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

 

Sunny Isles Taxes Still Low, Despite Increase in Amenities

Home owners living in Sunny Isles, Florida are enjoying the best of both worlds lately: low property taxes and a growing list of local amenities!

According to a recent article that I read, Sunny Isles Beach’s proposed budget may increase as much as 45 percent in the next year, and yet the property tax rate is expected to be 3 percent lower than the current one.

This is great news for those living in Sunny Isles or considering relocating to this beautiful South Florida community!

Sunny Isles, Florida Real Estate for Sale

Sunny Isles Beach city administrators recently proposed a $62.5 million budget for the upcoming fiscal year, which is about 45.3 percent greater than this year.

The increase in spending is related to 19 capital improvement projects that the city wants to pursue in the next year.

These projects total about $19 million and include the construction of the Gateway Park, which will be located west of Collins Avenue between the east- and westbound lanes of Sunny Isles Boulevard.

The park and the accompanying garage for visitors will be about $16 million.

Additional projects mentioned in the proposed budget include:

  • $1 million for an emergency bridge
  • $4 million for more classrooms at Norman S. Edelcup Sunny Isles Beach K-8 school
  • Various park restoration projects
  • Installation of security cameras at the Government Center and city parks

There are also several other additions in the budget, such as hiring more lifeguards for about $500,000.

Meanwhile, property taxes are not expected to increase as a result of the numerous capital improvement projects. In fact, they’re expected to drop!

Officials are proposing a tax rate of $2.80 for every $1,000 of taxable property, which is 3 percent less than the current rate of $2.8860.

City officials are getting the extra money for the budget mostly from such one-time revenue sources as land scales and transfers of development rights.

Your Sunny Isles, Florida Real Estate Expert

I hope you found the above information insightful as a current or future Sunny Isles Beach home owner.

For more information on how this proposed budget may affect you specifically as either a home owner or home buyer, please contact me, Scott Patterson.

And if you’re considering investing in Sunny Isles Beach real estate anytime soon, please be sure to check out my various home-buying resources online. These include:

Until next time,

Scott

 

Report: Europeans Are Increasingly Investing in South Florida Real Estate

Recently I read an interesting article in the Sun Sentinel about how European’s financial struggles are impacting South Florida real estate in a positive way!

Evidently, those Europeans with some extra spending money are investing in second homes in South Florida before the value of the Euro drops any further.

This has caused a recent spur in activity on such South Florida real estate markets in Aventura, Hallandale, Sunny Isles Miami and others.

Continue reading to learn more about this new trend!

South Florida Properties for Sale

Here’s a look at how Europe’s Euro woes are affecting various sectors of the South Florida economy:

  • Europe now comprises 16 percent of South Florida’s trade with the world
  • Europe also makes up 15 percent of shipments overseas from South Florida ports
  • Switzerland ranks as South Florida’s third largest trade partner, mostly because of the gold industry
  • European tourism to South Florida is also up!

And here’s how the crisis overseas is having a positive impact on South Florida’s real estate market:

  • International home buyers accounted for 15 percent of all sales in the state of Florida before 2007
  • In addition, the issues overseas are helping to keep U.S. interest rates low for the short term.

Plus, the dropping value of the Euro-zone has also led many Europeans to also invest in South Florida’s tourism and trade industries!

Your South Florida REALTOR

The recent investment on the part of Europeans on the South Florida real estate market will likely create a ripple effect.

As more Europeans snatch up available homes for sale, the total housing inventory will fall.

As that happens, sales prices will begin to creep up as demand for available South Florida homes begins to rise above supply of such homes.

This is great news for interested South Florida home owners who are hoping to sell their property for a good price!

For more information on how Europe’s financial woes may affect you as a home seller, please contact me, Scott Patterson.

I have years of experience selling properties on such local housing markets as:

Until next time,

Scott

Sunny Isles Condo Gaining a Reputation for Its Unique Innovations

One Sunny Isles condominium that hasn’t even been completed yet is making a name for itself because of its innovative parking garage, according to a recent article in The Miami Herald.

The $560 million tower in Sunny Isles Beach features an elevator that carries both the driver and the car to their condo.

