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Developers Purchase Bay Condo in Edgewater
by , April 11, 2014
The Edgewater neighborhood has a new project being developed on the bay. The Melo Group is coming to the area, and will design and create a tower called the Bay House condo tower on Northeast 27th Avenue.
Melo Group received a $39.2 million loan to start construction of the Bay House, and it will reach completion early 2015. The condo itself will be 38 stories tall, with 165 condo units, and nearly 80% of these Bay House condos have already been presold.
Carlos Melo of the Melo Group believes that the preselling of the condos may cause them not to need the loan. “We are not sure if we are going to need to tap into this source of funding to complete Bay House,” Melo said, “but it is always good to get the endorsement of a reputable financial institution.”
Recently, lenders have been growing confidence in the expansion of the Edgewater district. Banesco USA Bank offered mckafka Development Group a $16 million loan for the Crimson project, and a group of investors gave the Related Group a $31 million mortgage for the Icon Bay project in Edgewater.
Source: therealdeal.com
Photo credit: Bay House renderings - bayhouse.com
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Annual & Q4 2024 Miami Beach Luxury Condo Market Report
Despite shifting toward a buyer's market, Miami Beach ended 2024 on a strong note. In Q4, sales momentum surpassed projections, with both annual and quarterly volumes increasing. While some segments saw slight price pressure, there were no signs of a major downturn. Highlights on this report include Fisher Island emerging as the strongest market in Miami Beach with the highest year-over-year sales growth in Q4, while Mid-North Beach topped annual sales trends. Fisher Island remained South Florida's most expensive zip code for luxury condos, both quarterly and annually. Meanwhile, the modest Mid-North Beach market was the fastest-moving in Q4. Dive into our in-depth analysis for year-over-year insights on how each Miami Beach neighborhood performed against one another and the broader Miami luxury condo market in Q4 and throughout 2024. For this report, Miami Beach sub-neighborhoods include South Beach, Mid-Beach, North-Beach, Sunny Isles Beach, Surfside, Bal Harbour, and Fisher Island. Also, this luxury condo submarket report only features properties priced at $1 million and above.
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