400 Sunny Isles project tops $200M in new condo sales

400 Sunny Isles rendering
Amid a growing supply of condos available for purchase on the Miami-Dade County barrier island, the new 400 Sunny Isles complex fronting the Intracoastal Waterway has sold off 96 percent of the total units to generate more than $200 million in recorded transactions as of Tuesday.
Developer sales in the 400 Sunny Isles Condominium project featuring a pair of 21-story buildings — known as the East and West towers — with a combined 230 units, with more than 375,000 square feet of salable “unit area” space in Sunny Isles Beach, began to be recorded on Dec. 8, according to Miami-Dade County records.
To date, at least 221 units in the 400 Sunny Isles project — developed by a Delaware corporation led by Inigo Ardid — have traded for a combined $206 million, which works out to a price of more than $930,000 each for an average of about $570 per square foot of “unit area” as of Tuesday, according to government records.
The project’s East tower has sold 129 units out of 133 total units for nearly $114 million  — or $882,000 each — for an average of less than $560 per square foot of “unit area.” The West tower has sold 92 units out of 97 units for more than $92 million — or $1 million each — for an average of nearly $590 per square foot of “unit area,” according to government records.
Individual units in the 400 Sunny Isles complex have transacted at prices ranging from less than $550,000 to more than $2.8 million each. On a price per square foot basis for “unit area,” individual condos have traded from as little as $421 to as much as nearly $1,000, according to government records.
Currently, 82 units in the 400 Sunny Isles project are listed for sale at a price of more than $1.4 million each, for an average of more than $660 per square foot as of Wednesday, according to data from the Southeast Florida MLXchange.
No condo units in the 400 Sunny Isles project have been resold or are currently under contract on the MLS, according to the data.
Sunny Isles Beach — a popular seaside destination for international and domestic buyers alike — is the fourth most active market east of I-95 in South Florida, based on more than 3,165 total units announced during this cycle that began in 2011.
The only South Florida markets with a greater number of condos announced during this cycle are Greater Downtown Miami with at least 22,850 units, the Hollywood-Hallandale Beach area with more than 4,800 units and the Downtown Fort Lauderdale and Beach market with more than 3,350 units as of Monday, according to the preconstruction condo projects website CraneSpotters.com. (For disclosure, my firm operates the website.)
It is worth noting that the Aventura market on the mainland across the Intracoastal Waterway, to the west of Sunny Isles Beach, is the fifth most active market with 21 new condo buildings and more than 3,000 units announced during this cycle.
Currently, five new condo buildings with 436 units have been constructed in the Sunny Isles Beach market. An additional six buildings with nearly 1,025 units are currently under construction, according to CraneSpotters.com.
Combined, the number of new units completed and under construction represents about 46 percent of the total pipeline of new condos slated for development during this cycle in Sunny Isles Beach.
At least 15 new condo buildings with more than 1,700 units — some 54 percent of the total pipeline announced — are currently in the planning or presale phase of development in the Sunny Isles Beach market, according to the data.  
Aside from the new condo pipeline, the Sunny Isles Beach market currently has more than 1,335 units being marketed for purchase at an average asking price of $1.4 million each or nearly $655 per square foot, according to the Southeast Florida MLXchange.
In 2015, buyers acquired nearly 775 condo units at an average price of about $738,750 or more than $440 per square foot.
Based on the 2015 resale transaction pace of 65 units monthly, Sunny Isles Beach currently has more than 20 months of supply of condos available for purchase, according to the data.
A balanced market is considered to have about a six-month supply of units available for purchase. More months of condo units available for purchase suggests a buyer’s advantage, and less months indicates a seller’s advantage in negotiating transactions.
Overall, South Florida developers have already completed 59 new condo buildings with more than 4,350 units east of I-95 in the tri-county South Florida region of Miami-Dade, Broward and Palm Beach. An additional 132 new condo buildings with more than 14,225 units are currently under construction in South Florida.
A combined 233 new condo buildings with nearly 31,650 units — about 63 percent of the total tricounty pipeline — are currently in the planning or presale phase of development in South Florida.
The unanswered question going forward is whether the buyer pool on the barrier island is deep enough to absorb all of the Sunny Isles Beach condo units that are available for purchase at this stage of the current South Florida real estate cycle.   
Peter Zalewski is a real estate columnist for The Real Deal who founded Condo Vultures LLC, a consultancy and publishing company, as well as Condo Vultures Realty LLC and CVR Realty brokerages and the Condo Ratings Agency, an analytics firm. The Condo Ratings Agency operates CraneSpotters.com, a preconstruction condo projects website, in conjunction with the Miami Association of Realtors.

