A quaint two-island town, Bay Harbor Islands was the unlikely setting of a recent rooftop bash reminiscent of the last South Florida condo boom.
Brokers, prospective buyers and other guests partied atop waterfront condo building Riva Bay Harbor last Thursday evening. The event was held to promote the 9400 West Bay Harbor Drive building’s new designer model residences from Artefacto and SoJo Design. It also gave broker Dora Puig, who is handling sales for the 25-unit boutique condo project, a chance to jumpstart a holiday season sales push.
Click here for more photos of the event on The Real Deal‘s South Florida Facebook page.
Since July, buyers have snapped up 10 of Riva’s units, Puig told The Real Deal during the party. Those condos sold at an average of $527 per square foot.
Most of the early buyers are from the U.S., Puig said.
A town with only 5,800 residents, Bay Harbor currently has 13 residential projects in some stage of planning or development, according to Crane Spotters.
Bay Harbor “is an end-user market,” she said. “One family bought here because of the school across the street,” referring to the town’s highly rated Ruth K. Broad Bay Harbor K-8 Center.
Miami real estate investment firm Fort Capital Management owns Riva Bay Harbor. It acquired the property late last year and hired Sam Robin to design the common areas and some of the unit interiors.
Prices at Riva range from $1.1 million to $2.99 million, Puig said. Two of the early buyers successfully obtained outside financing while the rest used cash.
“The winter market will cover the next six months,” she said. “We hope to sell out by May.”
Check back on the Facebook page for photos from other events, photos of the priciest properties hitting the market, and much more. — Eric Kalis