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Related Group launched pre-sales for its waterfront, 105-unit residential tower Solemar in early September. Above: A rendering of the project.

Arquitectonica

Despite the market-wide frenzy for single family homes, Related Group’s Pompano Beach condo project sold 10% of its units in a single month.

Solemar, a new 105-unit luxury waterfront tower, has pre-sold 11 units since pre-sales launched in early September, the company said in a release. Buyers are comprised of primary and secondary homeowners from Parkland and Weston in Broward County and from the northeast and Midwest.

The 18-story tower covers 2.65 acres at 1116 North Ocean Blvd. and offers views of both the Atlantic Ocean and Intracoastal Waterway. Related Group hired Miami’s Arquitectonica and NYC-based interior design firm Meyer Davis for the project. Construction is expected to start during the first half of 2021.

Prices start at $1.3 million for a 2,000-square-foot unit with two bedrooms and two-and-a-half bathrooms. Amenities include a theater room, spa, wine-tasting salon, gym, club room, valet parking, two pools and the Related Living app — a platform that allows residents to chat with the concierge, request their cars from valet and manage deliveries. The building includes private elevators for residents. Each unit will be equipped with DARWIN technology, a software that uses sensor technology to reduce indoor contaminants and monitors air and water quality.

“Older condos don’t have what buyers today are looking for,” said Venus Proffer, a broker associate at the Fort Lauderdale Beach office of Coldwell Banker Realty. “Buyers are looking for open spaces, private elevators, large balconies, a project that is more spaced out. That is why they are going for something new.”

Interest in South Florida condos has picked up in the third quarter.

“The pandemic has opened the eyes of many homeowners that have been living in the north. South Florida is more affordable than where they are,” Proffer said. “We have less taxes and density.”

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Rebecca San Juan writes about the real estate industry, covering news about industrial, commercial, office projects, construction contracts and the intersection of real estate and law for industry professionals. She studied at Mount Holyoke College and is proud to be reporting on her hometown.
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