The Real Deal Miami

Posts Tagged ‘condo vultures’

  • 30,000 new condos now proposed in South Florida

    Ugo Colombo’s new Brickell project adds more than 500 units to region
    April 22, 2014 12:00PM
    Peter Zalewski

    Peter Zalewski

    Developers are now proposing more than 30,000 new condo units east of I-95 in the tri-county region of South Florida.

    Fittingly, veteran developer Ugo Colombo, who started the 1993 boom in Greater Downtown Miami with the delivery of his Bristol Tower project on Brickell Avenue, pushed South Florida over the 30,000-unit threshold. The Miami Herald reported Monday that Colombo’s CMC Group, in a joint venture with Russian developer Vladislav Doronin, plans to build a pair of new condo towers on or near South Miami Avenue in the shadow of the $1.05 billion Brickell City Centre mixed-use project. [more]

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  • Soffer tower is 25th proposed in Northeast Miami-Dade

    Market, which includes Sunny Isles, has 10 months of available resale inventory
    April 15, 2014 12:00PM
    Peter Zalewski

    Peter Zalewski

    A 25th new condo tower was proposed for the Aventura and Sunny Isles Beach market in Northeast Miami-Dade County, increasing the total number of planned units for this market to more than 3,525 during the latest cycle.

    The latest developer to get into the mix in Sunny Isles is Jeffrey Soffer, who announced plans on Monday to build a 52-story tower with 154 units on a 2.3-acre site, according to the Miami Herald. Soffer’s company, Turnberry Associates, hopes the proposed tower achieves prices between $3 million and $22 million for units that range between 2,750 square feet to about 10,000 square feet. Presales are expected to launch this fall, according to a corporate statement. [more]

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  • SoFla active listings rise for the week

    Pending sales slightly decline in tri-county area, however
    April 15, 2014 09:45AM
    South Florida housing inventory (Credit: Condo Vultures)

    South Florida housing inventory (Credit: Condo Vultures)

    Active listings for housing inventory in the South Florida region rose last week to 41,855, according to weekly data from Condo Vultures. [more]

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  • City Centre condo launch could recalibrate pricing

    Swire Properties expected to start broadly marketing units next month
    April 08, 2014 12:00PM
    Peter Zalewski

    Peter Zalewski

    Preconstruction condo pricing in Greater Downtown Miami is expected to recalibrate in the next 30 days in response to this month’s soft launch of presales at a minimum of $650 per square foot for the first residential phase of the mixed-use Brickell City Centre project.

    Sales representatives for the project’s developer, Hong Kong’s Swire Properties, began making private presentations detailing the first two condo towers with a combined 820 units at Brickell City Centre to prospective qualified buyers and brokerage offices. After this month’s initial marketing presentations conclude, presales for the condo towers are expected to open to the general public in May. [more]

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  • Russian oligarch drives up Edgewater land prices

    Oleg Baybakov spends more than $30M on three sites in Miami neighborhood
    April 01, 2014 12:00PM
    Peter Zalewski

    Peter Zalewski

    Land prices for new condo development sites in the Edgewater neighborhood of Greater Downtown Miami have surged over the last 45 days.

    Russian mining oligarch and developer Oleg Baybakov single-handedly drove up prices for developable land in the Edgewater neighborhood by spending more than $30 million for less than 1.7 acres in a trio of deals that closed between February 21 and March 28, according to Miami-Dade County records. [more]

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  • SoFla active listings slightly decline for the week

    Pending sales on rise in tri-county area, however
    April 01, 2014 09:45AM
    South Florida housing inventory (Credit: Condo Vultures)

    South Florida housing inventory (Credit: Condo Vultures)

    Active listings for housing inventory in the South Florida region slightly fell last week to 41,583, according to weekly data from Condo Vultures. [more]

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  • Is South Florida’s condo cycle at pivotal point?

    200th new tower in tri-county area announced this month
    March 25, 2014 12:00PM
    Peter Zalewski

    Peter Zalewski

    History will eventually determine if South Florida was at a pivotal point of another condo boom-and-bust cycle in March 2014, when the 200th new tower was announced east of I-95 in Miami-Dade, Broward and Palm Beach counties.

    Despite surpassing this threshold of newly announced South Florida condo towers since the 2003 boom-and-bust cycle, the tri-county region appears to be on somewhat stable footing for the immediate future based on the results of a newly completed CraneSpotters.com Developer Pricing Survey. [more]

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  • Miami banker ‘nervous’ about short-term residential market

    Concerns include Brazilian economy, low interest rates, surging land costs
    March 18, 2014 12:00PM
    Peter Zalewski

    Peter Zalewski

    At least one Miami banker is publicly acknowledging outright nervousness about the conditions forming in the South Florida residential real estate market, where inventory is tight, interest rates are low, prices are rapidly rising and more than 27,000 new condo units have been proposed.

    Miami native Eddy Arriola, chairman of Apollo Bank, told a standing-room only crowd gathered for the Greater Miami Chamber Of Commerce’s “State of Real Estate” event on March 12 at Jungle Island that he is wary of the short-term conditions forming in South Florida’s residential real estate sector. Apollo Bank is headquartered on South Miami Avenue, where 14 new condo towers totaling nearly 4,700 units are currently proposed in a one-mile stretch. [more]

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  • Condo marketers get creative in Downtown Miami

    Biscayne Beach project in Edgewater touts bay access, amenities
    March 11, 2014 12:00PM
    Peter Zalewski

    Peter Zalewski

    Splashy marketing campaigns that rely heavily on creative messaging to promote condo presale activity are starting to surface in the increasingly competitive world of residential high-rise development in Greater Downtown Miami.

    As developers proceed with plans for nearly 50 new condo towers – some high-rises located across the street from each other – in Greater Downtown Miami, marketing materials suggest preconstruction advertising campaigns are increasingly moving away from promoting projects designed by “star architects” in favor of portraying a desirable “lifestyle” to prospective buyers. [more]

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  • Potential casinos put downtown condo market at crossroads

    Miami's urban core could be targeted for Las Vegas-style gambling
    March 04, 2014 12:45PM
    Peter Zalewski

    Peter Zalewski

    The future of condo development, investment and land speculation in Greater Downtown Miami could be materially affected by the decisions – or lack thereof – made regarding Las Vegas-style casino gambling by representatives in Tallahassee during the next 60 days of the 2014 Florida legislative session that begins today.

    Coming off the devastating real estate crash of 2007, Greater Downtown Miami is in the midst of another foreign-investor fueled building boom, as nearly 50 new condo towers have been proposed for a 60-block stretch from the Rickenbacker Causeway north to the Julia Tuttle Causeway, according to the preconstruction condo projects website CraneSpotters.com. [more]

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