New 70-Unit Condo Project Planned in South Beach’s Sunset Harbour

December 29, 2011

New South Beach Condo ProjectCalifornia-based developer will unveil its plans for a new 70-unit South Beach condominium project on January 24, 2012, at a Miami Beach Planning Board meeting, according to a public notice published in the Miami Herald. The developer is Palau Sunset Harbour, which has members of Roy Eduard Disney’s investment fund Shamrock Holdings. Roy E. Disney was an executive at The Walt Disney Company and nephew of Walt Disney.

The proposed five-story condominium with 70 units would be built in the South Beach neighborhood of Miami Beach and would be developed on three lots with a combined 54,700-square-foot-property at 1201 20th St.

The land was acquired in two deals for a combined $8.2 million last month, $150 a square foot, according to public records.

The project comprises 43 units with 500 to 999 square feet, 12 units with 1,000 to 1,200 square feet, and 15 units with more than 1,200 square feet.

Plans for a condo project in the Sunset Harbour area of South Beach were first reported on Nov. 29, 2011 by the Miami Herald. Miami Beach luxury sales volume has jumped 60.8% in the 12 months ending November 30, 2011 according to Miami-based Zilbert Realty Group, a leading real estate brokerage company. Zilbert studies market sales trends as part of its ongoing market research, and noted a dramatic increase in luxury property sales in 2011. It examined condo and single family home sales in zip code 33139, where the sales price was over $500,000. Total sales volume in Miami Beach rose from $436,186,981 to $701,533,956, a 60.8% increase. The number of sales transactions, had a similar increase. Total sales transactions rose from 278 to 422, a 51.8% jump. The average selling price of condos and homes rose from $1,569,017 to $1,662,402, an increase of 6%.

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