New Condo Proposals Abound Right Now in South Florida

South Florida condosAn interesting trend has happened recently on the South Florida real estate market. Evidently, condo developers have been enthusiastically proposing new projects lately, proposing an average of almost 1,000 new units monthly for the tri-county coastal region since October 2012.

This is not only a sign that developers are feeling optimistic about the economy but also a sign that there’s about to be some incredible new real estate available in South Florida!

Real Estate for Sale in South Florida

According to the recent article I was reading in The Miami Herald, it has only taken roughly 10 months for developers to propose 20,000 new units in Miami Dade, Broward and Palm Beach counties.

Here’s what else the recent article revealed:

  • Since the fourth quarter of 2012, developers announced nearly 90 new buildings with a combined 9,500 units in South Florida.
  • At least three additional condo high rises with an estimated 1,200 units in the planning stages.
  • All put together, South Florida could ave at least 145 towers and nearly 20,700 units proposed for Miami-Dade, Broward, and Palm Beach counties.
  • The last South Florida condo boom of this magnitude started in 2003 and ultimately resulted in 245 towers and almost 49,000 units in the region.
  • Miami-Dade County has the largest concentration of proposed projects with more than 90 towers and nearly 15,285 units planned.
  • Broward County has 26 towers and less than 2,125 units proposed.
  • Palm Beach County is a third with 23 towers and nearly 2,100 units proposed.
  • Broken down further, the Hollywood and Hallandale Beach market in Southeast Broward County has proposed 11 towers with nearly 1,450 condo units.
  • Sunny Isles Beach on the barrier island in Northeast Miami-Dade County has proposed 10 towers and nearly 1,200 units slated to be developed.
  •  West Palm Beach has proposed seven towers and nearly 1,170 units
  • The city of Miami Beach has proposed with 17 towers and nearly 1,100 units.
  • And Bal Harbour, Surfside, and Bay Harbor Islands market in Northeast Miami-Dade County have proposed 14 condo towers with nearly 1,000 units.

Part of the reason that developers are moving so fast to develop new condos is because the inventory of available condo buildings is dwindling fast.

Experts predict that the current supply of existing condos for sale could be exhausted by the second half of 2014.

Some of the projects that developers are proposing include:

  • A 713-foot-tall tower with at least 60 stories at 600 Biscayne Blvd.
  • A 710-foot-tall tower with at least 60 stories at 700 Biscayne Blvd
  • A 610-foot-tall tower with 55 stories at 24 SW 4th St. on the north bank of the Miami River.

Still, despite all this talk about new South Florida developments, these companies have a large hurdle to overcome first: getting loans from the banks, which have tightened their lending policies in recent years.

That’s why experts believe that it is those developers who can drum up sufficient support from would-be condo buyers that will ultimately find success on the South Florida real estate market.

South Florida Condos for Sale

What do you think of the recent flurry of activity on the South Florida condo market? I would love to hear your thoughts!

In the meantime, if you’re thinking about investing in a South Florida condo, please contact me, Scott Patterson.

I’ll be happy to assist you by letting you know about available condos for sale, answering any questions you may have as well as telling you about nearby condo communities in such communities as:

  • Aventura, Florida
  • Hallandale, Florida
  • Davie, Florida

Until next time,

Scott

 

Boat Docks Available for Sale for the First Time at Porto Vita in Aventura Florida

The Porto Vita luxury condominium community recently made a limited number of boat slips/docks available to its residents.

This is fantastic news for Porto Vita condominium owners who can now have luxury South Florida condominium living as well as the convenience of owning one’s own boat dock just steps away with easy access to the Haulover Ocean Cut.

With this new offer, Luxury South Florida condominium owners can have the best of both worlds!

Living in a South Florida Luxury Condominium

Residents in the North Tower at Porto Vita have the first chance to invest in one of the boat slips/docks at Porto Vita.

Here’s more information about this incredible offer:

  • 60 ft length boat slips
  • 18 ft beams
  • Price: $75,000

Investing in South Florida Real Estate

The fact that residents at Porto Vita now can own their own boat slips and docks is just icing on the cake for residents living in one of the most luxurious condominiums in Aventura.

Porto Vita, which features two towers, is the epitome of South Florida luxury living.

This Aventura condominium offers its residents floor plans ranging from 2 to 5 bedrooms and 2,250 to 6,000 square feet.

Amenities at this cosmopolitan community include:

  • Spa facilities
  • Community swimming pool
  • Tennis courts
  • A state-of-the-art fitness center, featuring massage therapists and personal trainers
  • Valet and concierge service
  • Billiards
  • And so much more!

Contact me to learn about available listings at Porto Vita – including my recent listing  for a 3-bedroom, 3.5-bath luxury condominium at Porto Vita.

I’ll help to make the South Florida real estate transaction process easier by providing you with such helpful South Florida home buying resources as:

Until next time,

Scott

Several New South Florida Condominiums Planned

The Related Group, a prominent Miami-based developer, plans to break ground on six new high rise condominiums in the next year, according to a recent article in the Miami Herald.

The development group recently created a new partnership with Miami-based marketing firm International Sales Group.

The partnership, now called Related ISG, plans to market the six new condominiums to international buyers, particularly those living in Latin America.

Purchasing a South Florida Condominium For Sale

According to the article in The Miami Herald, Related ISG’s strategy is to focus on those buyers who invest with nothing but cash. The company hopes such investments will help pay for much of the construction costs upfront.

Although most of the details about the projects are unknown, the developer did provide locations of the proposed six condos:

  • Two will be built in the Brickell neighborhood of Miami
  • One will be a waterfront condominium community in North Miami
  • Two will be waterfront condominium communities in the Hallandale and Hollywood area.

Although the South Florida real estate market has struggled with a number of homes underwater as well as a large inventory of unsold condominiums, Related ISG said that the high demand for South Florida real estate by Latin American investors as well as recent strong condo sales justify the company’s plans.

And according to one estimate, buyers will pay as much as 80 percent of the purchase price before the building has ever been completed.  This minimizes the risk that these new condominiums will go into foreclosure, said spokespeople from Related ISG.

Thinking About Investing in a South Florida Condominium for Sale?

Now is a fantastic time to do so!

Contact me,  Scott Patterson, today to talk with me about all of the  luxury condominiums in the various South Florida communities, including:

Until next time,

Scott