Sunny Isles Condo Real Estate News

All indicators are pointing to Sunny Isles Beach condos as the new epicenter of the up-and-coming condo boom. Situated in Northeast Miami-Dade County, the beautiful barrier island city is home to amazing amenities, and is within easy driving distance of every activity and location in southeast Florida.

Speculators and investors from all over the world, but especially from Latin America, are moving into the city of Sunny Isles Beach to sweep up the incredible real estate deals in the condo market.

Developers in the area are quickly working to meet the high demands and low supply of the condominium market. This tiny barrier island has been slated for six new condominium towers with high-end luxury units already available for sale. In addition to that, there are numerous proposed preconstruction condos in Sunny Isles Beach.

The Tiny Barrier Island Called Miami Beach

Condominium developers see the advantage of supplying the top condos for sale in Sunny Isles. This tiny barrier island city was developed less than two decades ago. It covers a portion of the beach that was once dominated by old theme-styled hotels that were constructed nearly seven decades ago. This opened up oceanfront property has been able to fulfill the ferocious unending demand for high-end luxury condo units in South Florida, by real estate buyers from all corners of the globe, in countries with strong currencies.

A Booming Miami Condo Market

Miami offers the luxury of a booming condo market, unlike other areas of the country. Since the burst in the bubble of the real estate market back in 2007, and the slowly recovering economy, lenders are still positioning themselves as un-eager to finance the construction of condo projects. This forces developers to construct the condominiums with their own money, combined with outside investors.

Likewise, the purchase of these high-end luxury units are in large part made by outside investors from foreign lands, that have the riches necessary to take advantage of a growing economy in southeast Florida.

High-Priced Deposits

Many developers are taking unusual steps to reduce their potential vulnerability in a fluctuating real estate market. They are requiring the buyer to place a deposit, often as high as 80% of the total purchase price, to acquire the property. These developers are allowing the deposit to be paid in pre-determined increments set to benchmarks or milestones in the construction process.

One of the main advantages of these newly constructed condo towers have over a traditional condominium is that they are constructing the properties with low density and uber-luxurious amenities including car elevators on many of the high-priced units.

Their decision to go this route is based on the ability to quickly sell 100 or so luxury condominiums to extremely wealthy individuals eager to pay cash, rather than looking to slowly sell 300 condos to middle-class real estate buyers that will need to finance their property.

With a high interested wealth of purchasers, the top condos for sale in Sunny Isles are sure to go fast.

The Miami real estate market

continues to show progress. Broward county overall showed inventory absorption with an 18% decrease in the number of properties for sale over the first quarter of 2012. Sales showed a slight increase while prices rose on average 13.7%. The Miami-Dade overall outlook is similar with a slight uptick in the number of sales while price per square foot jumped 15.2%.

Turning to the luxury properties in Miami, residential properties in the $1–5 million range showed sales increases around 30% over the same quarter last year, outperforming the $5 million plus market and the $500,000 – $1 million bracket, which saw modest increases.

The Miami single family home market jumped 40%

in the number of homes sold, while prices increased 7.5%. The condo market posted gains as well, with the average price per square foot now averaging $721. The 33160 zip code area, which includes Sunny Isles and Aventura, continues to be the leader in the number of units closed, with a whopping 72.7% increase in sales over the first quarter last year while prices increased 8.3%. The Coconut Grove / Miami / Brickell market also saw big increases and the average price per square foot is hovering at the $500 mark.

In Broward county, the condo market in the $1–5 million range increased a dramatic 85.7%, sounding the signs of real recovery, where prices overall are still lower than most Miami-Dade markets.

The increases in this segment of the market show the return of the working wealthy, who have been mostly absent from the recovery so far. These buyers join a good number of foreign buyers still in the market primarily from Brazil, Venezuela, Canada and Russia. The emergence of financing in this market also contributes to the increases. Although the majority of sales are still cash, financing to these well qualified buyers is available from a variety of lenders.

Read our 1st Quarter 2013 Report »

Miami is always a popular location, and it is not surprising that Miami real estate market is one of the first to re-establish itself and to begin to really thrive again. All of the data relating to the housing markets of southern Florida show that it is a place that is really booming, and this is why there are many preconstruction housing projects available. However, if you are looking for truly high end living in the area around Miami, you cannot go wrong with the Porsche Tower in Sunny Isles.

