MIAMI, FL -- A Miami development group with roots in South America is preparing to construct a pair of oceanfront condo towers in the wealthy enclave of Key Biscayne just southeast of Greater Downtown Miami, according to a new report from CondoVultures.com.
The proposed Oceana complex is to feature twin 15-story towers with a combined 140 units plus an additional 14 villas on a 10.1-acre site on Ocean Drive in Key Biscayne, according to Village of Key Biscayne records.
The Oceana complex - slated to go up on the former Sonesta Hotel and Resort site (top left photo) - increases the total number of newly proposed condos in South Florida to 24 towers since the real estate crash, according to the CondoVultures.com Preconstruction Condo Projects list.
Condo Vultures founder Peter Zalewski (top right photo) is scheduled to discuss the dynamics of South Florida's latest condo boom on Feb. 28 at the 4th Annual "State Of The South Florida Condo Market" Seminar at 1060 Brickell Ave. in Greater Downtown Miami. The event is sponsored by the Continental Group, Miami Association Of Realtors, the Miami Downtown Development Authority, and ACAP financing.
Despite having not yet opened a preconstruction sales office on site, the development group - Consultatio Key Biscayne LLC with Eduardo F. Costantini of Argentina and Marcos Corti-Maderna, Jose Chouhy, and Jorge Brave - filed a "notice of commencement" on Feb. 4, 2012 to begin "parking garage foundation" work, according to Miami-Dade County and Florida Secretary of State records.
At the heart of the South Florida real estate crash, the development group paid $78 million in October 2009 for the land located just north of the Grand Bay Tower condominium complex (middle left photo) and the Ritz-Carlton Key Biscayne resort, (middle right photo) according to Miami-Dade County records.
Shortly after acquiring the property, the development group filed a "notice of commencement" in January 2010 for a "total demolition" of the former Sonesta Hotel, according to Miami-Dade County records.
Overall, the proposed Oceana project would increase the total number of new condo units planned to more than 4,500 for the coastal area of the tricounty South Florida region despite an estimated 4,200 developer units remaining unsold as of Dec. 31, 2011, according to a preliminary estimate based on the CondoVultures.com Official Condo Buyers Guide™ series.
At least four projects have already hosted groundbreaking ceremonies in the last year, according to a recent CondoVultures.com report.
As of Feb. 24, 2012 in Key Biscayne, there are nearly 215 condo units on the resale market at a median asking price of more than $525 per square foot, according to an analysis by the licensed Florida real estate brokerage CVR Realty™.
Units range in price from less than $200 per square foot to nearly $1,800 per square foot, according to data from the Florida Realtors association.
In 2011, buyers acquired more than 215 condo units at a median price of $382 per square foot, according to the data.
On the rental front in Key Biscayne, nearly 125 condo units are available for lease at a median asking price of nearly $2.35 per square foot per month as of Feb. 24, 2012, according to the report.
In 2011, renters leased more than 300 units at a median price of nearly $1.90 per square foot per month between January and December, according to the data.
Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
3 comments:
Wow Those are stunning condo buildings that you have shared in here. I can't imagine a cozier place! So warm and inviting.
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Oceanfrint condos towers have been planned, know all about it
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