As the South Florida real estate market was crashing in 2008, the developers of the proposed St. Regis Bal Harbour Resort were launching construction of the three-tower condominium and hotel project with more than 500 units on a site that fronts the Atlantic Ocean.
Fast forward three years to the present. The complex’s developer is ramping up the sales campaign to identify buyers in anticipation of completing the project in the fourth quarter of 2011. The official grand opening is scheduled for January 2012.
Besides the Collins Avenue location on a nearly nine-acre, oceanfront site across from the Bal Harbour Shops
, a cornerstone of the sales effort is the slightly reduced prices that start at $760 per square foot compared to more than $1,000 per square foot at the onset of construction, according marketing materials.
“Many people were skeptical when the St. Regis Bal Harbour Resort construction began at the start of the real estate shakeout in early 2008,” said Carolyn Ross, a real estate sales associate with the licensed Florida brokerageCVR Realty™
. “To the development group’s credit, they pushed ahead with the construction despite the condo world experiencing dramatic change all around them. As we look ahead to the project’s formal opening in 2012, many of the early skeptics are surely reconsidering their outlook.”
is a ultra-wealthy village of 3,300 people located on a barrier island between Miami Beach and Sunny Isles Beach.
Bal Harbour is a destination for a lot of boat owners as the village is located on the south bank of the only inlet on the barrier island between the Atlantic Ocean and the Intracoastal Waterway between Miami Beach’s trendy neighborhood of South Beach
and Fort Lauderdale
The St. Regis Bal Harbour Resort is comprised of three 27-story towers with more than 500 condos, condo-hotels, fractional condos, and hotel rooms.
The North and South towers are slated to be traditional condominiums while the Center Tower is to be comprised of a St. Regis hotel that includes condo-hotel units, fractional residences, and traditional condominiums.
The St. Regis Bal Harbour Resort is to include four swimming pools, a 12,000-square-foot Remede spa, and signature restaurants.
In Bal Harbour proper, there are 194 condominium units on the resale market at an average price of $622 per square foot as of March 25, according to an analysis by CVR Realty™.
An additional 41 units – with an average asking price of $398 per square foot – are currently under contract waiting to transact, according to the analysis based on Florida Realtors
Within the last six months, buyers have acquired 71 units at an average price of $383 per square foot in Bal Harbour, according to the analysis.