region and 11 other highrises - Aventura's Bellini At Williams Island; Greater Downtown Miami's Brickell Citicentre (two towers), BrickellHouse, and MyBrickell projects; Hollywood's Apogee Beach; Key Biscayne's Oceana (two towers); Palm Beach County's 4001 North Ocean project; and Sunny Isles Beach's Mansions At Acqualina and Regalia - are under construction as the post-crash development era gains momentum, according to a recent CondoVultures.com report

In Aventura, project design plans for the proposed Village At Island Estates call for the units to range in size from two bedrooms and 3.5 bathrooms with nearly 2,300 square feet to five bedrooms and 6.5 bathrooms with nearly 5,200 square feet, according to marketing literature.  

Amenities are slated to include a pool with cabanas, a private beach, a 7,400-square-foot spa, a 4,700-square-foot social room, a pair of tennis courts, a fishing pier, and an outdoor café. Boat slips will also be available, according to marketing literature. 

Plans for the condo towers to launch construction nearly two years after the island was originally put on the resale market with an asking price of $49.5 million, according to a CondoVultures.com report in 2011

Accessible by a two-lane bridge, the undeveloped island with nearly 3,000 feet of water frontage was marketed to developers who could pursue a highrise tower or divide the spit of land into as many as 17 lots ranging in size from 16,000 square feet to 26,800 square feet, according to the report.  

The foundation for the manmade island was created in the 1950s as a result of a massive dredging project undertaken by the U.S. Department of Transportation
 
The island has a 2012 assessed value of $3.3 million, or $8.68 per square foot, according to the Miami-Dade County Property Appraiser's Office
 
On a neighboring island that is connected by the same road, developers constructed 21 single-family houses and a private marina between the years 2000 and 2005 on lots that range in size from more than 10,800 square feet to nearly 24,800 square feet, according to Miami-Dade County records

As of Sept. 25, 2012, developers are proposing more than 10,000 units in the coastal South Florida region of Miami-Dade, Broward, and Palm Beach, according to the Proposed Condo Projects list.  

A majority 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. 

Fueled by investors primarily from overseas, less than 3,400 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 MiamiSouth BeachSunny Isles BeachHollywood / Hallandale BeachDowntown Fort Lauderdale and the BeachBoca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island as of June 30, 2012, according to a recent CondoVultures.com report.  

It is unclear how many of the other proposed towers could get built 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™.

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


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