Condominium construction explodes in South Florida
Updated On: Mar 06 2013 11:00:49 AM EST
Real estate experts say condominium construction is booming again in South Florida.
"The crash is over and the boom begins and get ready to go vertical because South Florida is going vertical in a large way," said Peter Zalewski with condovultures.com.
There are currently more than 100 proposed pre-construction condominium projects and 16 already under way.
"We are probably beginning another three to five year run of vertical," added Zalewski. "So get ready -- there is going to be a lot of dust in the air."
One project, the Mansions at Acqualina, is making quite the splash in Sunny Isles Beach. The prices of the condominiums in the 47-story building will start at about $7.8 million and increase in price depending on the floor.
The Mansions of Acqualina recently secured a $160 million construction loan, which is the first loan over $100 million for a construction project since the condo bust, according to the Wall Street Journal.
Many of the tower's units have already been sold to cash buyers.
"We have sold six units over $16 million, four units over $20 million, and we have two perspective buyers for our $55 million penthouse that we just released," said Michael Goldstein with the Trump Group. "
The penthouse will be 20,000 square feet and features six bedrooms, nine and a half bathrooms, 30-foot ceilings and a private swimming pool inside the unit's living room. It also has a glass-bottomed pool cantilevered off the balcony.
The tower will also have a Rolls Royce and a driver available 24/7 and a cigar bank and wine cellar. Developers are banking on South Florida's condominium market returning.
"We are running out of room, running out of land. They aren't building any ocean-front property anymore," said Goldstein.