South Florida’s Biggest Launches This Fall

Even before COVID-19 hit the U.S., oversupply had disrupted the luxury condo market in Miami-Dade County and the rest of South Florida, causing a slowdown in new developments to get off the ground. The coronavirus pandemic has put an even heavier pause on the sales and launches of new projects.

“We really have a pause in the market right now,” said Edgardo Defortuna, president and CEO of Fortune International Group. “Developers are holding back.”

“On our end, at Fortune, we have a very big site on Sunny Isles Beach that we originally planned to launch this fall or winter,” but they decided to hold off for now in light of the pandemic, he said.

The key with these new projects “is to get some momentum going,” Mr. Defortuna said. “You don’t want to launch and then have it stall.”

In July, sales of luxury condos (units over $1 million) in Miami-Dade were down 18% year over year, according to Ana Bozovic, founder of the real estate data firm and brokerage Analytics Miami. By contrast, luxury single-family sales shot up 21% for the same period.

Luxury condos in South Florida are now being seen as “discretionary spending,” she said. “They are not checking the boxes that people want—outdoor space and the ability to work from home.”

The volume of condo sales has been dropping since 2013, according to Analytics Miami.

The coronavirus has created a “radical uncertainty, and there’s no timeframe for when it will end,” Ms. Bozovic said. It’s accelerating market trends that were already in place, such as an oversupply of luxury condos and an undersupply of luxury single-family homes.

“We had some neighborhoods with 100 months” of luxury condo supply, she said.

Because of the pandemic, the “preference has shifted heavily to single-family,” she said. People are wary of elevators and other common public spaces that you find in condos.

Also, because of travel restrictions and fears, people are not coming to Florida to shop for luxury condos, Ms. Bozovic said.

“The international market has evaporated,” especially for the pre-construction sales of condos, she said. Developers “target foreign money for those.”

Still, though, some new luxury projects, especially ones with a single-family home component, are launching sales in coming months.

Below are five of them.

AKAI Estates, 4701 Akai Drive, Southwest Ranches, Florida

AKAI Estates

AKAI Estates is a collection of 16 signature luxury estates in the Broward County town of Southwest Ranches, which is 15 miles southwest of Fort Lauderdale and about 22 miles northwest of Miami. The 44-acre community offers five distinct residence floor plans, each delivered with two acres of private property. The community offers lush landscaping and stately palms that lead to a gated entry staffed with 24-hour security and a number of quiet, low-traffic roads for walking, biking or jogging. The quiet enclave is designed by the Portugal-based architect Vasco Vieira, and this is his first residential project in the U.S.

Construction of AKAI Estates’ site infrastructure began in June, and the sales center will be completed by the fourth quarter of this year. The developers are expecting to break ground on the model home this month, with a completion date of the residence set for the fourth quarter of 2021. Sales for the community will be handled exclusively by the Bento Queiroz Team under Compass Florida.

Number of units: 16 single-family homes
Price range: Starting at $7 million, up to an estimated $12 million
Developer/Architect: Alex Yokana, Jairo Vela, and Amos and Michael Sochaczevski/Vasco Vieira of Vasco Vieira Arquitectos
Estates sizes: 7,000 to 12,000-plus square feet of interior space
Amenities: Each estate includes an aquatic entertainment area and is highly customizable, with the ability to add on features such as putting greens, tennis/pickle-ball courts or basketball courts.
Website: akaiestates.com

AKAI Estates

Arseni Varabyeu

Harbor’s Edge, 1507 SE 15th St., Fort Lauderdale, Florida

Arseni Varabyeu

This new five-story luxury condo building offers 10 boutique waterfront units on 0.41 acres just steps from the well-regarded Fort Lauderdale Yacht Club and minutes from Las Olas Boulevard and Fort Lauderdale Beach. The homes will have both city and Intracoastal Waterway views, with walkability to markets, shops and restaurants.

