4 Proposed Condo Towers Prepare To Launch Construction In South Florida

  

Sunny Isles East and Sunny Isles West Condo rendering
Sunny Isles, FL

MIAMI, FL -- With 15 condo towers currently under construction or recently completed in South Florida, the developers of four other proposed towers - 400 Sunny Isles East, 400 Sunny Isles West, ICON Bay, and the Porsche Design Tower - have each taken a key step in preparation of launching construction, according to a new report from CondoVultures.com.

In the last 90 days, the developers of the four respective towers formally recorded their Declaration of Condominium documents in the county where the projects are slated to be built, according to Miami-Dade County records.

The Porsche Design Tower (declaration recorded on Dec. 13, 2012) and the 400 Sunny Isles East and West towers (declarations recorded on Oct. 12, 2012 and Nov. 13, 2012, respectively) are proposed for Sunny Isles Beach and the ICON Bay project (declaration recorded on Nov. 6, 2012) is proposed for Greater Downtown Miami, according to government records.

In the early stages of this newest South Florida condo building boom, an increasing number of developers are recording their condominium declarations documents in the county where the projects are to be located just prior to launching construction.

Contrast this with the last condo boom - and subsequent bust - where developers typically recorded their condominium declaration packages in the county where the projects are to be located only when the construction was nearly complete and the presale contracts were ready to be transacted, industry watchers said.

Peter Zalewski

"South Florida's preconstruction condo market is evolving to meet the demands of cash buyers," said Peter Zalewski, a principal with the Greater Downtown Miami real estate consultancy Condo Vultures® LLC.

"Given the challenges that have existed for condo construction financing to date, many developers have had to tinker with their approaches in order to ultimately build their proposed towers. The recording of condo declarations with the county prior to construction is just one of the variations that has emerged with this newest wave of condo construction."

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Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.