Source: The Real Deal Miami

Sixth new Fort Lauderdale condo project completed this cycle

Rendering of Vela Vista
A developer has completed the sixth new condo building in the booming Downtown Fort Lauderdale and Beach market since this South Florida real estate cycle began in 2011.
Transactions began to be recorded on Feb. 29 in the newly completed four-story Vela Vista condo project with nine units and nine boat slips located in the 1500 block of Southeast 12th Street in Fort Lauderdale’s Rio Vista neighborhood, situated between the mainland and barrier island, according to Broward County records.
To date, buyers have taken title to seven new condo units in the project developed by a Fort Lauderdale-based corporation called Commodore Club Condominium LLC, led by member Charles Medrano, for a combined $6.7 million, or an average transaction price of about $465 per square foot as of Tuesday, according to government records.
Individual unit sales in the Vela Vista project have transacted at prices ranging from less than $790,000 to nearly $1.4 million as of Tuesday. On a price-per-square-foot basis, the developer sales have ranged from less than $420 to as much as $536, according to government records.
Currently, three condos  — one developer unit and two resales units — in the Vela Vista project are available for purchase at an average asking price of nearly $1.4 million, or $555 per square foot, on the Multiple Listing Service database as of Tuesday, according to data from the Southeast Florida MLXchange.
The Vela Vista is the sixth new condo building — along with the 12-unit Adagio On The Bay, the eight-unit Cymbrinas Cay, the 10-unit Palms On Venice and the two-building AquaVita Las Olas project with 22 units — to be completed in the Downtown Fort Lauderdale and Beach market, where developers have announced 50 new condo buildings with more than 3,250 units since this current real estate cycle began more than five years ago, according to the preconstruction condo projects website CraneSpotters.com. (For disclosure, my firm operates the website.)
Developers are currently constructing 17 new condo buildings with more than 600 units in the Downtown Fort Lauderdale and Beach area. An additional 27 new condo buildings with nearly 2,600 units are currently in the planning or presale phase of development in the Fort Lauderdale market, according to the data.
Based on the new units announced, the Downtown Fort Lauderdale and Beach area is the third most active area east of I-95 in the tri-county South Florida region of Miami-Dade, Broward and Palm Beach as of Tuesday, according to CraneSpotters.com.
Overall in South Florida, developers have now completed 58 new condo buildings — including the Vela Vista project — with more than 4,315 units located east of I-95. The new South Florida condos completed to date represent about 8.6 percent of the more than 50,050 units announced for the tricounty region during this cycle.
At least 132 new condo buildings with nearly 13,725 units — more than 27 percent of the overall South Florida total — are currently under construction.  
An additional 227 new condo buildings with more than 32,000 units — about 64 percent of the overall total announced for this cycle — are currently in the planning or presale phase of development in South Florida, according to the data.
As South Florida moves into the later stages of the current winter buying season, the Downtown Fort Lauderdale and Beach market has more than 800 condo units available for purchase at an average asking price of nearly $410 per square foot as of Tuesday, according to the Southeast Florida MLXchange.
In 2015, buyers acquired nearly 1,200 condo units in the Downtown Fort Lauderdale and Beach market at an average price of $295 per square foot, according to the data.
Based on the 2015 transaction pace of nearly 100 units monthly, the Downtown Fort Lauderdale and Beach market currently has about an eight-month supply of resale condos available for purchase, according to the data.
A balanced market is considered to have about a six months of unit supply available for purchase. More months of condo supply suggests a buyer’s advantage, and less months of units indicates a seller’s market.
The unanswered question going forward is whether prospective flippers will be successful in their efforts to resell their newly acquired condos at a time when a number of developers units are available for purchase in the Downtown Fort Lauderdale and Beach market.   
Peter Zalewski is a real estate columnist for The Real Deal who founded Condo Vultures LLC, a consultancy and publishing company, as well as Condo Vultures Realty LLC and CVR Realty brokerages and the Condo Ratings Agency, an analytics firm. The Condo Ratings Agency operates CraneSpotters.com, a preconstruction condo projects website, in conjunction with the Miami Association of Realtors.

