IS IT TIME TO START NEW CONSTRUCTION IN MIAMI?
I have heard from different resources that at least 3 different developers are trying to start new construction in Sunny Isles, FL next year, or at least start selling condos. One of them is a combination of a condo-hotel on the land between Sands Pointe and Jade Beach.
Of course it it good news for the whole market and the real estate in Miami particular. I have little doubt that all this of these 3 projects could be successful. Sunny Isles beach is located next to Bal Harbour, where at the end of this year, beginning of the 2012, the building St. Regis at Bal Harbour is going be completed with residential units remaining unsold by developer.
One of the 3 developers, Dezer, has left unsold inventories at Trump Royal and Trump Towers. You ask then, why is he trying to start a new project? My best guess is that he is trying to cash out on Brazil, where economy is still remaining strong. If Dezer succeeds to sell and close on let's say 70% of the units, then he can sit on the remaining units forever and sell it one by one. At any time, you can say it is looks like gambling. I think you are exactly right, and one of the ideas of Dezer was starting build a casino in the middle of a residential community! I do not want to leave any comments, but I am glad that I sold my apartment in Sunny Isles just in case plans of Dezer get successful.
Sunny Isles Beach becomes developed and sometimes at season an overcrowded city and building a new water park and casino with current infrastructure will make it almost impossible for living.
For more information, please visit my web site.