Thursday, January 23, 2014
Monday, January 20, 2014
Booming South Florida Condo Market
South Florida's rebounding condo market is showing no signs of slowing down.
Three newly proposed condo towers in Greater Downtown Miami and Coral Gables have increased the total number of units announced in the market to more than 25,000, according to a new report from Condo Vultures.
Including the newly announced towers, developers have now proposed a total of 46 condo towers with approximately 13,600 condo units in the Greater Downtown Miami market, according to Florida brokerage CVR Realty's Preconstruction Condo Projects Database.
In Coral Gables, almost 500 units are expected as of this week.
There are at least 184 new condo towers with more than 25,100 units that are proposed, planned, under construction or recently completed in the South Florida region.
In the previous condo boom, which began in 2003, developers delivered almost 49,000 units the tricounty region. The market remained stagnant after the real estate crash of 2007.
However, as the boom-era inventory dwindles in South Florida, the market is witnessing a push for new condo construction.
Approximately 1,780 new condo units remain unsold in South Florida's seven largest coastal markets from those delivered in the previous boom, Condo Vultures reports.
Since the market crash, four new condo projects -- 23 Biscayne Bay, 4001 North Ocean, Apogee Beach and Bellini Williams Island -- have been completed in South Florida. Another 45 buildings are under construction, as developers ramp up operations.
The newly announced condo towers in Downtown Miami include the 55-story tower Edge on Brickell with 130 condo units, Miami Real Deal reports. Close by, an unnamed tower is slated with 24-stories and 155 units.
In Coral Gables, developers have proposed the Collection Residences, a 10-story condo with 270 units.
As the condo market continues to heat up, the Condo Vultures report includes a caveat to the number of condo units remaining from the previous boom.
"The total number of unsold new condos does not include 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," the report states.
WWW.ImpulseRealtyMiami.com
Article from World Property Channel
Tall, narrow and full of art, new Sunny Isles Beach condo tower unveiled.
Muse, a tall, narrow condominium unveiled for Sunny Isles Beach, will tout something different: a sculpture by artist Helidon Xhixha for each unit.
Xhixha, an Albanian-born artist whose light-reflecting steel sculpture have been offered at Art Miami and Art Basel’s Swiss fair, will consult with unit buyers and design a piece for each, the developer said.
“He is going to do art in every apartment and around the grounds and lobby,’’ said Kevin Maloney, founder and CEO of New York-based Property Markets Group, which is launching the project with co-developer S2 Development of Aventura.
The 649-foot-high building — which will match the height of the Porsche Design Tower and Mansions at Acqualina, two other luxury projects in Sunny Isles Beach — will stretch to the maximum permitted in the area by the Federal Aviation Administration.
With oceanfront parcels all but gone, the ultra-sleek 47-story, 68-unit tower will be shoehorned into a less than one-acre site with 100 feet of oceanfront at 17141 Collins Ave. With setbacks, the building will be just 60 feet wide facing the ocean.
Jade Ocean is immediately south and Ocean 4 is just north of the project, which was conceptually designed by Uruguayan architect Carlos Ott and fleshed out by the Miami-based firm of Sieger Suarez Architectural Partnership.
The skyscraper will feature spacious residences starting at 2,360 square feet, and will include two full-floor penthouses spanning more than 5,800 square feet with five bedrooms and 4 1/2 baths.
“From a staging point of view, it’s going to be difficult to put up: a tall, narrow building with a twist and cantilevers,’’ Maloney said.
Maloney said PMG was approached to joint venture the project by co-developer S2 Development of Aventura, which controlled the land. S2 Development is headed by CEO J. Claudio Stivelman and president Marc D. Schmulian.
Maloney, a tall and lean triathlete, has revealed a penchant for tall, lean buildings. In April 2013, PMG announced plans for Echo Brickell, a luxury condominium at 1451 Brickell Ave. that will rise about 60 stories. He made headlines in Manhattan with plans to build a tall, thin skyscraper at 107 W. 57th St., along one of midtown Manhattan’s major east-west streets.
Muse is expected to begin taking reservations soon and to break ground in June.
The blended price for the units will be $1,300 a square foot, with lower floors averaging less than $1,000 a square foot and upper floors reaching $2,000 a square foot. The developer will require 50 percent deposits from buyers, with 20 percent due at contract signing, 10 percent at groundbreaking, and 20 percent when the building is topped off.
Most floors will have two units, one on the east, with a thick support core, and one on the west. “When you go high, you end up with a thick core, with heavy shear walls to support the building,’’ Maloney said.
Gil Dezer, a major developer in Sunny Isles Beach, obtained the first clearance to build to a height of 649 feet with the Porsche Design Tower.
Article from Miami Herald
Xhixha, an Albanian-born artist whose light-reflecting steel sculpture have been offered at Art Miami and Art Basel’s Swiss fair, will consult with unit buyers and design a piece for each, the developer said.
“He is going to do art in every apartment and around the grounds and lobby,’’ said Kevin Maloney, founder and CEO of New York-based Property Markets Group, which is launching the project with co-developer S2 Development of Aventura.
The 649-foot-high building — which will match the height of the Porsche Design Tower and Mansions at Acqualina, two other luxury projects in Sunny Isles Beach — will stretch to the maximum permitted in the area by the Federal Aviation Administration.
With oceanfront parcels all but gone, the ultra-sleek 47-story, 68-unit tower will be shoehorned into a less than one-acre site with 100 feet of oceanfront at 17141 Collins Ave. With setbacks, the building will be just 60 feet wide facing the ocean.
Jade Ocean is immediately south and Ocean 4 is just north of the project, which was conceptually designed by Uruguayan architect Carlos Ott and fleshed out by the Miami-based firm of Sieger Suarez Architectural Partnership.
The skyscraper will feature spacious residences starting at 2,360 square feet, and will include two full-floor penthouses spanning more than 5,800 square feet with five bedrooms and 4 1/2 baths.
“From a staging point of view, it’s going to be difficult to put up: a tall, narrow building with a twist and cantilevers,’’ Maloney said.
Maloney said PMG was approached to joint venture the project by co-developer S2 Development of Aventura, which controlled the land. S2 Development is headed by CEO J. Claudio Stivelman and president Marc D. Schmulian.
Maloney, a tall and lean triathlete, has revealed a penchant for tall, lean buildings. In April 2013, PMG announced plans for Echo Brickell, a luxury condominium at 1451 Brickell Ave. that will rise about 60 stories. He made headlines in Manhattan with plans to build a tall, thin skyscraper at 107 W. 57th St., along one of midtown Manhattan’s major east-west streets.
Muse is expected to begin taking reservations soon and to break ground in June.
The blended price for the units will be $1,300 a square foot, with lower floors averaging less than $1,000 a square foot and upper floors reaching $2,000 a square foot. The developer will require 50 percent deposits from buyers, with 20 percent due at contract signing, 10 percent at groundbreaking, and 20 percent when the building is topped off.
Most floors will have two units, one on the east, with a thick support core, and one on the west. “When you go high, you end up with a thick core, with heavy shear walls to support the building,’’ Maloney said.
Gil Dezer, a major developer in Sunny Isles Beach, obtained the first clearance to build to a height of 649 feet with the Porsche Design Tower.
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