The Real Deal Miami

SoFla has 46 condo towers in the pipeline

Preconstruction prices are back to boom levels, more growth expected
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.