This coveted location just outside of Miami has long been one of the most desirable spots for those enjoying the benefits of condo living. The Porsche Design Group is responding to the demands for luxury living in this region by offering homes in their 57 story glass and technological masterpiece.

The Features of Porsche Tower Condo

The Porsche Tower property is going to provide some of the finest views in the area, and will use elegant design and excellent materials to ensure that residents really do get unimpeded views of the Intercoastal Waterway and the surrounding region. Floor to ceiling glass walls and balcony doors ensure uninterrupted views and optimal interior lighting.

The interior spaces are equipped with the finest appliances available, and the spaces are finished with only the best materials. Even the technological aspects of the homes are impressive with pre-wiring for cable and more. The cabinetry is imported and elegant, and the flooring includes imported marble and tile too.

Of course, the most opulent interiors have to be supported by excellent amenities and the Porsche Tower property has some amazingly good features. These include the robotic parking lot that takes you (while still inside your car) to your front door in only ninety seconds. There will also be the large and private grounds that include more than 400 feet of sandy beachfront, lush gardens, and 24 hour security. Access to the property is through discreet gates, and these too are secured around the clock.

Getting Your Home at Porsche Tower

The homes available at Porsche Tower in Sunny Isles are certainly going to be amongst the most opulent and luxurious in the region. They range in size from 3800 to more than 9000 square feet – making them some of the largest luxury condominiums around. They are an ideal option for those in need of a full time home, but work wonderfully as a seasonal property too.

The “trick” is to get into this property now, while homes are still readily available. This building is due to finish construction by 2015. This means that time is growing short and that investing at the preconstruction price is the wisest idea in this competitive market. Currently, pricing on the homes in this gorgeous and impressive structure begin at $3.75 million, but will increase as the project completes and as more buyers step forward to acquire their homes in the building. To get started on a preconstruction purchase, contact our team or give us a call at 305-336-0457.

New construction projects are taking place at Sunny Isles Beach, and the newest of these is the Jade Signature. This luxury condominium was approved for building in early 2012 and is currently in the preconstruction phase. When completed, this tower will stretch to 55 stories high located right on beachfront property.

The architect for this project is Herzog and De Meuron, who has become well-known for such projects as Birds Nest, located in Beijing; 56 Leonard Street, located in New York City; and Triangle, located in Paris. With these types of projects under their belt, the architects offer experience and expertise for the Sunny Isles project. The interior design for the Jade Signature will be handled by the world-renowned Pierre Yves Rochon.

Jade Signature Sunny Isles – Building Specs

There will be a variety of different condo residences available in the Jade signature. They will be available with the following specs:

• Square footage ranging from 1,400 to 4,600.
• Bedrooms ranging from one to five.
• Penthouses will be available.

Additionally, all units will have an ocean view and private elevators will be available in the lobby. This provides luxury living from the moment that the residents walk in the door.

The Jade Signature condo will include a variety of different amenities. For example, all condos will include 10 foot ceilings. Penthouse ceilings will be vaulted. Additionally, even one bedroom condos will include full sized dens for the best in luxury living.

Sunny Isles Beach Oceanfront Condo Community

The Jade Signature will offer plenty of options in the community as well. Residents will enjoy a variety of amenities available right on the property. While everything is still in the planning phase, some of the amenities proposed include:

• Underground parking for all residents
• A restaurant located right on the beach
• A full service spa on site
• A full sized gym available
• More amenities will be added once the project is finalized

The Jade Signature will be located directly on the beach. This means residents will be able to enjoy breathtaking views. Additionally, they will be able to step out of their door and right onto the sandy beaches of Florida.

Because the condo building is still under preconstruction, all of the details are not yet worked out. Anyone interested in moving to this building will need to watch as further details unfold. They can expect luxury interiors provided in all rooms, spaces, and public areas. They will also be able to expect a wide variety of amenities in their condos as well as in the community itself.

Since the Sunny Isles area of Florida is such a highly regarded place to live, more developers are choosing to build here. There are many projects in the planning phase for the location, but the Jade Signature is definitely worth attention. When this tower is completed, it will offer amazing views, luxury living, and a variety of amenities. With a variety of different unit sizes, it will provide an option for everyone, whether they want a vacation home to enjoy throughout the year or they want a permanent residence to enjoy the beach daily.