Source: The Real Deal Miami

Developers seek average of $2.1M for new SoFla coastal condos

Coastal Miami, including a rendering of Elysee Residences and Peter Zalewski
As concerns grow about the United States being dragged into the current global economic downturn, South Florida developers are increasingly faced with the realization that the asking price for a new coastal condo unit listed on the Multiple Listing Service is averaging more than $2 million each.
By comparison, the average transaction price for a condo unit located east of I-95 in the tri-county South Florida region of Miami-Dade, Broward and Palm Beach sold for less than $450,000 each in 2015, according to data from the Southeast Florida MLXchange.  
It is unclear whether new condo units priced above the market resale average will be in high demand at a time when fears are rising that the United States is entering a recession due to a strong dollar and a prolonged lackluster global economy.
What is known is that more than 1,125 new South Florida condo units built or planned east of I-95 since this cycle began in 2011 are currently available for purchase at an average asking price of $2.14 million as of Tuesday, according to the data.
The current average asking price represents a decrease of nearly 6 percent — or more than $133,000 each — from the original average asking price of $2.27 million for these same new condos when they were initially listed for sale on the MLS, according to the data.
Calculating the average price per square foot for these new South Florida condos currently listed for sale on the MLS is a bit more challenging as the amount of livable space for more than 130 units was omitted from the marketing information for the respective properties.
For the listings of the nearly 1,000 new South Florida condos that do include the livable space totals, the average asking price for a unit is $1,144 per square foot, according to the data.
Originally, these new South Florida units were marketed an average asking price of $1,163 per square foot, according to the data.
New South Florida condo units developed or preselling during this cycle east of I-95 account for nearly 8 percent of the more than 14,250 condos listed for sale at an asking price of less than $863,000 each, for an average of $449 per square foot, according to the data.
The average asking price for the 13,000 South Florida condo units built before this cycle began in 2011 is currently listed at less than $730,000 each — or $426 per square foot — at projects located east of I- 95, according to the data.
It is important to note that only a fraction of the more than 50,000 new condo units in the South Florida preconstruction pipeline are listed for sale on the MLS.
Consider that South Florida developers have completed 57 new condo buildings with more than 4,300 units east of I-95. An additional 129 new condo buildings with more than 12,900 units are currently under construction in South Florida.
A combined 227 new condo buildings with nearly 32,800 units — nearly 66 percent of the total tri-county pipeline — are currently in the planning or presale phase of development in South Florida.
The unanswered question going forward is whether South Florida developers will be able to successfully attract enough buyers of preconstruction condo units, at a time of heightened uncertainty about the international economy and a growing price disparity between new and existing properties available for purchase.
Peter Zalewski is a real estate columnist for The Real Deal who founded Condo Vultures LLC, a consultancy and publishing company, as well as Condo Vultures Realty LLC and CVR Realty brokerages and the Condo Ratings Agency, an analytics firm. The Condo Ratings Agency operates CraneSpotters.com, a preconstruction condo projects website, in conjunction with the Miami Association of Realtors.

Source: The Real Deal Miami