A penthouse unit at Sabbia Beach, a 19-story condo tower in Pompano Beach, will mark the highest price per square foot ever paid in the waterfront city in Broward.
Penthouse D is under contract for $934 a foot, a spokesperson for the developer told The Real Deal. That comes out to about $5.5 million for the 5,925-square-foot unit, which has five bedrooms and six bathrooms. It was listed for $6.2 million.
In June, the developer Fernbrook LLLP closed $45 million in construction financing from Ocean Bank, about a month before it officially broke ground. Danny Salvatore, president and founder of Canada-based Fernbrook Homes, and Federico Fernandez, CEO of Venezuela-based Grupo Fernandez, lead the development team. Verdex Construction is the general contractor.
The 68-unit tower is about 65 percent sold. Condos are priced from $990,000 to $5.3 million, and the majority of buyers are domestic, Canadian and Venezuelan. The units range in size from 1,850 square feet to 4,900 square feet, or an average of $685 per square foot.
Instead of the typical 50 percent deposit required by the vast majority of South Florida preconstruction condos, Sabbia Beach requires a 20 percent deposit initially, then another 15 percent at groundbreaking, with the rest at closing. Earlier this year, developers even offered an incentive to Canadian buyers. Through a deal with Bank of Nova Scotia, Canadians were able to borrow the U.S. dollars necessary for a preconstruction condo deposit — by placing the equivalent amount in Canadian dollars on deposit as collateral with the bank.
Arquitectonica designed the Pompano Beach tower, which has Interiors by Steven G. and tropical landscaping by ArquitectonicaGEO. Amenities include 200 feet of beach, an oceanside heated pool, fitness center, spa, 3,600-square-foot social room and 24-hour valet parking.
Penthouse B is still on the market for $5.9 million, which comes out to about $1,039 a foot for the 5,675-square-foot unit. That would mark a new record for Pompano.
Pompano, which is the second oldest in Broward County, is seeing increased investment and development, including new retail, luxury townhomes, hotels, office space, parking and a $7 million renovated fishing pier.