South Beach condosDevelopers are preparing to launch the next wave of condo towers in downtown Miami, targeting international pre-construction buyers who can pay in cash.

The aftershocks of the last housing boom are still lingering, but developers are once again rushing to buy up land and erect new condo towers in downtown Miami’s burgeoning metropolis.

At least six new condo projects are slated to break ground in Miami in the coming years, with developers promising to announce several additional projects soon.

For skeptical housing analysts and weary homeowners, the sudden flurry of developer excitement in the midst of double-digit unemployment and stagnant home prices brings back not-so-distant memories of the last housing boom, and its epic bust.

This time is different, say the developers, who profess to have learned their lesson and are adopting financial models with far less risk than the 20-percent-deposit pre-sales that were popular during the last building boom.

“It’s time to think of where we’re going to be rather than where we are,” said Harvey Hernandez, whose Newgard Development Group recently announced plans for a new condo tower called Brickell House at 1300 Brickell Bay Dr. “It could not be a better moment for us to launch a project.”

So why the sudden rush to build again?

In addition to downtown Miami’s growingSouth Beach condos population and reduced construction costs, it’s a function of supply and demand. Developers point to an inventory of new condos that has, at least on paper, shrunk quickly over the past two years as cash buyers have bought thousands of units at discounted prices. South Florida condo resales are up 65 percent this year, and only about 2,000 of the 23,000 downtown condos built during the boom remain unsold.

The demand is coming, almost exclusively, from outside Miami. Buyers based in Latin America, Canada, Europe and the northeast United States have spent more than $3.8 billion on South Florida real estate this year, helping boost sales. International buyers account for about 90 percent of new condo sales, according to the Miami Association of Realtors.

Builders believe the surging international demand is strong enough to support new condo towers.

They are also using a more cash-focused financing model this time, hedging risk by requiring buyers to pay as much as 80 percent of the full price of a condo before construction is completed. Under the arrangement, buyers pay 20 percent at pre-construction, 20 percent at ground-breaking, and another 30 to 40 percent as the tower is topped off and approved for occupancy.

“The beauty of this business model is it separates the men from the boys,” said Craig Studnicky, principal of RelatedISG, a new development and sales partnership with Jorge Perez’s Related Group. “There are no speculators. The contracts are not assignable. These are people that are planning to live there or invest and use them as rentals.”

Whether developers’ line of thinking will prove profitable remains to be seen, as the proposed financing model — popular in Latin America — has never been tested on a large-scale basis in the United States.

William Hardin, a professor of real estate and finance at Florida International University, said some of the developers are simply testing the market. They might make splashy announcements and host lavish launch parties, but if the cash-buyers don’t materialize, the projects will never be built.

“You have a lot of posturing going on,” he said. “Everyone’s talking, but not every one of those plans are going to stick.”

Paramount Bay Miami condoThe Related Group is at the forefront of testing the cash-heavy , foreigner -reliant pre-sale model, having put many of the troubles of the real estate bust behind it. The firm’s grandest project, ICON Brickell, experienced the spectrum of ups and downs as the last cycle played out. Pre-construction buyers lined up to snag units when the three-tower project launched in 2006, and then walked away from their deposits en masse when the market tanked. Two of the towers eventually reverted back to lenders in a “friendly foreclosure,” but rapid sales this year helped Related and Fortune International Realty nearly sell out the project’s 1,800 units.

Now, Related is ready to build again. The firm has plans to begin constructing at least six new condo projects in the next year, and two of them have been officially announced.

One of those projects, called My Brickell, at 30 SE Sixth St., is set to break ground early next year, bringing 192 units to the market.

A little further to the south, the developer of long-postponed Sky Palace at Mary Brickell Village appears to be kickstarting plans to build the 35-story luxury tower above the Publix shopping plaza at 911 SW First Ave. Project spokesman Stylianos Vayanos said new announcements on the project could come within the next few months..

