A Miami development group is preparing to construct a pair of oceanfront condo towers in the wealthy and private community of Key Biscayne Island. Just southeast of Greater Downtown Miami
The proposed 140 units in The Oceana complex is to feature twin 15-story towers plus an additional 14 villas on a 10.1-acre site on Ocean Drive on The Island of Key Biscayne.
The Oceana complex - slated to go up on the former site of the famous Sonesta Hotel and Resort site. This increases the total number of newly proposed condos in Sunny Isles Beach,FL and other coastal cities are 24 towers since the real estate crash.
The luxurious St Regis in Bal Harbour Residences with great reception from the Village of Bal Harbour opened this Febuary to a
At the heart of the South Florida real estate crash, the development group paid $78 million in October 2009 for the land located just north of the Grand Bay Tower condominium complex and the Ritz-Carlton Key Biscayne resort.
The proposed Oceana project would increase the total number of new condo units planned to more than 4,500 for the coastal area of the tri-county South Florida region despite an estimated 4,200 developer units remaining unsold as of Dec. 31, 2011.
At least four projects have already hosted groundbreaking ceremonies late 2011.
As of Feb. 24, 2012 in Key Biscayne, there are nearly 215 condo units on the resale market at a median asking price of more than $525 per square foot,
In 2011, buyers acquired more than 215 condo units at a median price of $382 per square foot.
Units range in price from less than $200 per square foot to nearly $1,800 per square foot.
In 2011, renters leased more than 300 units at a median price of nearly $1.90 per square foot per month between January and December.
A transaction with various stages to a residential real estate transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