After the real estate crash a few years ago, no one was willing to offer financing on big projects in the Miami area. There was simply too much risk for any financial institution to take since there was a very good chance that developers wouldn’t be able to sell all units in their new build. For the first time since that crash, a major financing deal has taken place, leading to a definite upswing in the Miami real estate market.

According to the Wall Street Journal, lenders from Birmingham, Alabama put together a financing deal for a $160 million construction loan. The deal is offered by Regions Financial to develop a new condominium in the Sunny Isles Beach area.

Miami Beach Condos

The new condo that will be built out of this deal is the Mansions at Acqualina. This new condominium will feature a 47 story tower that will overlook the waterfront. This is planned to be a luxury, high end condo option and the units will begin in cost at $7.75 million. These types of luxury Miami Beach condos have not been built in recent years. There simply was not enough of a demand and developers couldn’t get financing. It seems that things are turning around.

The First Big Loan

Since the Lehman Brothers collapsed a few years ago, which had a drastic impact on developers, condo owners, and investors alike, no bank has been willing to offer a loan for more than $100 million. This essentially stalled out any developments in the area.

There are a few things that this financial deal indicates:

• Banks are willing once again to take risks.
• Despite low interest rates, financial institutions are once again seeing a chance for profit.
• Experts indicate that a real estate boom is happening across the country, especially in South Florida.

Because the demand for luxury condos in Miami is on the rise, the demand for more available spaces is also going up. That means, developers are scrambling to propose new options.

Since banks seem to be once again willing to take a risk and provide high cost financing for the developments, there is a good chance that more condos will be proposed in the coming year.

In fact, in the Sunny Isles area alone, a dozen different condos have been proposed. If they do get approved, then developers have a better chance of securing the financing that they need.

It has been a few years since anyone was able to secure a large loan, and the Birmingham financial institution backing the Mansions at Acqualina may be the first to step out and take a risk, but it likely won’t be the last. The good news is that no one foresees a drop in the real estate upswing, and that means banks will be even more willing to take a risk since they know they have a better chance of profit in the long term. Permanent and visiting residents will now have the chance to choose brand new, luxury condos in the coming months.

Something new is coming to the Sunny Isles Beach market. Soon, developers plan to begin construction of a new pre construction condos in Sunny Isles Beach. There are 1,200 total proposed new units which include Unique, Porsche Tower, Jade Signature, Regalia, Chateau Beach and Mansions of Acqualina. The pre-construction condos in Sunny Isles Beach comes on the heels of an upswing in the market that seems to be moving away from the market crash that began in 2007.

These new condo projects come from a variety of local investors as well as international professionals. There are 10 different towers in separate proposals. These new buildings will house more than 350 floors of units and they will all be available as beachfront property, either facing the Atlantic or the Intracoastal Waterway. This information has been compiled by the February 2013 preconstruction condo projects list.

Proposals in All of South Florida

Because of the real estate upswing, there are numerous proposals throughout the south Florida area. In fact, there are over 100 total towers proposed throughout areas such as Broward County, Palm Beach, and Miami-Dade. This would add close to 15,000 new condo units to the area.

Developments in the Past

The Sunny Isles Beach area has seen a great deal of growth since 2003. In the past years, 26 different projects have been completed, and they added in a total of 6,350 new units available. The Sunny Isles Beach area has become very popular for new real estate, and before the real estate market crash, a total of 60 different condo projects were completed in the same area.

Selling Out Quickly

Because the new real estate boom has begun selling out condos in the area, new developments have been proposed to offer more real estate. The condos in the proposals will cover a vast range of prices and amenities to suit a wide variety of needs. In fact, as of now, there are only about 2,000 condos available in the Sunny Isles area. International investors continue to back these projects, and this quick sellout has led to the new proposals. Most of the new proposals include plans to complete condo buildings by 2014.

Transactions in Progress

Most of the new condos will go up and be available at various times. The properties are in various stages of transactions, and a transaction does have to be completed before the construction can begin. Some of the new projects could start within the next few months while others won’t actually begin until early 2014.

This is all good news for the Sunny Isles Beach condo market. Anyone who wishes to move to the area will have a variety of choices in the coming months, allowing them to pick the right combination of amenities and prices on beachfront properties. With the recent upswing in the South Florida real estate market, these proposals are expected to be successful in providing a new boom in the area.

In yet another not such a small sign that the Miami real estate market is on the road to recovery, the average sale price of Miami condos for sale and townhomes rose approximately 30.1% in the fourth quarter this year. The is the first time since 2006 that sales activities have reached this level of interest, according to a recently released news report.

