Report: 76% of new development condos sold

Miami /
Jan.January 22, 2016 03:00 PM

More than three-quarters of new condo construction in Miami, the Beaches and Fort Lauderdale has been sold, according to a new ISG Miami Report update.

The “Q4 New Construction Update” tracks sales of condo units in the pipeline and currently built east of I-95 in Miami-Dade since mid-2011, and found that 13,248 units have been sold out of the 17,353 units in Brickell, the Biscayne corridor, downtown Miami, the Beaches, Aventura, North Miami Beach, Coconut Grove, Key Biscayne and Fort Lauderdale.

Here are its findings:

Brickell, Miami River

  • Sold: 81 percent of 5,913 units
  • Sold out: 1100 Millecento, Brickell House, Nine at Mary Brickell Village and MyBrickell

Brickell Flatiron has sold 45 percent of its 548 units since launching sales in April 2014. Ugo Colombo’s CMC Group is developing the 60-story condo tower, which is located near Brickell City Centre. Meanwhile, Brickell City Centre’s Rise and Reach condo towers are 88 percent and 40 percent sold, respectively.

In May, Colombo and his partners put the development site nearby on the market in a sign of market recalibration.

Towers including 1010 Brickell, Brickell Heights East, Brickell Ten, Echo Brickell, SLS Hotel and Residences, SLS Lux and the Bond are all more than 90 percent sold, according to the report.

Along the Miami River, One River Point will bring 400 units via two towers, which the ISG report said are not yet on the market. No other projects on the river are included.

Biscayne corridor, downtown Miami

  • Sold in the Biscayne corridor: 78 percent of 4,375 units
  • Sold in downtown Miami: 62 percent of 935 units
  • Sold out: 250 Wynwood, Baltus House, 25 Biscayne Bay, Bay House, Icon on the Bay, One Paraiso, Paraiso Bay tower 1

Paramount Miami Worldcenter, which launched sales in November 2014, has sold 35 percent of its 500 units. The condo tower is part of the 27-acre development with retail, a hotel and expo center, and dining and entertainment options. Worldcenter developers last week canceled plans for a major mall anchored by Bloomingdale’s and Macy’s and replaced them with plans for pedestrian-oriented “High Street” retail. Paramount was planned on top of the retail component. Developers have yet to comment on how the project’s design will change.

Biscayne Beach has sold 99 percent of its 399 units, the report said. Aria on the Bay, 57 percent of 648 units. Zaha Hadid’s One Thousand Museum, which began construction in August, has reached 60 percent sales of its 83 units.

The corridor includes Wynwood, the Design District, Edgewater, Midtown and Omni, now the Arts & Entertainment District.

The Beaches

  • Sold: 74 percent of 3,57 units
  • Sold out: Beach House 8, Faena House, Glass One Ocean, Palau Sunset Harbour, Peloro on the Bay, 400 Sunny Isles, Mansions at Acqualina, BeachWalk, Apogee Beach, Hyde Resort & Residences condos

Aurora in Sunny Isles Beach had the lowest percentage of sales with 20 percent of 61 units sold. While it was the lowest, the project, on the dry side of Collins Avenue, launched sales in November.

The Beaches includes Miami Beach, Surfside, Sunny Isles Beach, Hallandale Beach and Hollywood Beach.

Aventura

  • Sold: 67 percent of 562 units
  • Sold out: N/A

Echo Aventura, a PMG development, is 90 percent sold of 190 units. The developer closed on a $34 million condo inventory loan toward the end of December for the remaining unsold units. ISG, which authored the report, is handling sales for the two-tower project. It launched sales in 2013.

Other projects include Privé at Island Estates, at 50 percent of 160 units sold, which has been involved in significant litigation with opposing homeowners; and Bellini, which has sold 90 percent of its 70 units.

North Miami Beach, Key Biscayne, Coconut Grove

  • Sold: 86 percent of 1,409 units
  • Sold out: Oceana Key Biscayne, Grove at Grand Bay

The market in North Miami Beach has strengthened this cycle as is seen by the interest of developers and buyers. Marina Palms towers I and II are 90 percent sold. The 468-unit project has opened one tower and construction is well underway on the second.

Fort Lauderdale

  • Sold: 50 percent of 702 units
  • Sold out: 1800 Las Olas, Adagio on the Bay, Aquavita Las Olas

The Fort Lauderdale area has received increasing attention as the market shifts north in South Florida. Developers launched the Four Seasons Fort Lauderdale in February. That project has sold 11 percent of its 42 units. Auberge sold out its north tower and has reserved 10 percent of its 114-unit south tower. Meanwhile, Paramount Fort Lauderdale, the sister project of the Miami Worldcenter condo component, has sold 70 percent of its 95 units.


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