Doral awaits residential projects approved before this year
Almost every block in Doral awaits a new residential and mixed-used project approved prior to 2018. The centralization of a live-work-play lifestyle only fuels a higher demand for a growing inventory.
Among these projects:
■Atrium will situate 350 multi-family, residential units by 80,465 square feet of retail and office spaces. The 11.23 acres sits at northwest corner of Doral Boulevard and Northwest 79th Avenue.
■Doral 4200 Apartments offers 250 multi-family dwellings at 4200 NW 107th Ave. The 9.6 acres dedicates 30% to community space plus a lake spanning more than two acres.
■Mixed-used project Downtown Doral sits between Northwest 79th and 87th avenues on both sides of 53rd Street. Chief Executive Officer of Codina Partners Ana-Marie Codina Barlick says that the 250 acres offers 5,000 residential units including 5350 Park Condo Tower and Canarias in The Residences. 5350 Park includes 238 units – studios with 464 square feet up to 1,878 square feet for condos with three bedrooms. Prices start at $250,000.
Canarias consist of 50 townhomes and about 400 single-family properties with layouts ranging from 1,800 to 5,200 square feet. Prices start at $590,000 and reach $1.5 million.
Urbana, also at Downtown Doral, offers 903 homes. Condos from 1,129 to 1,509 square feet list from $343,990 to $398,990. Two- and four-story townhouses sit on the land too. Buyers find 1,129 square feet for the smaller layout up to 2,940 square feet if opting for a four-story townhome. Prices range between $433,990 to $490,990 for a two-story home and $681,990 to $699,990 for four-stories.
■Grand Doral I and II is undergoing construction of 195 units and 11,771 square feet for retail set to be completed by 2020. The project spans 8.46 acres at Northwest 112th Avenue and 82nd Street.
■Landmark at Doral continues construction of 1,518 units of two-story townhouses at 6500 NW 105th Place. Prices range from $404,990 to $484,990 for 1,634 to 2,383 square feet. Depending on the design, a home may have three to four bedrooms and two or three and a half baths. Homes are near the community clubhouse, with amenities such as an amphitheater for movies under the stars, a miniature waterpark for children, and rooftop bar above a fitness center.
■Mansions at Doral by Century Homebuilders Group sees great interest as 50 of its 66 units are already sold. Properties range from $1.3 million to $2.5 million for the 6805 NW 107th Ave. gated community.
■Midtown Doral, at 107th Avenue and 78th Street, adds 500 condominiums over 10 acres for its second build-out phase. Condos offer 800 square feet with price points between $229,000 and $350,000.
Sergio Pino, president and founder of Century Homebuilders Group, says residents can enjoy 80,000 square feet of retail space and the community’s clubhouse. The list for presale contacts exceeds 1,000 people. Construction and sales are to start during the first quarter of 2019 with an estimated completion by 2022.
■Sanctuary at Doral gives 226 multi-family residential units proximity to 29,400 square feet of retail and restaurant space.
Julian Perez, director of the City of Doral Planning and Zoning Department, said by email that residents feel satisfied that no new residential development has been approved this year, expressing concern about the traffic impacts from rising developments, especially during peak hours.
Regardless of traffic, brokers observe that inventory is meeting demand, with properties selling faster than before.
Eli Santurio, regional sales manager for the Keyes branch in Doral, said inventory on the market for re-sale increased 27% from the second quarter of 2015 to now. There were 589 homes listed for re-sale three years ago compared to 750 today. Written contracts for single-family homes have increased 35% since a year ago, with 120 today compared with 89 a year back and a drop in the average number of days a home sits on the market from 117 then to 95 now.
Condo re-sales also are a stable market, she said, with 1,173 in the second quarter of 2015 compared with 1,287 in the first quarter in 2018. Ms. Santurio cites a 20% increase of stronger closings compared to three years ago.
Jessica Suarez, vice president of development at the Related Group, said she isn’t surprised at the growing interest in the area.
She said of her team’s CityPlace project, “If you wanted to experience entertainment, you had to get away from Doral, and what we did well, including Codina [with Downtown Doral], with CityPlace Doral is developing everything at your fingertips, truly creating walkability.”
While deals are up, buyer demographics are changing, reflecting the economic and political turmoil overseas. The market shifted from mostly Colombian buyers to Venezuelans after Hugo Chávez took power in 1999. Now, the focus is coming back to Miami-Dade and looking toward other nations in South America.
“Right now, it’s a little slow because a lot of those projects were geared to the high-end market to the Venezuelan, wealthy individuals that would pay any dollar amount to live there, but at this time Doral needs homes priced to the local market,” Mr. Pino said.
Ms. Santurio agrees: “The challenge is finding buyers.”
Developers, she says, target untapped markets including Argentinean and Brazilians buyers, no longer concentrating solely on Colombians and Venezuelans. The shift in marketing strategies shows that as the residential market expands, so does the type of person calling Doral home.