Ramping up sales, VistaBlue Singer Island has hired Douglas Elliman to market the project, and has registered it in New York, The Real Deal has learned.
The 19-story, 58-unit boutique oceanfront project at 3730 North Ocean Drive, is the first new luxury condominium on Singer Island in nearly a decade. Developed by Dallas-based Third Palm Capital, construction began in August 2015 and is now at the 14th floor, with delivery expected in January 2018, Randall Tuller, executive manager of Third Palm Capital told TRD.
Units are priced from $1.4 million to nearly $8 million for penthouses. Sizes range from 2,784 square feet to 3,645 square feet, with two penthouse units with 6,242 square feet and 6,423 square feet. Prices per square foot start at nearly $600 per square foot to more than $1,200 per square foot, depending on view, floor, and floor plan, with most priced in the $700 per square foot to $900 per square foot range, Tuller said.
Launching first with the Keyes Company handling reservations, the developer has just switched to Douglas Elliman, with sales going straight to contract, Tuller said. So far, two units are under contract, both to Northeasterners, with more in the works, he said.
To further target domestic buyers, including New Yorkers, VistaBlue has also just received approval for registration in New York.
“So we really view this upcoming season as really hitting the market in a big way to accomplish the sales goals,” Tuller told TRD. Prospective buyers may already have a home in the area — as a primary residence or second or third home — and want to downsize or have a more beachfront lifestyle, he said.
VistaBlue is part of a wave of South Florida condo developments targeting New Yorkers, amid a slowdown in sales to foreign buyers due to the strength of the U.S. dollar and foreign economic turmoil. Other projects that have received approval to market to New York buyers in the past year include the Bristol in West Palm Beach, 1 Hotel and Homes in Miami Beach, Canvas Miami in Miami’s Arts & Entertainment District and Turnberry Ocean Club and Jade Signature in Sunny Isles Beach.
With architecture by GliddenSpina, units at VistaBlue Singer Island will feature open floor plans, designer kitchens with Poggenpohl custom kitchen cabinetry and Miele appliances, wrap-around terraces and high-end finishes including imported porcelain tile floors.
Rendering of VistaBlue Singer Island’s lobby
Amenities will include an elevated pool terrace and sundeck overlooking the Atlantic, with cabanas, a spa pool, and two gas-fire pits; a fitness center; club room and card room; a social lounge; two bars; a boardroom; and a private beach.
Unlike the vast majority of South Florida developers, Third Palm Capital is completely self-funded and is not using any debt for construction. Buyer deposits are just 20 percent — compared to the industry standard of 50 percent — and are held in escrow.
Furthermore, construction was not dependent on any level of presales, Tuller said. “We like to be selling something that people can actually see the progress on,” he said.
VistaBlue’s interiors are designed by Interiors by Steven G., who is outfitting four model units that will be finished by December or January. The project marks the first new luxury condominium on the island since the Ritz-Carlton Residences Singer Island opened in 2008.
Palm Beach County property records show a Third Palm affiliate paid $10.5 million for the 2.8 acres of oceanfront land in May 2014. Before Third Palm purchased the VistaBlue site, it traded hands for $15.4 million in 2008 and for $17 million in 2005, property records show.
Third Palm Capital, led by the Dart family, has more than $1 billion in assets, with a focus on luxury residential projects, mixed-use communities and resorts. The firm has investments in New York (the Clare), California (Vue Newport) and Texas, in addition to Florida.