Many homeowners are biding their time before placing their residences on the market, hoping that their homes will recover more of their pre-crisis value before attempting to sell them. Still, the current news comes as a welcome relief. The single-family sector in Miami was the one that showed the most growth in the last quarter. Compared to this time last year, there was a 22.8% increase in sales activity, with the total number of homes sold being 2,028.
Likewise, condo sales activity rose roughly 9%, with the total number of sales amounting to 3,178. According to the same report, the last 3 months of 2012 showed a total number of 5,206 real estate transactions being made.

The buyers and prospects for the housing market in Miami are on the increase once again, particularly since the issues that surrounded the fiscal cliff have been resolved. The prices for Miami real estate for sale properties are steadily increasing, and the increase has been dramatic over the last year. The amount of inventory is decreasing, the days on the market have decreased, and the average prices have increased. So all these factors attribute to a health index of the real estate market in Miami.

Many recent reports have examined the behaviors of coastal communities in and around Miami, from the northern town of Surfside to Pinecrest in the south. Sales in the luxury market comprised approximately the upper 10% of sales across the board. In these coastal communities, the average sale price for a condominium hovered at around $1.18 million. This number represents a 32.6% increase in value compared to the same time last year. As aforementioned, the average, median value for single-family homes increased 30.1%, and the average sales price for a single family home was $1.4 million.

What may be more indicative of the housing market’s recovery is the fact that the market share of distressed properties (of all available inventory) decreased significantly. It fell to roughly 40.2%, which is the smallest share it has held in over 3 years. In terms of the distressed market alone, there was a 12.8% increase in the sale of single-family homes and a 3.4% rise in the sales of distressed condos.

The steps are small, but the signs of improvement are there, and within the next 5 years, it is projected that most homes and condominiums in South Florida will enjoy levels of value that on par with what they had before the economic bubble burst.

Jade Ocean Condo in Sunny Isles Beach

is probably one of the most striking and recognizable structure in South Florida. The 55-story all glass structure looks like something from not so distant future, and resembles a gigantic sale of a ship. This is really no surprise if you’re familiar with work of architect Carlos Ott. Carlos always loved Miami and always wanted to leave an impression in the city with his sheer talents in designing modern structures with a distinctive character. Well, Jade Ocean Sunny Isle definitely possess such character. The unique design allows residents to fully maximize the nature elements as well top amenities offered in the building.

Jade Ocean is the only building that offers oceanfront entrance and it definitely adds to an already grand entrance appeal that you get when entering the building. The lobby leaves an astonishing feeling of sheer beauty and elegance from the beautiful art decorated walls to all Fendi furniture. All apartments in Jade Ocean face the ocean. This is another rare design feature which keeps units in this condo in a very high demand. Other amenities include “smart” building features, which basically allow you to utilize and integrate modern technology with every day life. Overall Jade Ocean is considered the top address in North Miami Beach.

Turnberry Ocean Colony

Sunny Isles Beach

on the other hand does not look like extraordinary from the outside. The complex comprises of two towers – Turnberry Ocean Colony North and a South Tower. However, the minute you turn off Collins Ave and drive up to the gate, everything changes. All of a sudden you start realizing that you should not judge the book by it’s cover.

The massive courtyard after you pass the gate greets you with a beautiful water fountain and the circular valet drop off area is very comfortable and allows for a good traffic flow so you never have to wait in line. The lobby in Turnberry Ocean Colony is a combination of Manhattan style tradition and super luxurious furniture perfectly blends with variety of hard wood and intricate design of marble. Among the many amenities in the building, they gym, restaurant and the beach service stand out from the rest of the buildings, including Jade Ocean.

There are only 4 apartments per floor in each tower. Each unit offers direct ocean views and one of the best layouts among any buildings. Both towers are connected and share amenities such as gym, restaurant, spa and game rooms. The spa is also a combination of top equipment for sauna and steam rooms, relaxation room with coffee, tea, snacks, massage and beauty areas with masseuses always ready to treat you and again outstanding service which is unmistakably part of Turnberry Colony experience.

Having to know both complexes extremely well, my conclusion is if you’re a full time Florida resident and looking for extra service and amenities, Turnberry Ocean is the place for you. If, on the other hand you’re using your residence part time and drawn by the architecture and the looks, Jade Ocean is the place for you. Either way, both places are among the top luxury Florida condos and will for sure appreciate over the next several years.

