A second new condo project has begun to record deed transactions in the Aventura market of Northeast Miami-Dade County since this current South Florida real estate cycle began in 2011.
Transactions in the first low-rise building of the planned six-building Aventura Place project — officially known as the Weitzer Aventura Place condominium, developed by Harry Weitzer of Aventura — began to be recorded on July 15, according to Miami-Dade County records. When completed, Aventura Place will feature 82 condo and townhouse units, in the 21200 block of West Dixie Highway just west of Aventura Hospital And Medical Center.
To date, deeds have been recorded for eight of the 11 units in the first phase of the project, for total sales of nearly $2.7 million, or an average price of less than $235 per square foot, according to government records.
None of the new units in the Aventura Place are currently on the resale or rental market as of Tuesday, according to the Southeast Florida MLXchange.
Besides the first phase of the Aventura Place project, an additional pair of buildings with a combined 22 units are currently under construction. Another two buildings with a combined 39 units are scheduled to begin construction in the next six months. A construction schedule has not yet been announced for the final building of the project that is planned to feature 10 units, according to the preconstruction condo projects website CraneSpotters.com. (For disclosure, my firm operates the website.)
The Aventura Place project is part of 21 new condo buildings with more than 2,625 units announced for the Aventura market that stretches from the Broward County line south to Northeast 163rd Street, and the Intracoastal Waterway west to I-95 as of Monday, according to the data.
Completion of the first phase of the Aventura Place project comes some 20 months after the 24-story Bellini Williams Island project with 68 units — some of the original units were combined — first began recording deed transactions in the new Aventura condo tower in October 2013.
An additional eight buildings with nearly 850 units are currently under construction in the Aventura market.
Nearly a dozen new condo buildings with more than 1,700 units are currently in the planning and presale phase of development for the area, according to the data.
Overall, South Florida developers have now completed 36 new condo buildings with nearly 3,250 units — including the first building of the Aventura Place project — located east of I-95 in Miami-Dade, Broward and Palm Beach as of Monday, according to CraneSpotters.com.
The new South Florida condos completed to date represent nearly 8 percent of the more than 43,200 units announced for the tri-county region during this cycle.
At least 106 new condo buildings with nearly 10,800 units — about 25 percent of the overall South Florida total — are currently under construction.
An additional 218 new condo buildings with nearly 29,200 units — some 68 percent of the overall total announced this cycle — are currently in the planning or presale phase of development in South Florida, according to the data.
The unanswered question going forward is whether the presale prices currently being asked at the Aventura Place project will capture the attention of preconstruction buyers who are looking to invest in new units in Northeast Miami-Dade County.
Peter Zalewski is a 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.