| The condominium market is beginning
to heat up alongside other housing markets in the Cape.
Condo developers are finding they call sell most of their
projects before construction is even finished.
While the city has garnered headlines for record-shattering
single-family home permits, the number of multifamily permits
has skyrocketed as well.
The city issued 71 multifamily permits between October 2002
and September 2003. That compares with 17 permits for the
previous year.
The city uses a fiscal year calendar that runs from October
to September to collect data.
Earlier this month, work trucks rolled in soon after the city
issued permits for Marina View at Cape Harbour and the last
phase of the Porto Vista project on S.W. 50th Street.
Porto Vista has already sold more than 100 of 156 units at
the development. Residents are expected to start moving in
next July.
The development consists of 12 buildings with condos starting
anywhere between $130,000 to $150,000. Porto Vista has appealed
to many snowbirds.
|
“You have quite a few people
downsizing who want a more carefree lifestyle, and northerners
utilizing second homes,” said Joe Meyers, director for
the development.
Porto Vista benefits from its proximity to Cape Harbour. The
affordable condos are a short walk away from the budding waterfront
entertainment district and upscale housing community.
Cape Harbour’s Marina View targets a higher-end condo
dweller, with waterfront units ranging in price from $300,000
to $1.8 million.
Already, 48 out of the 58 units have sold, while the concrete
for the third floor of the building still is being poured.
“The main thing is the water, the water and climate,”
said developer Will Stout. “When you have a gorgeous,
state-of-the-art building, its got to be hot, how can it not
be?”
There are several other condominium communities planned for
the next year.
Among them are Van Loon Commons, a 10-acre development near
Pine Island Road and Hancock Bridge Parkway that is practically
sold out.
Gulfstream Development Group plans to build 120 condominiums
as part of their Savona Lakes Development off of Savona Parkway.
|
