January 9, 2013
The newly-opened St. Regis Bal Harbour Resort and Residences is a luxury condominium that has attracted considerable attention from homebuyers across the world: within its first year of opening, the complex has sold more than 200 units (out of nearly 500) at prices ranging from $1.35 million to $13.5 million, equaling a total of $750 million in sales.
Furthermore, this tremendous success is catalyzing a development boom in the greater Northeast Miami-Dade County area: Bal Harbour and surrounding communities such as Surfside and Bay Harbor Islands are all experiencing the spillover effects of St. Regis’s popularity. As the Miami Herald reports:
Inspired by an average new condo sales price of nearly $1,450 per square foot at the St. Regis Bal Harbour at 9701 Collins Ave. since November 2011, developers are rushing forward with proposals for more than 10 new condo towers with nearly 800 units — and counting — on a series of sites within walking distance of the major intersection of Collins Avenue and 96th Street, which passes through the cities of Bal Harbour, Surfside and Bay Harbor Islands.
The developers include a combination of local and international firms, which have already proceeded with the permit process necessary to begin construction. The potential condo projects include HarborPark, a proposed 20-unit condo tower located on the Intracoastal Waterway, and the Bal Harbour Beach Club, which will built 260 on its oceanfront site.
As it stands, these and other proposed condo projects in Northeast Miami-Dade area are at various stages of approval. Most of these developments are expected to launch pre-sales as soon as 2013, and will begin construction in 2014. The scheduled completion times for these condos will likely be before 2015.
The growth in Bal Harbour and its surrounding neighborhoods is a part of a wider trend in the area, as Miami Properties are becoming increasingly sought after worldwide. Metro 1 Properties is the leading purveyor of Miami real estate.