The Genting Group’s proposed Resorts World Miami, a $3 billion casino destination to be located at the site of The Miami Herald, would include two residential towers, with 1,000 condo units.

Other projects, including 23 Biscayne (601 NE 23rd St.) and Brickell CitiCentre (South Miami Avenue and SE Seventh Street) will add hundreds of new condo units to downtown. Outside of downtown, high-rises like Bellini Williams Island in Aventura (4100 Williams Island Blvd.) and Apogee Beach in Hollywood (4053 S. Surf Rd.) have already begun sales.

While international buyers have helped reduce the current inventory substantially, the supply of homes on paper could differ sharply from the true inventory. For example, many of the recently sold condos were purchased by bulk buyers and investors at deep discounts. When the market begins to rebound, those investors will likely put their properties back up for sale.

According to data from Miami Beach-based Condo Ratings Agency, only 19 percent of condo owners in downtown Miami claimed a homestead exemption last year, an indication that investors and second-home owners control the market. Banks also own thousands of foreclosure condos that are being held off the market as part of the region’s “shadow inventory.”

Paramount Bay Miami condoRecently relaunched projects like Vizcayne and Paramount Bay — the latter a 346-unit high-rise at 2020 N. Bayshore Dr. — do not show up as “developer inventory” because they were purchased in bulk out of distress. Still, those brand new units are being heavily marketed in the same Latin American cities where developers are pitching their new projects. As more developers announce new projects, competition for international buyers promises to be fierce.

That’s partially because the domestic market for new condos is basically non-existent. With less than 10 percent of downtown’s condo buyers based in Miami, the real estate market has never been quite as dependent on foreign buyers.

Recession-weary South Floridians have become a minority of the market and developers acknowledge that the 70 percent deposit financing model virtually shuts all locals out of the market.

I want a buyer that can pay cash — no financing,” said Hernandez, “Our buyers here [in South Florida], nobody has 70 percent. Nobody can afford that.”

But relying on the Latin American and international markets is certainly not risk-free.

A cooling off of international demand or a downturn in the Latin American economies in the next three years could severely hamper the progress of the proposed projects. The Brazilian real, which has occasionally declined against the dollar in the past few weeks, offers an example of potential volatility in Latin American economies.

And recent data show that the appetite of international buyers may be beginning to wane. Sales of new condos fell 33 percent in the third quarter compared to last year, according to the Bal Harbour-based consultancy Condo Vultures.

Still, international interest in Miami real estate remains strong, said Edgardo Defortuna, president of Fortune International Realty. With condo prices in São Paolo up more than 30 percent in the past year, relatively low-priced Miami still looks attractive to well-heeled international buyers looking for second homes.

“A condo in São Paolo that was selling for $500 a foot in 2005 is now probably trading for $1,500,” said Studnicky. “A condo in downtown Miami that was selling for $1,000 is now selling for closer to $500 a foot. It’s completely flipped.”

Read more: http://www.miamiherald.com/2011/10/29/v-fullstory/2478900/condo-mania-20.html#ixzz1cNnLVOlM

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Miami Beach condosMiami Beach can be called the world’s most exotic paradise. Miami Beach has always been known as one of the most amazing places in the world. A place where a barrage of cultures blend, where year round is home to the best weather on the planet, Miami Beach is among one of the most coveted places to live in. The world-famous Lincoln Road is one of the fashion capitals of the world as you have the beautiful warm Florida weather making it possible to do all your shopping needs and giving you the opportunity to dine in some of the finest restaurants that Miami Beach has to offer. Art is Miami Beach’s middle name. The spectacular Art Deco drive encompasses a unique architecture style that perfectly blends with the beautiful sandy beaches of Miami Beach. Furthermore, under the roofs of the one-of-a-kind structures on the exotic Ocean Drive, the nightclubs are the source for unforgettable moments of fun and partying. Also, what better way than to discover the city by using Miami Beach’s revolutionary “DecoBike”, The Official City of Miami Beach Bicycle Rental and Sharing Program. A bike ride around Miami Beach is a great way to discover all the hidden jewels.

