By Sunny Isles Real Estate Expert on August 8th, 2011
Like many projects that broker ground around 2008 when the mortgage market tightened, the Bellini Williams Island condo project to be build in Aventura was placed on hold. However, the stabilizing economy along with the rising strength of the South Florida real estate market (sales in Aventura alone are up nearly 27% year to date), the project is back underway!
The $100 million, 24-story condominium complex, is scheduled to house 70 luxury units. Each unit will come standard with water views, over-the-top amenities and even a private elevator. Unit pricing will start at $1 million, or $400 per square foot.
Who is an Avenura Luxury Condo Buyer?
While these units will certainly appeal to anyone seeking the best of the best in luxury condominiums in the Aventura areas, the developer believes that the community of buyers will comprised of a significant number of international buyers. This statement would be on point with the recent trend of international buyers calling South Florida a piece of home. While this area isn’t as well known as other South Florida hotspots, like it’s sister property – Bellini Bal Harbour, competitive pricing coupled with a strong market should be enough to get the draw this project is expecting. And while foreign buyers are expected to make their presence known in the area, real estate experts believe that a domestic presence will certainly be seen as well, particularly as inventory has been dropping in the area due to an increase in property sales.
Bellini Williams Island Project Funding……
While many of the units are expected to sell during the pre-construction phase, the builder is assuring buyers and the Miami real estate community that he will not be utilizing the deposit funds to pay for construction costs. In fact, an unnamed private funding source has been secured for the project, giving added confidence to interested buyers. It is important to note that in order to counterbalance some risk associated with pre-construction sales, buyers may be required to place a more substantial down payment deposit to hold their unit, than the 10-20% standard deposit during the pre-recession timeframe. While a common practice among many developers in the industry, financing a project of this magnitude solely in this fashion can present significant financial problems should the economy turn once again, placing stricter limitations on funding availability for developers.
While there is still some level of uncertainty in the marketplace, mostly due to the instability of the investment marketplace, the re-birth of this project which began nearly 3 years ago, is stirring up excitement within the surrounding communities.
For more information about Bellini Williams Island Condos For Sale please contact Lana Bell at 954.560.7802.