There is a positive sign South Florida’s real estate market may strengthen in 2015.
In early January, The Real Deal reported that, during the last half of December, mortgage rates hit their lowest point in 20 months. The rate was down a quarter of a point from the first half of December’s average.
Home loan borrowing costs now have fallen to their lowest point since the Fed eased up on its bond buying in May 2013. The lower mortgage rates bode well for increased home sales.
A stronger real estate market also is a positive sign for Turnberry Associates, which soon will build upon the success of its Turnberry Ocean Colony condominium enclave with its latest Sunny Isles Beach, Florida, project – Turnberry Ocean Club.
Turnberry Chairman and CEO Jeffrey Soffer predicts Turnberry Ocean Club will redefine luxury living in South Florida. Soffer’s vision for the 54-story, ultra-luxury condominium is to create a prestigious, private club environment unlike any other in the region. Turnberry Ocean Club will include a 30,000-square-foot, three-level club with tranquil pools, spas, salons, fitness studios and private dining 333 feet above the Atlantic Ocean on the tower’s 30th to 32nd floors.
According to Soffer, the exclusive residences will range from over $4 million to more than $35 million, with completion scheduled for 2018.