Bellini at Williams Island approaches $75M in condo sales

Miami /
Aug.August 12, 2014 12:00 PM

Veteran developer Martin Margulies has sold nearly $75 million in new condo units in his recently completed Bellini at Williams Island tower in Aventura.

Some 10 months after completing the 24-story tower, Margulies has sold 49 units (four units were combined into two massive condos) in the 70-unit building located on the last developable waterfront site in the gated community of Williams Island, according to Miami-Dade County records.

New condo units at Bellini have sold for an average of nearly $600 per square foot, with individual deals ranging from about $425 per square foot for a residence that transacted in December 2013 to nearly $830 per square foot for a deal that traded in late July.

(For disclosure purposes, a company that I was involved with has consulted for Margulies in the past but was not involved with the Bellini project.)

The minimum asking price for a new developer condo unit at Bellini is nearly $655 per square foot as of Monday, according to the Southeast Florida MLXchange.

A new condo project – the 160-unit Privé – is planned for a site on a vacant island that can be reached by road by driving through the Williams Island community, according to the preconstruction condo projects website CraneSpotters.com.

The minimum presale asking price for a unit in the Privé project is $800 per square foot, according to the CraneSpotters.com Developers Price Survey for August 2014.

(For disclosure purposes, my firm operates the website.)

About 90 condo units are up for resale in the Williams Island community for an average asking price of about $455 per square foot. In the first seven months of the year, buyers acquired nearly 90 Williams Island units at an average price of $326 per square foot, according to the Southeast Florida MLXchange.

Based on the current sales pace of nearly 13 transactions monthly between January and July, Williams Island has about seven months of available resale condo inventory.

A healthy condo market is thought to have about six months of supply. More months of resale inventory typically suggests a buyer’s market, and fewer months of inventory indicates a seller’s market.

Of the condo resales being marketed in Williams Island, a pair of units in the Bellini At Williams Island tower is currently available at an average asking price of nearly $760 per square foot by new owners who are attempting to retrade their residences at a premium.

The unanswered question going forward is what will happen if more of the early buyers of Bellini units attempt to resell their condos at the higher prices currently being sought in today’s market.

Peter Zalewski is real estate columnist for The Real Deal who founded Condo Vultures LLC, a consultancy and publishing company, as well as Condo Vultures Realty LLC and CVR Realty brokerages and the Condo Ratings Agency, an analytics firm. The Condo Ratings Agency operates CraneSpotters.com, a preconstruction condo projects website, in conjunction with the Miami Association of Realtors.


Related Articles

arrow_forward_ios
20200 West Dixie Highway, Miami with Harry Dornbusch and Dr. Joshua Lampert (Google Maps)

Aventura office condo owners allege construction defects at Beacon Tower

Aventura office condo owners allege construction defects at Beacon Tower
Tere Blanca and the Aventura office complex (Credit: Google Maps)

Aventura office complex Optima inks new leases

Aventura office complex Optima inks new leases
Jeffrey Soffer, Brett Mufson, David and Simon Reuben

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura

British billionaires invest in Jeffrey Soffer’s Turnberry resort in Aventura
Major key: DJ Khaled sells waterfront Aventura home for 40% discount

Major key: DJ Khaled sells waterfront Aventura home for 40% discount

Major key: DJ Khaled sells waterfront Aventura home for 40% discount
Prive at Island Estates and BH3’s Charlie Phelan, Greg Freedman and Daniel Lebensohn and Gary Cohen

Privé at Island Estates developer sues Suffolk Construction over defects

Privé at Island Estates developer sues Suffolk Construction over defects
Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings
Seritage Growth Properties stopped construction at Esplanade at Aventura because of the pandemic, and now Mexican restaurant Carolo wants to break its lease.

Esplanade at Aventura work stoppage leads to lawsuit by Mexican restaurant

Esplanade at Aventura work stoppage leads to lawsuit by Mexican restaurant
9495 Biscayne Boulevard, CBRE’s Paul Ahmed and Mackenzie Fry

Triarch Capital scores $35M refinancing for One Turnberry Place

Triarch Capital scores $35M refinancing for One Turnberry Place
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...