One of these hidden jewels is definitely the Canyon Ranch condo located on 6799 Collins Ave. That alone shows elegance as it is located on Collins Ave, one of Miami Beach’s pride and joy. There are 17 floors with 151 units to choose from, all with their own little story as residing in one of these units is a fairy tale waiting to happen. The combination of amenities such as first and foremost, a beautiful beachfront, spa and body treatments, an endless selection of outdoor activities, the Canyon Ranch is a heaven of activities and leisure. Even to relax like royalty is a concept that is perfected and carefully crafted for residents of the Canyon Ranch.

Miami Beach condos

Miami Beach condos

The search continues to find the next jewel and this is for sure found inside The Bath Club condo in all the 20 floors and the 112 units. With floor to ceiling glass and having the access to everyday elegant landscape views, all that is ever desired in a home is provided by The Bath Club to its residents. There are numerous amounts of amenities that will always provide new experiences. An elegant swimming pool with lanes, poolside cabanas and a direct access to the beach are only a few of the infinite features that can be found at The Bath Club. Last but not least, be a member of the first private bathing club of Miami Beach.

Miami Beach condos

Miami Beach is like a little sample of the Caribbean as even the Caribbean condo on 3737 Collins Ave. makes this possible. This oceanfront oasis is a gateway to heaven as all the features make it feel as if life at the Caribbean was like that on a tropical island. With private beach access and a lush landscaped courtyard alone are enough to make this dream come true.

Miami Beach condos

Miami Beach condos Finally, Mei condo is an everlasting diamond as spectacular views, a one-of-a-kind and world renowned architectural design and location give Mei a unique feeling as this is for sure like nothing you have ever seen before!

Miami Beach condosMiami Beach condos

Fort Lauderdale is located in the east-central portion of Broward County, Florida approximately 23 miles north of Miami and 42 miles south of Palm Beach. It is divided into three sections: the beach, east of the Intracoastal Waterway and downtown. Dine and shop along Las Olas Blvd, spend time on the coast, attend events, admire hotels, simply enjoy your life here, as Fort Lauderdale has a lot to offer. It is really hard to compete with its beautiful beaches, an international yachting scene, top-notch restaurants and many other hotspots. Fort Lauderdale’s nick name is Venice of America because of its system of waterways. It is also known as the yachting capital of the world. It is home to thousands of luxury motor yachts and sailboats.Fort Lauderdale condo Fort Lauderdale is an ideal place to live, it offers an outstanding quality of life, highlighted by a semi-tropical climate.

One of the most impressive Fort Lauderdale condos is Las Olas River House located in the center of the city. Once you enter its lobby, you will be amazed and you will know what we are talking about. The proximity of this Fort Lauderdale condo to the renowned Las Olas Blvd gives residents easy access to the local restaurants, cafes and shops.

The Palms’ South and North Tower offering large floor plans and exceptional views belong to our Fort Lauderdale favorite condos list. Its direct ocean frontage is a definite advantage of being a resident of the Palms.

Ocean Palms, which is one of the most prestigious addresses in Hollywood Beach, needs to be taken into consideration while making your purchase decisions. It sits on more than 240 feet of sandy Atlantic beachfront offering a variety of residences for sale.

Hollywood Beach condo

Hollywood Beach condo

We also need to mention Trump Hollywood Beach condo with its exceptional level of luxury. Actually, it is the most extravagant and desirable oceanfront condo in Broward County. Who does not want to live there!? At 40 stories high, every residence at Trump Hollywood Beach has a terrific view.