The Miami preconstruction condo market

is heating up once again and preconstruction condominium properties are always options for people who want to purchase something new in this desirable area. First, we’ll take a look at some of the preconstruction properties available and then give some information on how one goes about getting in on the newest condominium properties in Miami’s market.

We are working with top pre-construction developers in Miami to present the best investment opportunities and developments in the area. Our team consists of experienced experts who are very knowledgeable in real estate investments and preconstruction projects. Today we would like to present top preconstruction opportunities for you in the Miami area:

400 Sunny Isles

Located on Sunny Isles Boulevard, this condominium property is slated to have 230 residences in total and in excess of 640 feet of intercostal frontage. An Olympic swimming pool, boat slips and a 4000 square foot spa are only some of the amenities that residents will have available to them at this property. A restaurant and a private beach club are also slated to be available and beach access will be a major draw, to be certain. Prices at this property are slated to start at $650,000 and the property will be completed in 2014. Unit sizes range from 1206 square feet to 1872 square feet.

Apogee Beach Hollywood Florida

A luxury condominium property slated to be completed in 2014, prices at Apogee Beach will start at $1,200,000. This property is being developed on 240 feet of beach and, in every unit, you will have oceanfront views. The property will also include a movie theater, a fitness center and housing options that include two-, three- and four-bedroom residences.

Bellini Williams Island Aventura

The Williams Island is claim to fame as Florida’s Riviera on par with France’s Côte d’Azur and Italy’s Liguria. Nestled just off the Intracoastal Waterway between the mainland and the Atlantic, Williams Island is a private community where Bellini project will rise among existing residences — the last building to grace this urban paradise. It will be a gated community located on the 80-acre island. The yacht owners can dock vessels up to 160 feet long among 106 slips. Full dock master service is provided. Easy access to the Atlantic via Haulover. Slips are available for short-term or annual lease.

All residencies will offer spectacular views on the Intracoastal and the ocean. The residents will be able to enjoy 16 tennis courts, 3 restaurants, 27,000 square foot spa. In addition, each building has its own pool, residents enjoy gathering at a community swim area adjacent to a restaurant.

Chateau Beach Residences

Collins Avenue is one of the most prestigious locations in all of Miami and this condominium property, planned for completion in 2015, certainly fits right in. In the end, the building will be 33 stories but will have 84 residences in it in total. Prices will start at $1,900,000. The luxury amenities available to residents will include a spa, a wine lounge and a ballroom, a fitness center with ocean views and relaxation terrace. A cigar bar with humidor boxes will also be available at the property.

Porsche Tower Sunny Isles

The Porsche Design Tower will have 57 stories and will be located at 185th Street and Collins Avenue. It will have @ 132 private residences. Most will have a two car garage (four cars also available) in their unit and most will have a private swimming pool on their huge balcony. This will be a partnership with
Gil Dezer of Dezer Development, (who built six oceanfront towers with Donald Trump) and the
Porsche Design Group from Germany.

Mansions at Acqualina Sunny Isles Beach

Exclusively for those with only the most opulent of tastes, the Mansions at Acqualina will fill and pervade all of your senses. From the fresh air, to the sand between your toes and waves crashing along the coastline, living the life of luxury has never been so sweet. Exceeding every expectation ever set out by any builder across the country, the talented international team of both architects and craftsmen has pulled together in an effort to make this delicious enterprise a reality.

Getting In On The Preconstruction Condo

Purchasing a preconstruction condominium requires the assistance of a skilled realtor who can guide you through the process and make certain that you get in on the property that you want. The process starts by sending a letter of intent with an initial deposit, which should be between $10,000 and $15,000. In some cases, a 20 percent deposit may be required with a contract.

At the groundbreaking, an additional 20 percent will be required and the remaining 10 percent will be required before the condominium is completed, making a 50 percent total down payment on the property. The remaining 50 percent of the total cost of the condominium will be due upon closing.

Remember that you are offered a 15-day grace period during which you may decide to cancel your condominium contract for any reason you see fit. Most condominium units purchased in this fashion will require that you install your own flooring and other design elements. If you are interested in purchasing a condominium before it is constructed, talk to a realtor and they will be able to answer any questions you might have.

For more information or to schedule a private consultation, please call Lana Bell at 1.954.336.1016.