Buyers achieved an average discount of 14 percent off of the original asking price for Sunny Isles Beach's priciest luxury condo resales in South Florida to transact in the second quarter of 2012.

Between April and June of 2012, buyers - in unrelated transactions - paid a combined $27.2 million - an average of more than $745 per square foot - for the 10 priciest luxury condo resales in Sunny Isles Beach, which stretches from Haulover Beach Park north to the town of Golden Beach, and the Atlantic Ocean west to the Intracoastal Waterway.

Prior to the transactions, these luxury condo units were originally put on the resale market for a combined $31.7 million for an average of more than $870 per square foot, according to an analysis based on Florida Realtors association data.

This is a ranking of Sunny Isles Beach's 10 priciest condo resales - with a minimum asking price of $1 million - to transact between April and June of 2012. Please note the rankings are based on the resale price, and the discounts are based on the original asking price.

As of July 30, 2012, more than two dozen condo resales - with a minimum asking price of $1 million - are under contract in Sunny Isles Beach waiting to transaction at a median asking price of about $660 per square foot, according to the data.

More than 125 additional luxury condo resales - with a minimum asking price of at least $1 million - are actively available on the market in Sunny Isles Beach at a median asking price of more than $760 per square foot, according to the data.

Largest condo purchase at St. Regis Bal Harbour closes for $24.6 million

July 26, 2012

In the last year and a half, Palm Beach, Broward, and Miami-Dade counties, have decided to build almost 45 towers and release on the market almost 7,600 units. Five of the towers are under construction right now. As a result, it seems that South Florida’s housing market is officially growing.

International Buyers Boost Market

The most recent construction in South Florida is the “23 Biscayne Bay Condo” Downtown Miami. The tower has 18 stories and 96 residential units. 46 of these units were sold. Melo Group’s executive, Martin Ferreira, was the developer of the project. He says that most investors are from Mexico, Brazil, and Argentina. In fact, Melo Group originated from Argentina and the project is so successful, that the developer intends to build 4 new towers. The buildings will feature either rental units or condos, and will release on the market almost 600 units. That’s excellent news for the real estate market of South Florida because realtors will start selling and renting once again.

South Florida has many other development companies that are interested in constructing condo towers. 45 buildings are expected to be built in Broward, Miami-Dade and Palm Beach counties in the following years. Moreover, designers are willing to create new apartment units that could become condominiums. This way, the renting market will be improved.

Low Volume of Unsold Units

Currently, South Florida features 49,000 units spread throughout markets like Palm Beach, Deerfield Beach, Boca Raton, Fort Lauderdale, Hallandale Beach, Sunny Isles Beach, South Beach and Miami. Only 3,900 of these units are unsold. Despite this inventory of unsold apartments, developers are ready to construct and propose almost 6,100 units in 35 towers in places such as Sunny Isles Beach, Aventura, Surfside, Bal Harbour, Miami Beach, Key Biscayne and Greater Downtown Miami.

Some of these oceanfront development sites have already been traded by several investment groups that paid over $336 million for these transactions. The houses they’ve invested in are perfect for developing luxury condo projects. The coasts of Palm Beach and Broward will also see new condo developments pretty soon. For example, in Broward, the developers are planning to construct 800 units in 5 towers. Palm Beach is going to feature 700 units in 5 towers in places like West Palm Beach, North Palm Beach and Gulf Stream.

More Condo Projects Underway

No one knows if all proposed towers are going to be constructed. At the moment, there are numerous financial problems overseas and lots of projects are waiting for governmental approval. It is uncertain if international buyers are going to invest in the condo market of South Florida. Additionally, projects that are under construction feature numerous daunting requirements. For example, buyers have to make a deposit payment of up to 80% of the initial purchase price. These requirements are stricter than they were before the crisis. Furthermore, developers have more problems when securing a construction financing. This is caused by the recent real estate meltdown and the American banking crisis.

South Florida’s real estate market is slowly recovering. Still, the preconstruction condo sales procedure still requires a defense against the speculator boom markets. The housing specialists are expecting to see how the buyers, lenders and developers will handle this growth phase.

Miami sees an industrial real estate revolution

Builder confidence is now so strong in Miami-Dade county that ground has broken or is scheduled to break next few months on nearly one million square feet of warehouse space without tenants, with another two million in the pipeline, the Miami Herald reported. The industrial real estate construction boom is being driven by well-leveraged industrial investors who are convinced that South Florida — specifically Miami — is a hot market. Now that acquisition prices have risen many have decided that it is time to build.