Some notable features and amenities include porcelain floors; nine- to 11-foot ceilings; Italian kitchens and bathrooms; terraces with fans, water and high-hat lighting; electric car facilities; and an oversized elevator. Boat slips measuring 15-by-50-feet, with 120 feet of deep water, are available, with electricity and water at the dock.

Construction began in August, and the Certificate of Occupancy is expected by February.

Number of units: 10
Price range: $1.225 million to $1.9 million
Developer/Architect: Tory Watson/Paredes Architects
Home sizes: 2,050 to 2,500 square feet, with either two-bedroom units with a den or three-bedroom units
Amenities: There is a deep-water dock; a pool; a gym; summer kitchens; backup generator; solar power; and security cameras, cable and Wi-Fi throughout the building.
Website: harborsedgevillas.com

Arseni Varabyeu

Zona West, 1405 SW 149th Terrace, Davie, Florida

Zona West

This gated community of 12 single-family luxury homes in the Broward County town of Davie is close to the city of Weston as well as downtown Fort Lauderdale and Miami. It offers easy access to schools, shops, dining and entertainment. There are four model homes available, all designed to feature outdoor living.

The two-story, 6,562-square-foot Vista home offers six bedrooms, eight full bathrooms and one partial bath, a loft, a pool, a covered terrace and two-car garages. The one-story, 6,091-square-foot Panorama home has six bedrooms, six full bathrooms and one partial bath, a media room, a pool, a covered terrace and a three-car garage. The two-story, 5,058-square-foot Sunset home features five bedrooms, six bathrooms, a loft, a pool, a covered terrace and a three-car garage. The one-story, 3,750-square-foot Horizon home has five bedrooms, five bathrooms, a pool, a covered terrace and a three-car garage.

Other design details, for all of the homes, include high ceilings, chef’s-quality appliances, designer lighting and finishes, a selection of high-quality floors to choose from, and sunlight-filled living spaces.

Each new resident will receive a complimentary 10 hours of interior design consultation with designer Jorge Castillo.

Construction began in April, and each home is built once a sales contract is signed. Homes are completed within 12 to 14 months from the time the home goes under contract.

Number of units: 12
Price range: $1.6 million to $2.54 million
Developer/Architect: Centurion LG/Pascual, Perez, Kiliddjian & Associates
Home sizes: 3,750 to more than 6,500 square feet of interior space
Amenities: The community has six acres of open space, a landscaped gated entrance and a large vertical garden.
Website: zonawest.com

Zona West

Garcia Stromberg

Terraces on the Beach, 527 Orton Ave., Fort Lauderdale, Florida

Garcia Stromberg

This 11-story, pet-friendly luxury condo building with 18 two- and three-bedroom units is two short blocks from Fort Lauderdale Beach, with easy walkability to restaurants and shopping. It is 10 minutes to Lauderdale-by-the-Sea and Las Olas Boulevard and 15 minutes to Fort Lauderdale International Airport. The development is 35 minutes north of Miami and 35 minutes south of Palm Beach.

Architectural and design features include large terraces, floor-to-ceiling indoor impact glass throughout, and European kitchens and baths. There will be two two-story penthouses with oversized outdoor terraces, 11-foot-plus ceilings, three parking spaces, and city, ocean and Intracoastal Waterway views. One penthouse has 4,500 square feet of interior space, and the other 5,200 square feet.

Sales are launching in November, with an anticipated groundbreaking in the spring.

Number of units: 18
Price range: $1.5 million to an estimated $3.995 million
Developer/Architect: TBD/Garcia Stromberg
Apartment sizes: 1,500 to 2,600 square feet, with 4,500 and 5,200 square feet for the penthouses
Amenities: They include a pool, a gym, covered and secure parking, summer kitchens, and surveillance security systems throughout.

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AKAI Estates, 4701 Akai Drive, Southwest Ranches, Florida

Harbor’s Edge, 1507 SE 15th St., Fort Lauderdale, Florida

Zona West, 1405 SW 149th Terrace, Davie, Florida

Terraces on the Beach, 527 Orton Ave., Fort Lauderdale, Florida