The Real Deal Miami

SoFla has 46 condo towers in the pipeline

Preconstruction prices are back to boom levels, more growth expected
By Emily Schmall | July 30, 2013 03:00PM

Rendering of proposed Glass tower

Rendering of proposed Glass tower

Developers have nearly 50 condominium projects on the drawing board in South Florida, their solution to meeting a voracious demand for homes now that nearly all the inventory from the last housing crisis is gone, according to new data from Condo Vultures, a real estate consulting firm.

The preconstruction per-square-foot prices for the 46 projects range from $241 to $2,640, roughly the equivalent of levels in 2004 — the height of the development boom, Condo Vultures principal Peter Zalewski said Tuesday.
The Residences at Miami Beach Edition, an 11-story, 26-unit tower under construction by New York developer Ian Schrager, holds the top-dollar spot, according to Zalewski, who released the numbers at a gathering hosted by mckafka, the developer team planning the Crimson, a 90-unit tower in Miami’s Edgewater neighborhood. Holding the second position is the 10-unit,  18-floor Glass building designed by Rene Gonzalez for a site South of Fifth.

The  least pricey  is the 28-floor, 121-unit  Bay Colony in Juno Beach, followed by the 14-story, 250-unit h3 in Hallandale Beach

The mean per-square-foot price for the towers is $921.

“Prices have risen 40 percent in three years. It’s just like the last time. We can’t keep up,” said Marc Marchello, an owner of Miami Real Estate Realty.