Hollywood Beach condoHollywood Beach condoHollywood Beach condo

South Beach condosOne of the most famous neighborhoods of Miami Beach is the “South of Fifth”, also known as “SoFi”. It is a vibrant destination on its own, mostly for local people as after having discovered this enclave, they did not want to live anywhere else. South of Fifth is the five southernmost blocks of Miami Beach, where mostly ultra luxury high rise condos are located. SoFi is often a third or a fourth home to millionaires and celebrities.

South of Fifth is a fantastic place to live. After a relaxing day on the beach, you can stroll through the South Pointe Park as it is located just by the ocean. This 20-foot-wide serpentine walkway slithers through the almost 18 acres of grass and sand dunes. South Pointe Park has an area for barbecue and pavilions and is also a great place to walk your dog. At night, the 20-foot wide promenade is lit up by 18 neon light towers that shine on the walkway. These towers glow in various colors making each visit to South Pointe Park a different experience. Halfway of the promenade there is also the famous Smith & Wollensky restaurant, which has a great waterside patio and a bar. Not to mention that it is also a prime spotting place for local celebrities, political figures and even a few movie stars. The South of Fifth has many more excellent spots to dine and wine, let us name a few: Texas de Brazil – a Brazilian-style steakhouse, Joe’s Stone Crab – serving prime steak and stone crab from 1913 or Prime 112 – a popular fine dining steakhouse. We also need to mention Nikki Beach – the ultimate beach club concept that brings dining, fashion, music and entertainment together, having reputation as “The Sexiest Place on Earth”.

South Beach condos

As mentioned before, there are many ultra luxury condos in the South of Fifth. To our favorites belongs the Apogee condo – the pinnacle of the SoFi. Many consider this real estate as the best building located South of Manhattan. In Apogee, luxury is knocking on your door delivering an incredible level of exclusivity. South Beach condosWe are also big fans of the Icon South Beach condo which was built by one of Miami’s top developer, the Related Group Inc. This group is also a creator of other SoFi’s luxury condos such as: Murano Grande, Murano at Portofino and Portofino Tower which are also highly recommend. We cannot forget about Continuum North and South where you can experience a unique residential resort lifestyle and an ultra luxury way of living. South of Fifth is definitely a place to be for luxury condo living in South Beach.

 

Miami Beach condoThe village of Bal Harbour is located on the northern tip of Miami Beach in Miami-Dade County and has Miami to the South and Fort Lauderdale to the North. It is not only a very popular shopping destination but also a great place to live. Fashion is definitely alive here. It is an inseparable part of Bal Harbour living, whether it is a runway show or previews of coming collections. Bal Harbour Shops is an upscale open-air shopping mall, internationally famous for its collection of luxurious retails such as: CHANEL, D&G, GIORGIO ARMANI, PRADA and many more. Apart from numerous shops offering sought-after brands, Bal Harbour offers oceanfront activities, such as pilates, yoga or fitness classes, as well as distinctive dining options in a stylish setting. There are many choices of dining, from elegant restaurants through poolside dining when you can take advantage of the Bal Harbour’s spectacular setting to casual cafes, perfect spots for an afternoon or morning coffee.

When it comes to Ball Harbour’s beachfront properties, they definitely offer an exceptional service and are the best getaways when what you need is some time for yourself. St. Regis Bal Harbour is definitely one of them and it is the newest resort to come to Bal Harbour. With three all-glass towers, this condo offers several pools and outdoor sculptures to complement its waterfront setting. It is called a haven of elegance, style and services not without a reason. St. Regis also boasts a 12,000 sq.ft. Remede Spa.

Bal Harbour condo

One Bal Harbour is also one of our favorite Bal Harbour condos. It reflects the best of Miami Beach real estate with its luxury, sophistication as well as the contemporary design. It is an art inspired real estate with apartments featuring floor-to-ceiling windows. Its dining options and amenities are endless as well as are the ways of relaxation. The choice is yours.

