Saturday, May 14, 2011
MIAMI, FL--An entity controlled by Miami developer Jorge Perez (top right photo) of the Related Group has launched preconstruction sales this week for the proposed 22-story Apogee Beach condo tower fronting the Atlantic Ocean in the city of Hollywood in Southeast Broward County, according to a new report from CondoVultures.com.
(Apogee South Miami Beach Condos, top left photo)
Proposed pricing for decorator-ready units - referred to by some industry watchers as "raw" - begins at $350 per square foot for the 49-unit tower where condos are to range from two bedrooms to five bedrooms, according to an analysis of the project's marketing material by the licensed Florida brokerage CVR Realty™.
"This is going to be an interesting test as the Hollywood / Hallandale Beach coastal condo market is virtually out of new unit inventory," said Peter Zalewski (lower right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"Individual purchasers and bulk buyers have acquired practically every developer unit built during the real estate boom in the Hollywood / Hallandale Beach market. Given the oceanfront location and the limited number of units, the proposed Apogee Beach condo project is a shrewd way to test the will of buyers for new condo product in Southeast Broward County."
The Hollywood / Hallandale Beach submarket in South Florida's Broward County is defined by Condo Vultures® as Federal Highway (U.S. 1) east to the Atlantic Ocean, and Sheridan Street south to Holiday Drive (Broward / Miami-Dade County line).
The Hollywood / Hallandale Beach submarket has 176 condo projects with nearly 27,200 units, including 21 projects with more than 4,900 units created since 2003, according to the report based on the Condo Vultures® Official Condo Buyers Guide To Hollywood / Hallandale Beach™.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at firstname.lastname@example.org.