The real estate industry in Florida remains hot and is expected to continue to thrive even during the cooler fall and winter months. One commercial real estate project that is particularly gaining attention is a new luxury condo project. This project will be built in the Bay Harbor Islands area near Miami Beach.
The seven-story condo is known as Bijou Bay Harbor. It will feature a total of 41 units that will be between 900 square feet and 2,000 square feet. The prices start at around $350 a square foot.
The condo is being built by a developer from Colombia, which will build both residential and commercial projects. This will be the developer's first South Florida condo. The groundbreaking condo project is slated for the early part of 2016. The property being used for the condo project was purchased by an American affiliate of the Colombian developer for more than $8 million back in March. People from Colombia actually top the list of buyers from other countries who are searching for real estate in the Miami area.
The current condo project is a testament to the promise of Florida's commercial real estate market for developers and investors. However, a potentially promising real estate deal may end up falling through if the parties on both sides of the deal cannot see eye to eye at the negotiating table. This may cost both parties time, effort and money. A comprehensive understanding of real estate law might help people in Florida to successfully complete their transactions in such a way as to maximize their business opportunities in the Sunshine State.
Source:Â miamiherald.com, "Developer plans luxury condo project for Bay Harbor Islands", Nicholas Nehamas, Sept. 18, 2015