Bal Harbour condos

South Beach Isles condosWith a 2 ½ mile-long fine sand beach, it is no wonder why almost one million vacationers visit the amazing Sunny Isles Beach. Sunny Isles Beach is known as the City of Sun and Sea and it is a perfect place to enjoy life and raise a family. It is ensured that beach access is a must for residents of Sunny Isles Beach. It is in the middle of the two incredible worlds of Miami and Ft. Lauderdale. There is easy access to all the business centers, recreational and entertainment facilities to Miami, one of the greatest cities of the world. It is going through a revolution as step by step the city is building parks, removing old motels and replacing them with luxurious condominiums.

Jade Ocean Condo is a gemstone that is a one-of-a-kind skyscraper. It is reaching the sky as it is a smart building and encompassing technology into its everyday life. Each resident has the access to a flat panel screen that makes it possible to have the world on the tips of your fingers.

Sunny Isles Beach condos

Turnberry Ocean Colony, our favorite Sunny Isles Beach condo, is a combination of twin towers that 260 families are proud to call home. With elegance and finesse, the Turnberry Ocean Colony North and South provide an endless amount of amenities that by far are not found anywhere else. With a choice of two-to-five bedrooms, relaxation is for sure granted while living at the Turnberry. An ocean view with an ocean breeze is one of those things that have a special feeling that can only be described at the Turnberry Ocean Colony. This condo has a unique relationship with nature. With an access to the beach, long, romantic walks on the beach are a reality available only for the residents of this Sunny Isles Beach condo.

Sunny Isles Beach condos
Acqualina and the Trump Towers are also an example of fine condo living. Acqualina condo and hotel has a wide array of unique aspects, one of those being the floor plan designs, and the exciting location as it is less than thirty minutes away from South Beach and the airports. This is an opportunity to have a lifetime of rejuvenation.

Sunny Isles Beach condos

The Trump Towers have an extreme luxurious location with an elegant touch and definition that makes this one of the most perfect oceanfront condos in the entire Sunny Isles Beach.

Sunny Isles Beach condos

South Beach Neighborhood

October 21, 2011

South Beach condosSouth Beach, also known as SoBe, is a section of Miami Beach which encompasses approximately 23 blocks from the Southern barrier of the island. With countless restaurants, boutiques, nightclubs, hotels and foremost endless sandy beaches, South Beach is a main entertainment destination for both Americans and international tourists. Thousands of tourists fall in love with South Beach and make this their second home.

If you are dreaming of living in a vibrant and sunny place, you should consider South Beach real estate. There are many luxury South Beach condos to choose from. con South Beach is definitely one of them. The lobby in this South Beach Condo is expressive and impressive as the Icon building itself. It offers also a lot more. Sea-breezes, sunrises, sunsets, moonlight walks… If you become a resident of the Icon South Beach condo, all the priceless little pleasures will not cost you a cent. The Icon South Beach Condo features nine different unit layouts with views of either Biscayne Bay or the Atlantic Ocean.

South Beach condos

Murano Grande is another highly desired South Beach Condo. Rich woods and subtle tones make the Murano Grande a contrast to the neighboring Icon. Apartments at this South Beach Condo boast the spectacular views of Downtown Miami, South Beach and Biscayne Bay. They range in size from 1,400 to more than 4,000 square feet.

South Beach condos

Continuum South Beach Condo is all about location and views. The Continuum offers special features that none of the other South Beach Condos can. The Continuum’s nearly 13 acres of land makes it the #1 beach-resort environment in Florida. The Continuum South Beach Condo presents over 15 styles of one to four-bedroom residences ranging from 1,200 sq. ft. to 4,000 sq. ft.

South Beach condos

South Beach Real Estate offers many more condos that we have not mentioned above. The list is long. We know that everyone has their preferences and desires that is why we encourage you to use the drop down menu on the right side of this page and take a look at what is available for sale. Apogee, Continuum II, Murano at Portofino, Portofino Tower, Yacht Club are definitely worth checking out as well. However, there are many more attractive South Beach condos. If you wish, you can give us a call at 305 791 2349.

South Beach condos