Developers broke ground on a 54-story condo tower in Sunny Isles Beach on Tuesday despite a major slowdown in the luxury market.
Buyers have already struck deals for about 40 percent of condos at the oceanfront tower at 18501 Collins Ave., according to the developers of Turnberry Ocean Club. Units start at $3.9 million.
South Florida developers used to think buyers would follow the old adage from the movie “Field of Dreams”: “If you build it, he will come.”
After getting burned by that strategy in the last housing bust, developers now ask for hefty deposits up front. The new approach is allowing some deep-pocketed builders to keep going despite a slowdown in foreign buyers over the last year.
A spokeswoman for Turnberry Associates says the company is in negotiations for a construction loan. Sales for Turnberry Ocean Club launched in 2014, giving the developers a runway to market units before the luxury market turned south. They plan to finish at the end of 2019, a year-long delay from the originally scheduled completion date.