The fourth of 20 high-rise condominiums planned for the tri-county South Florida market is now in the ground.
Construction has begun on the Regalia, a 43-story tower with just 40 units on the ocean in Sunny Isles Beach, according to the latest report from the Bal Harbour-based consulting firm CondoVultures.
Pre-construction prices in the “ultra-luxury” building are pegged at nearly $1,100 per square foot. Apartments in the building will run up to 5,500 square feet.
Developers are proceeding with new projects in Miami-Dade, Broward and Palm Beach counties even though about 4,700 units remain unsold from the last real estate boom. It is not clear how many of the proposed towers will actually reach fruition because construction funding is both challenging and expensive.
To overcome the financing hurdle, CondoVultures says most of the newly proposed projects are requiring prospective buyers to commit to deposits of as much as 80% percent of the preconstruction contract price. But despite that requirement, pre-sales in the planned new towers have topped 530 units as of Dec. 20.
