10 New Condo Proposals for Bal Harbour Miami Beach
St. Regis Bal Harbour has set the stage for other developers to become confident about Miami Beach real estate. Following exceeding sales of $758 million in one year alone, this success has sparked a series of international developers proposing at least 10 new condo towers for Bal Harbour, Surfside, and Bay Harbor Islands, which would total over 800 new units. St. Regis Bal Harbour’s condos were sold at a median rate of $1,450 per SF in 2012, as per Miami Herald. Miami Beach developers are seeking shares in this surge in luxury unit sales.
The new luxury Miami Beach condos would include the Harbor Park condo tower featuring 20 units, or the 260-units proposed for Bal Harbour’s Beach Club. At this time, requests for permits are being processed and are pending government approval.
Readers may question how developers are affording construction projects, all of which are luxury models. The secret lies in international buyers funding them partially with a portion of the sales price being deposited before they’re even built. There are no reports however on how these new proposals will be financed.
In Miami-Dade alone, there are at least 100 new luxury condo towers in the works. This new 100 mark threshold has moreover generated a series of new websites. CraneSpotters.com for instance features a detailed list of new Miami preconstruction projects and their statuses. Miami Curbed has additionally launched their own Miami development heat map, and other authority sites have followed suit.
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Sources: Miami Herald, The Real Deal
Photo Credit: St. Regis Bal Harbour Residences
Daneil Fletcher for SydneyServerRealEstate.com
