Overseas Investors Lead Charge for 1,000 New Condos in Bal Harbour/Surfside/Bay Harbor Islands
by Sep Niakan | April 12, 2013
As South Florida continues its housing revival from the 2007 real estate doldrums, domestic and international developers are proposing almost 1,000 new condo units for the Northeast Miami-Dade County market of Bal Harbour/Surfside/Bay Harbor Islands. Though unrelated, a selection of 14 new towers, with a combined 140 floors of primarily waterfront residences, have been proposed since the beginning of the year. The development boom is part of an even greater growth pattern in South Florida which could see over 100 new condo towers housing nearly 14,500 units over the next couple of years.
The St. Regis Bal Harbour Resort & Residences alone accounted for 185 new condo sales in 2012, equating to a combined sales figure north of $700 million. St. Regis also topped condo pricing last year with square footage capping at about $1,480. Several new proposed projects in the area, with a variety of price points, include: the Consultatio Bal Harbour, a 27-story, 260 unit project in Bal Harbour; the 12-story, 85-unit Chateau Ocean in Surfside; and the eight-story, 93-unit Island House in Bay Harbor Islands.
Foreign investors have contributed most energetically to the South Florida market, where fewer than 2,900 new condo units remain in an inventory of 49,000 units. These units, none of which are older than 10 years, populate the seven largest coastal markets in South Florida including Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood/Hallandale Beach, Downtown Ft. Lauderdale and Beach, Boca Raton/Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island. Most of the recently proposed projects are anticipated to be complete sometime in 2014, conveniently after the currently unsold inventory is expected to be purchased.
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