Thursday, March 17, 2011

South Beach Heats Up As 2 New Condo Projects Launch Sales

MIAMI, FL--Competition for all-cash buyers is heating up in the trendy South Beach neighborhood of Miami Beach as a pair of new condo projects are facing off, according to a new report from 

The developers of two new midrise projects located across the street from each other - and near the ultra-luxury Setai Resort and Residences and W South Beach Residences complexes - have both recently launched their sales campaigns in attempt to generate transactions before the winter tourism season ends in April.

Both projects were originally planned to come to market earlier but experienced delays due to the South Florida housing crash.

In late January, the Boulan South Beach (top left photo) - originally dubbed the Parc Place South Beach Residences - located on Collins Avenue initiated its sales efforts with asking prices starting at $351 per square foot but averaging $790 per square foot, according to an analysis by the licensed Florida buyer brokerage Condo Vultures® Realty LLC.

Earlier this week on March 14, the Artecity (middle right photo) complex - which is nearly complete - formally kicked off its sales campaign with opening asking prices of $346 per square foot but averaging $430 per square foot, according to information provided by the licensed Florida brokerage CVR Realty™. 

"South Beach is one of the most sought-after addresses for buyers looking to purchase new condos in South Florida today," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"At the right price, both of these developers are positioned to tap into the deep pool of all-cash buyers circling the market right now. The competition may keep both developers in check in terms of price increases going forward."

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at

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