news has been pointing to positive trends over the past two quarters. But, which areas are ripe for investment or purchase? When is the right time to buy? And, what types of properties are likely to see the best return on investment? While no one can precisely predict the future for the real estate market in Miami, certain trends and predictors do point to when properties should be bought or sold.
While a number of areas show promise for future property values, recent interest has shifted to North Miami Beach and Palm Beach areas. A condominium project shelved by Kolter Group, LLC during the recent economic downturn has recently seen some revitalization. A competitor recently made a bold move, potentially influencing Kolter’s decision to counter with a bold move of their own.
Related Group recently announced plans to construct a 506 unit, dual tower condominium project in the north end of West Palm Beach. Shortly following the Related Group’s announcement was news from Kolter that their North Palm Beach condo project was back underway.
Currently, the Kolter project is estimated to break ground in the fall of 2012, offering additional condo units and reduced pricing than the original plans. Unit pricing is expected to fall between $600,000 and $1.5 million, reduced from the original layout, which called exclusively for luxury units each priced in excess of $1 million. To recapture some of the expected losses due to the pricing reduction, the developer has reconfigured the space to include more units than the original plans called for. The project’s completion date is currently estimated to fall within the 2014 calendar year.
Whether the recent positive trends in the real estate market, or the announcement of a competitor’s project prompted the response from Kolter to re-engage plans to construct these luxury condos, the surrounding areas are excited to see renewed interest in development in general. Not only will these two projects offer additional housing opportunities for residents and investors to capitalize upon, but they will create much needed jobs for the area, fueling other economic sectors in the South Florida marketplace.
Both the Kolter and Related Group projects will feature luxury amenities, great condo views and strong pricing opportunities in which can be taken advantage of. While pre-construction plans and pricing have yet to be announced, interested parties should follow the news associated with each property so they can get in at the best prices possible. This advice is particularly true, as the speed of the market’s recovery in terms of property values is still anyone’s guess.
Similarly, there are several project on the way in Sunny Isles Beach. One of those new projects will be called The Porsche, located in the heart of Sunny Isles Beach and will be the new ultra luxury high-rise with 1 unit per floor, allowing you to even park your own car in your apartment. Stay tuned for more information as we’ll be blogging about new projects all over South Florida.