The Miami Herald has reported exciting news for Sunny Isles, it is projected to be the epicenter of the next condo boom. Developers have the go ahead on six towers, which is 15% more than the 45 towers that are proposed for South Florida. At least 530 luxury condominium residences will result in this community of less than 40 blocks. Further, developers have purchased four condo sites that had been approved for residential towers with 580 units. An unnamed investment group purchased the loan for an incomplete condo which is approved for a mix use hotel/condo project as well. For a city only formally created 15 years ago, this is incredible growth.
Currently, one condominium project is actively under construction, 43 story and 39 unit Regalia. Other projects that are close to opening are Mansions at Acqualina and Chateau Beach and their sales centers are hoping to generate preconstruction contracts, in order to launch construction. Due to the South Florida condo boom repercussions, lenders are forcing developers to build using their own assets in addition to contracted buyers. For this reason developers are requiring large deposits, of as much as 80%, paid incrementally. The new breed of developments are low density and are luxurious beyond what is available on the market currently. Porsche Tower even has elevators that bring cars directly to your apartment. If developers have their wish condos will number 1200 with this latest boom. These condos are a far cry from the condo boom cycle beginning in 2003 which produced 6,000 units because developer mentality has changed and they are looking to provide for buyers who are wealthy and paying in cash. For more information on these new developments and preconstruction pricing, contact us today!