The Porsche Design Group from Germany, as well as one local developer, worked together to create the unique condominium complex.

Continue reading to learn more about this unique innovation, and why it’s expected to be a high-demand South Florida residence once it’s complete.

South Florida Luxury Condos

When it’s complete, the Porsche Design Tower will be a 57-story luxury condominium situated on 2.2 acres at 18555 Collins Avenue.

The community will feature 132 units, ranging from 3,800 to 9,500 square feet.  Prices on these luxury homes may be as high as $9 million.

As for the community’s unique parking situation, the tower will feature 284 robotic parking spaces and three elevators. The innovation will give residents an awe-inspiring view of the South Florida landscape as they’re carried at a fast clip up to their home.

Elevator rides are expected to last anywhere from 30 to 45 seconds.

Residents living in smaller units will be allowed two parking spaces and those living in larger ones will be allowed four.

Investing in Sunny Isles Real Estate

The proposed Porsche Design Tower is just an added bonus to living in Sunny Isles. After all, this impressive South Florida community already has a lot to be proud of.

Known as the City of Sun and Sea, this city is brimming with luxury amenities, including:

  •  The famous Sunny Isles Pier
  • Water sports on the Intracoastal Waterway and the Atlantic Ocean
  • High-end shopping venues
  • Lushly landscaped community parks

What’s more, its convenient location on a barrier island in Northeast Miami-Dade County puts residents within just a short distance of even more attractions in neighboring communities.

Your Sunny Isles, Florida REALTOR

I’ll keep you posted as this new Sunny Isles condominium moves through the development process.

And if you’re an interested home buyer, I recommend you check out some of the existing Sunny Isles residential communities, including:

If you see a community you like and would like to learn more about it, then contact me, Scott Patterson.

I’ll be happy to tell you about available listings and answer any questions you might have!

Until next time,

Scott

Incredible Trump II Condominium Recently Listed on the Sunny Isles Real Estate Market

An excellent South Florida real estate opportunity just became available in Sunny Isles, Florida.

A Sunny Isles condominium owner is selling his Trump Tower II condominium for $1,295,000.

That’s a bargain price when South Florida condo buyers learn about all of the upgrades this condominium has, including all white glass floors and frosted glass interior walls.

Continue read to learn more about this fantastic South Florida condominium for sale, and why it’s not likely to stay on the Sunny Isles real estate market for long.

Sunny Isles, Florida Real Estate

Located in Trump Tower II, the condominium at 15901 Collins Avenue features 2 bedrooms and 2 bathrooms.  This beautiful condo is about 2,145 square feet.

Since it was built in 2008, this Sunny Isles condominium has received several luxurious upgrades, including:

  • 32″ white glass floors
  • Floating 11 foot ceilings
  • Customized lighting and sound system
  • Motorized Blinds
  • Built in entertainment center
  • Coral Stone terrace
  • Frosted Glass walls and doors
  • Custom closets
  • And more!

This extravagant condominium is located within Trump II,which features a total of 278 units, ranging from $509,000 to $2,850,000.

Floor plans at Trump II range from 1 to 3-bedrooms and 1690 to 3,323 square feet.

In addition to providing a variety of floor plan options to interested South Florida condo buyers,  Trump II offers residents a number of high-end amenities and features.

Trump II condominium owners have privileged access to such luxurious amenities as:

  • Private outdoor reception areas
  • Grand ballrooms
  • Two floors of multi-purpose rooms
  • Full service valet and car wash on site
  • 24-hour gate security
  • Children’s playground
  • Four professional sized tennis courts
  • An  8,000 square foot spa and fitness center

And thanks to its ideal location, residents at the Trump II are never in short supply of breath-taking views of Miami, Miami Beach and the Atlantic Ocean.

Purchase a Sunny Isles Condominium for Sale Today!

If you’re interested in learning more  about the amazing new condominium at Trump II that just became available – or the South Florida real estate market in general – then contact me, Scott Patterson, today.

But hurry.  Amazing condos like the one at 15901 Collins Avenue, #3407, don’t stay on the South Florida real estate market for long!

Until next time,

Scott