A development group with ties to the Disney family is proposing a new waterfront condo project in Miami Beach, and in the process has boosted the total number of planned towers to 79 in South Florida since the region's real estate crash began in 2007.

With the newly announced 115-unit Peloro Miami Beach project, more than 11,250 condo units have now been proposed for the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties as of Oct. 24, 2012.

Some five years after the South Florida condo market began to stall, one new tower has already been completed in the tricounty region and 12 other highrises - Aventura's Bellini At Williams Island; Greater Downtown Miami's 1100 Millecento Residences, Brickell Citicentre (two towers), BrickellHouse, and MyBrickell projects; Hollywood's Apogee Beach; Key Biscayne's Oceana (two towers); Palm Beach County's 4001 North Ocean project; and Sunny Isles Beach's Mansions At Acqualina and Regalia - are under construction as the post-crash development era gains momentum.

In Miami Beach, the proposed seven-story Peloro project is slated to be developed on vacant site - originally designed to be the Regalia 2 during the last South Florida condo boom - fronting the Intracoastal Waterway in the 6600 block of Indian Creek Drive in the neighborhood of North Beach, according to marketing materials.

Plans call for the units to range in size from less than 650 square feet to nearly 2,300 square feet with initial prices starting at $410 per square foot, according to marketing materials obtained by www.sergekay.com.

The developer - SMG - is comprised of partners that include an "investment vehicle for the Roy E. Disney Family," according to marketing materials.

As is the plan with the Peloro Miami Beach, a majority of the newly proposed South Florida condo units are not expected to be completed until 2014 when the unsold developer inventory from South Florida's last real estate boom and bust is projected to be sold.

Fueled by investors primarily from overseas, less than 3,400 new condo units remain unsold from a supply of nearly 49,000 units created since 2003 in South Florida’s seven largest coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island as of June 30, 2012.

It is unclear how many of the other proposed towers could get built in the short term as construction financing is challenging - and expensive - to secure, industry watchers said.

Buyers achieved an average discount of nearly six percent off of the original asking price for South Florida's 10 priciest bank-owned condo resales to transact in the third quarter of 2012 in Miami-Dade, Broward, and Palm Beach counties.

Between July and September of 2012, buyers - in unrelated transactions - paid a combined $9.6 million - an average of less than $375 per square foot - for the 10 priciest bank-owned condo resales scattered around South Florida in the areas of Aventura, Fisher Island, Fort Lauderdale, Greater Downtown Miami, Hallandale Beach, Miami Beach, and Sunny Isles Beach.

Prior to the transactions, these condo units were originally put on the resale market for a combined $10.2 million for an average of nearly $400 per square foot, according to an analysis based on Florida Realtors association data.

This is a ranking of South Florida's 10 priciest bank-owned condo resales - with a minimum transaction price of $600,000 - between July and September of 2012:

As of October 9, 2012, about 10 bank-owned condo resales are under contract waiting to transaction with a minimum asking price of $600,000, according to the data.

An additional 13 bank-owned condos are actively available on the resale market in South Florida with a minimum asking price of $600,000, according to the data. Overall, buyers purchased 15 percent fewer bank-owned condo resales in South Florida in the third quarter of 2012 on a year-over-year basis compared to the same July through September period in 2011.

Related Perez announces One Ocean project

One Ocean

Related Group Chairman and CEO Jorge Perez has announced another new condominium tower, the One Ocean project in Miami Beach. One Ocean, which will be located at 91 Collins Avenue in the South of Fifth neighborhood, will include 46 residences and four villas. The former will be approximately 3,000 square feet. “We have built over 80,000 units thus far,” Perez said. “One Ocean is my legacy for Miami Beach.” The developer has brought together a number of artists and designers on the project, including Enrique Norten, Enzo Enea, Jose Bedia, Eugenio Cuttica, Michelle Oka Doner and Daniel Azouley