“The industrial market has bounced back faster than anyone expected,” said Steve Medwin, Jones Lang LaSalle managing director. “The institutions are all here scouring the market. They want to have that dot on the map. Each time a quality asset comes on the market, there’s a tremendous number of bidders, resulting in much higher prices than anyone would expect.”

Sunny Isles Beach erupts with new developments

Sunny Isles Beach

Sunny Isles Beach in northeast Miami-Dade County is quickly becoming the epicenter of South Florida’s condominum boom, the Miami Herald reported. Six condo towers are currently being developed in the area, which represents approximately 15 percent of the more than 45 towers proposed through July 2012 in South Florida’s tri-county region. Another 530 luxury units are set to be built along the nearly 40 blocks along Collins Avenue, and more are expected to come.

Developers have purchased an additional four condo sites in Sunny Isles Beach, containing more than 580 units, all of which have been approved for residential towers. Further, an investment group has recently purchased the loan for a partially completed condo tower that has been approved to contain 134 condo units and 140 hotel rooms. If this pace of development continues, Sunny Isles Beach could see its total number of condos increase by more than 1,200 units.

The median sales price of a Miami-Dade County condominium rose 34 percent in June compared to the same period in 2011, according to data from the Miami Association of Realtors. The median price rose to $119,800, according to the report. That coincided with a 5 percent increase in the median sales price of Miami’s single-family homes. Martha Pomares, chairman of the board of the Miami Association of Realtors said that while foreign buyers continued to drive Miami’s residential market, domestic American buyers were having a “major impact.” Average sales prices also rose in the county, with a 24.2-percent increase for condominiums and a 21-percent increase in the average sales price of a single-family home. Sales were mixed, however, with a 2-percent increase in total sales for condos and a 2-percent decrease in single-family sales

FOR SALE - The Delano In South Beach

Morgans Hotel Group Co. which operates the Royalton and Mondrian boutique brands, put its 195- room Delano South Beach property in Miami Beach, Florida, on the market, according to the broker with the listing.

A New Condo North Of Miami Will Have Some Crazy Amenities—And The $50 Million Penthouse Is Still Available

Life in the new The Mansions at Acqualina in Sunny Isles Beach, Florida will include amenities that seem unreal for a private residence complex.

They include a concierge who is on-call seven days a week, a weekend restaurant, a daily breakfast bar, a wine-tasting lounge, a 25-seat stadium theater with a popcorn machine and candy counter, a spa, and a golf-simulator that allows residents to "play" any course in the world.

The crown jewel of The Mansions is a 15,000-square-foot, $50 million penthouse that is still for sale. The price tag for the rest of the units starts at $5.7 million and increases as the floors go up.

Of the 79 units in the complex, just 22 are left to sell. Construction doesn't even start for another two weeks on the project, located between Miami and Fort Lauderdale, which is slated for completion in 2015.

Michael Goldstein, president of The Mansions, said he expects to be completely sold out by the time construction starts in August. The buyers have been both American and international, with most deals done in cash.

There are five penthouses in total, all with indoor pools. The complex has two pools for residential use, including an infinity edge pool that overlooks the water. There are also eight cabanas.

"These aren't condominiums," Goldstein said. "The Mansions are so big, they are homes."

The 65-story residential tower will sit adjacent to the five-diamond Acqualina Resort. Between the ocean and the fountains, the sound of water will be audible almost everywhere on the property, Goldstein said.

There are two kids rooms in the complex, and there's even a marine biology camp. For the adults, there is a full, state-of-the-art gym that offers yoga and Pilates classes

Argentina’s Consultatio pays $220 million for Bal Harbour Club, plans condo

Property Markets Group has launched 95th on the Ocean, a new seven-unit residential development in Bal Harbour. Each unit in the project will have 4,000 square feet including a private two-car garage and glass elevator, along with four bedrooms and five-and-a-half bathrooms. It is the second beachfront development for PMG in the last five years, following Mei Miami Beach, a 134-unit tower at 58th and Collins Avenue in Miami Beach.
Serge Kay Group, a top Miami Real Estate broker has more information on these exclusive 7 units. View his web site at www.sergekay.com or he can be reached at 786-512-5555.