Sabbia Beach penthouse marks highest price psf ever in Pompano

Miami /
Jul.July 11, 2016 03:45 PM

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.


Related Articles

arrow_forward_ios
Rendering of Gateway Luxury Apartments (Burgos Lanza, Getty)
Pompano Beach advances 128-unit mixed-income rental project
Pompano Beach advances 128-unit mixed-income rental project
D.R. Horton's David Auld with an aerial of the development site (D.R. Horton, WGI)
D.R. Horton wins rezoning for 59 single-family homes in Pompano Beach
D.R. Horton wins rezoning for 59 single-family homes in Pompano Beach
Pulso Capital co-founders Maor Benami and Stellar at Palm Aire in Pompano Beach (LinkedIn, Google Maps, Getty)
Pulso Capital pays $22M for Pompano Beach complex
Pulso Capital pays $22M for Pompano Beach complex
IMC Equity's Yorham Izhak with Festival Flea Market
Festival Flea Market Mall in Pompano Beach to be replaced with warehouses
Festival Flea Market Mall in Pompano Beach to be replaced with warehouses
From left: Harbor Group International's Jordan E. Slone and T. Richard Litton Jr. (sellers); Cottonwood Residential's Daniel Shaeffer and Chad Christensen; 4411 North Federal Highway in Pompano Beach (Cottonwood Residential, Harbor Group International, Google Maps, iStock)
Cottonwood buys Pompano Beach apartment complex for $95.5M
Cottonwood buys Pompano Beach apartment complex for $95.5M
From left: The Estate Companies' managing principal Robert Suris and principal Jeffrey Ardizon along with a rendering of Soleste Pompano Beach and a sitemap for Soleste Hollywood Boulevard (The Estate Companies)
Estate Companies’ Pompano Beach, Hollywood apartment projects advance
Estate Companies’ Pompano Beach, Hollywood apartment projects advance
First Industrial Realty's Peter E. Baccile with 1801 North Andrews Avenue (First Industrial Realty Trust, Colliers, iStock)
First Industrial picks up Pompano Beach manufacturing facility for $25M
First Industrial picks up Pompano Beach manufacturing facility for $25M
Elion Partners' Shlomo Khoudari with 1121-1141 NW 31st Ave (Zillow, Shlomo Khoudari)
Elion Partners buys Pompano Beach industrial building for $15M
Elion Partners buys Pompano Beach industrial building for $15M
arrow_forward_ios

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

Loading...