1608-1 Galbut Family . .
Crescent Heights Leads Condo Sales Again
MIAMI/BROWARD FRIDAY, OCTOBER 22, 1993
As seenDm y Busn-Ess REviEw
in...
Kimball On Real Estate by Charles Kimball
Demand is strong TOP TEN CONDO BUILDERS
for new condos January to August, 1993
in South Florida Simi Sales Volume Average
DADE price
ALES of new condominiums in South FloridaCRESCENT HEIGHTS.Sonny Kahn/Russell Galbut '98 367,001.900 583,962
during August reflected a continuing expansion in 2 COSCAN WATERWAYS J.E.MacKenzie 138 34,288,900 248,470
demand that started earlier this year. 3 FISHER ISLAND.Mutual Benefit Life 17 24,805,000 1,459,118
Statistics from Appraisal and Real Estate Economics 4 PACIFIC INTERN'L EQUITIES.Charles Bedzoe 105 19,302,600 183,834
Associates show closings today are 70.3 percent higher
than a year ago. 5 WILLIAMS ISLAND.Julius Trump 36 13,327,400 370,206
This is the first time since 1983 that there has been an 6 WAVES.Sheldon Stein 23 5,182,800 225,339
overall improvement in sales. 7 DEL VISTA TOWERS.Scott Nordheimer 40 4,953,300 123,833
While Hurricane Andrew helped push sales upward, 8 WEST PALM GARDENS.Mario Ferro 70 4,663,800 66,626
the main reason for the turnaround is market conditions 9 GRAND.Pierre Heafey 28 4,191,400 149,693
that were in place long before last year's storm. 10 NETHERLAND.Susan Hart 8 4,070,000 508,750
Supply is the main factor. Supply has lagged behind BROWARD
demand in locations where buyers will consider condos
instead of homes. 1 LENNAR CORP.Leonard Miller 279 20,754,000 74,387
For some years now, the supply of new condomini- 2 CENTURY BUILDERS.Irwin Levy 211 16,011,300 75,883
urns in waterfront areas-has been in decline. Because of 3 ALEXANDER TOWERS.Sonny Kahn 99 9.828,700 99,280
the large overhang of completed and unsold units that 4 MINTO BUILDERS.Michael Greenberg 77 6,085,100 79,027
accumulated in the 1980s, lenders refused to fund de- 5 PORTOFINO.Jose M.Suriol 21 2,579,200 122,819
velopments anywhere, even in areas with proven short- 6 ORIOLE HOMES.Richard Levy 22 1,748,700 79,486
ages. This situation has changed, especially in Dade 7 LAS VERDES.George McArdle 16 1.584,100 99,006
County. 8 POMPANO YACHT 8 BEACH CLUB.Jean Pare 10 1,399,000 139,900
Sales reflect the strong demand, particularly for wa- 9 PARC COURT.Max Richards 14 1.343,400 95,957
terfront locations. This August, 567 new condo sales 10 MISTY OAKS.FPA Corp. 5 1,026,800 205,360
were completed in Dade, Broward and Palm Beach
counties. One year ago,only 333 sales closed. PALM BEACH
The biggest share of the activity this August was in 1 ORIOLE HOMES.Richard Levy 261 28,940,300 110,882
Dade, which accounted for 42.3 percent of the sales; 2 MINTO BUILDERS.Michael Greenberg 152 14,616,600 96,162
Broward registered 34.6 percent, and Palm Beach, 23.1 3 BEACHFRONT AT JUNO.Rodney Sarkela 34 14,517,400 426,982
percent. 4 ST.TROPEZ AT BOCA.Alec Engelstein 69 9,189,200 133,177
The average price of new units sold in August was 5 YALE PROPERTIES.Moms Richter 26 7,152,000 275,077
$102,679 in Dade, $72,759 in Broward and $127,067 in
Palm Beach. 6 KENNEDY PROPERTIES LTD.Timothy R.Kelly 33 4,497,000 136,273
The leaders in sales in South Florida are projects 7 MONTEGO BAY,G.P.Michael Puder 32 4,082,100 127,566
developed by Sonny Kahn and Russell Galbut. Their 8 LENNAR HOMES.Leonard Miller 51 3,781,100 74,139
798 closings of record, for eight months,insure they will 9 PM CONCEPTS.Peter J.Basch 32 3,403,400 106,356
be the leaders here for the full year. 10 RESORT AT INDIAN SPRING. Alvin Kaplan 22 3,328,400 151,291
More important to lenders should be that the Kahn SOURCE:AREEA Inc.
