Bay Harbour Islands homes has always been popular when it comes to condominium developments. It has a wonderful location and plenty of fantastic features and amenities in the area, and it is little wonder that even more condo developments are in the works for the area in the near future.
More Developments on the Way
Recently a company from Miami called 9770 E. Bay Harbor Properties LLC bought up three lots in the area for $5.2 million. These three lots are quite large, with a combined 60,000 square feet. The lots are in a wonderful spot that’s very close to everything that residents and potential residents of Bay Harbour Islands have to offer.
Currently, the three lots each have small apartment buildings from the 1950s. These low rise residential units will eventually need to be torn down in order to make room for new buildings, if that is the route they choose to take. While many see the locations as prime spots for a new tower complex, it is still unclear just what the new owners will be doing with the property, as they have not made any announcements.
These areas are likely getting quite a bit of attention from condominium developers though. It’s a prime area and has the potential to bring in quite a bit of money if developed properly.
Bay Harbour Islands Is Always Impressive
People love Bay Harbour Islands, and the sales of condominium units on the islands have always been successful. It remains one of the most active and popular areas in South Florida when it comes to condo development. One of the reasons for this is the fact there are a substantial amount of land and properties available that are good choices for development.
The latest development boom in the area is proving to be very beneficial to developers eyeing Bay Harbour Islands. Currently, they are proposing at least 30 new towers for the area, which would bring in 1,350 units. This makes the area one of the fastest growing and most popular areas in all of South Florida.
Of course, with the big boom over the past couple of years, things have been going well through much of Florida. However, it’s still not quite clear whether there really will be enough buyers to purchase all of the new proposed units. Since there are so many options in South Florida for homes, the addition of even more units could actually slow home sales.
Still, the area is popular with more than just U.S. buyers who are looking for a new home or rental property. Many foreign buyers are looking to buy in the region as well, and having great properties that are so close to the water can help to accommodate all of the out of country buyers looking for vacation properties or investment properties. Right now, it seems as though it should not be too difficult to find enough buyers for the properties along Bay Harbour Islands and the surrounding communities.