Miami Approves New Condo Tower Proposed For Biscayne Boulevard Site Published on 1/15/2013 11:34:56 AM
After a lengthy legal battle, an eight-story condo tower has been approved on Biscayne Boulevard just north of Greater Downtown Miami, and in the process the project has boosted the total number of proposed towers to at least 99 in South Florida since the real estate crash began in 2007, according to a new report from CondoVultures.com.
The Miami City Commission "approved" the project - slated for the 5100 block of Biscayne Boulevard in the trendy Morningside neighborhood - earlier this month by deciding to deny an appeal by the Morningside Civic Association that contested the height of the proposed 63-unit tower, according to the Miami Daily Business Review.
With the newly approved project, at least 19 towers with more than 6,500 units are proposed, under construction, or recently built in Greater Downtown Miami and the nearby neighborhoods of the Design District and Morningside as of Jan. 17, 2013, according to the Preconstruction Condo Projects list compiled by the licensed Florida brokerage CVR Realty™.
Overall, developers are proposing nearly 14,500 condo units for the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties some six years after the area's condo market began to crash.
CondoVultures.com is scheduled to profile condo trends in the fourth quarter of 2012 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of Jan. 14, 2013.On the vertical condo construction front in South Florida, the new 23 Biscayne Bay condo tower has already been completed in Greater Downtown Miami and 14 other highrises - Aventura's Bellini At Williams Island; Greater Downtown Miami's 1100 Millecento Residences, Brickell Citicentre (two towers), BrickellHouse, and MyBrickell projects; Hollywood's Apogee Beach; Key Biscayne's Oceana (two towers); Miami Beach's Residences At Miami Beach Edition; Palm Beach County's 4001 North Ocean project; and Sunny Isles Beach's Chateau Beach, Mansions At Acqualina and Regalia - are being built as the post-crash development era gains momentum, according to a recent CondoVultures.com report.
Fueled by investors primarily from overseas, less than 2,900 new condo units remained 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 November 5, 2012, according to a recent CondoVultures.com report.
It is worth noting the unsold new condo inventory in South Florida does not yet factor in the nearly 175 developer units in Greater Downtown Miami that traded in the fourth quarter of 2012, according to a new CondoVultures.com report.
The total number of unsold new condos also excludes any of the more than 8,000 units that were purchased in bulk transactions by investment groups that plan to one day resell the units at a premium, according to the Condo Vultures® Bulk Deals Database™.
A number 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.
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.
The luxury condo resales do not reflect any deals that may have transacted without being marketed on the Multiple Listing Service.
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.
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