project in Hollywood, Alexander Towers, also is doing
well,reflecting strong demand north of Dade County.■
I
Crescent Heights Leads Condo Sales
111%111
AS SEEN IN THE REVIEW
THE REVIEW• FRIDAY, FEBRUARY 26, 1993 A5
KIMBALL ON REAL ESTATE by Charles Kimball
Ranking the developers
A Select few control Leading 1992 condominium builders
the condo market Builder/Condo Sales $Volume Average price
DADE
_ Crescent Heights(Sonny Kahn) 517 547,083,900 591.07'i
Bhe teiders in marketing new and converted Pacific Intl Equities(Charles Bedzoe) 257 45,305,000 176,284
condominiums in South Florida are well Williams Island(Julius Trump) 85 36,486,200 429,249
ahead of the competition. Fisher Island(Mutual Benefit Life) 22 30,682,600 1,394,664
A study from Appraisal and Real Estate Economics One Island Place(Coscan) 98 28,035,600 295,261
Associates Inc. that breaks down the 5,300 sales last • Mystic Pointe(Thomas F.Daly) 152 22,861,400 150,404
year in Dade, Broward,and Palm Beach County Waves(Sheldon Stein) 72 14,899,000 206,931
shows just how clearly the big players are in corn-
mand. Grand(Pierre Heafey) 88 13,601,500 154,563
In Dade, the top 10 home builders, ranked by dol- West Palm Gardens(Mano Ferro) 140 9.215.400 65,824
lar volume,sold 54.5 percent of all apartments pur- Del Vista Towers(Scott Nordheimer) 79 8.264,400 104,613
chased last year.The top 20 accounted for 71.6 per- BROWARD
cent. Century Village(Irwin Levy) 301 $22,122,700 $73,497
In terms of closings,the top 10 accounted for 1,510 Lennar Cor
out of 2,770 last year in Dade County.The developers •
er(Leonard Miller) 274 20,900,100 76,278
ranked from 11 to 20 closed an additional 476 sales. Minto Builders(Michael Greenberg) 207 14,067,200 67,957
In Palm Beach,the 10 biggest made 65.9 percent of Pompano Yacht&Beach Club(Jean Pare) 42 5,706,000 135,857
sales;the top 20 had 84.4 percent.The 10 leaders had Oriole Homes(Richard Levy) 54 3,895,000 72,130
868 of the 1,316 sales and those ranking I I through 20 Palm-Aire(Orleans Construction) 19 3,640,400 191.600
had an additional 243. Carriage Homes(Timothy Kelly) 35 3,462.800 98,937
in Broward,the top 10 cornered 84.9 percent of the Las Verdes(George McArdle) 34 3,182,800 93,612
market.The leading 20 took 95.1 percent.The leaders Portofino(Jose Suriol) 18 2,320,400 128,911
in Broward took 1,031 out of 1,214 sales closed. 17th Green(Sterling LaVine) 47 1,642,000 34.936
Those ranking from 11 to 20 made only 123 sales. PALM BEACH
There are two ways to rank developers: by sales Oriole Homes(Richard Levy) 383 $41,898,000 $109,394
dollars and units sold.
•
By sales income,the South Florida leader was the Minto Builders(Michael Greenberg) 204 17,517,900 85,872
Crescent Heights companies. whose executives include • Yale Properties(Morrris Richter) 48 13,966,200 290,963
Sonny Kahn and Russell Cralbut. Closings for Resort at Indian Spring(Alvin Kaplan) 36 5,697,600 158,267
Crescent Heights totaled$47.1 million. Sea Ranch Club of Boca(Walter Collins) 23 5,568,900 242,126
Few condominium developers operated in two Lennar Homes(Leonard Miller) 75 5.504,500 73,393
counties.One of these, Oriole Homes, was No. 2 in Villa CostaNilla Mare(Philip Colman) 14 5,383,900 384,564
volume,with closings of$41.9 million. Ranking third PM Concepts(Peter Basch) 51 5,239,800 102,741
was Pacific International Equities,with$45.3 million 2770 South Ocean Blvd.(S.Lyon Sachs) 5 4,300,000 860,000
in closings. Williams Island was fourth, with$36.4 Oak Harbour(Robert McMaster) 29 4,145,700 142,955
million.
When developers are ranked by numbers of units SOURCE:AREEA Inc.
sold,Crescent again ranked first,with 517 sales. ___