Last week there were 2 new projects for new construction were taken under contract, one on the ocean at Surfside for 50 million and another at Bal Harbour
, now Bal Harbour Club for 225 Million.
We do not have any more additional information about the Surfside
project, but we want to make a comment on the Bal Harbour side.
The analysts of Global Realty Partners asked to discuss these purchases with a sales director of St. Regis at Bal Harbour
. What we have found out was not encouraging for new constructions.
Sales of the construction as well as zoning registrations at Bal Harbour would not allow to build over 2 22 story buildings and with prices over 225 million for 2 towers with an average selling price of $1,750-1,800 per square foot. As said in a famous movie, “we are not there yet, not yet!”
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