Report: 76% of New Development Condos Already Sold in Miami-Dade and Broward
Source: The Real Deal
More than three-quarters of new condo construction in Miami, the Beaches and Fort Lauderdale has been sold according to an ISG Miami Report update. The “Q4 New Construction Update” tracks the sales of condo units in the pipeline and currently built east of I-95 in Miami-Dade since mid-2011 and found that 13,248 units have been sold out of the 17,353 units in Brickell, the Biscayne corridor, downtown Miami, the Beaches, Aventura, North Miami Beach, Coconut Grove, Key Biscayne and Fort Lauderdale.
BRICKELL, MIAMI RIVER
- Sold: 81% of 5,913 Units
- Sold Out: 1100 Millecento, Brickell House, Nine at Mary Brickell Village and MyBrickell
Brickell Flatiron has sold 45% of its 548 units since launching sales in April 2014. Meanwhile, Brickell City Centre’s Rise and Reach condo towers are 88% and 40% sold, respectively. Towers including 1010 Brickell, Brickell Heights East, Brickell Ten, Echo Brickell, SLS Hotel and Residences, SLS LUX and The Bond are all more than 90% sold.
- Sold in Biscayne Corridor: 78% of 4,375 Units
- Sold in Downtown Miami: 62% of 935 Units
- Sold Out: 250 Wynwood, Baltus House, 25 Biscayne Bay, Bay House, Icon on the Bay, One Paraiso, Paraiso Bay Tower 1
Paramount Miami Worldcenter launched sales in November 2014, has sold 35% of its 500 units. This condo tower is part of the 27-acre development with retail, a hotel, and expo center, and dining and entertainment options. Biscayne Beach has 99% of its 399 units. Aria on the Bay has 57% of 648 units. Zaha Hadid’s One Thousand Museum began construction in August and has reached 60% sales of its 83 units. The corridor includes Wynwood, the Design District, Edgewater, Midtown, Omni and the Arts & Entertainment District.
- Sold: 74% of 3,578 units
- Sold Out: Beach House, Faena House, Glass, One Ocean, Palau Sunset Harbour, Peloro on the Bay, 400 Sunny Isles, Mansions at Acqualina, Beachwalk, Apogee Beach, Hyde Resort & Residences Condos
Aurora in Sunny Isles Beach had the lowest percentage of sales with 20% of 61 units sold. The Beaches include Miami Beach, Surfside, Sunny Isles Beach, Hallandale Beach and Hollywood Beach.
- Sold 76% of 562 units
- Sold Out: N/A
Echo Aventura launched sales in 2013 and is 90% sold of 190 units. Other projects include Prive at Island Estates at 50% of 160 units sold and Bellini which has sold 90% of its 70 units.
NORTH MIAMI BEACH, KEY BISCAYNE, COCONUT GROVE
- Sold: 86% of 1,409 units
- Sold Out: Oceana Key Biscayne, Grove at Grand Bay
The market in North Miami Beach has strengthened this cycle. Marina Palms towers I and II are 90% sold of 468 units.
- Sold: 50% of 702 units
- Sold Out: 1800 Las Olas, Adagio on the Bay, Aquavita Las Olas
The Fort Lauderdale area has received increasing attention as the market shifts north in South Florida. The Four Seasons Fort Lauderdale launched in February has 11% sold of its 42 units. Auberge sold out its north tower and has reserved 10% of 114 unit south tower. Paramount Fort Lauderdale has sold 70% of its 95 units.