By: Brett Pizzi Contributing Writer
Luxury condos have found their way to the SOFA district. The development will be the first condos to hit Delray in 10 years.
Sofa Partners, a South Florida real estate and development company featuring two prominent international real estate families known for high-quality urban development outside the United States, brings a mesh between contemporary urban living and artistic style.
Residents will just be steps away from Atlantic Avenue. The five-story residential complex will feature 70 residences, outfitted with modern technology, a variation of decor options, several floor plans ranging from one-,two-and three- bedrooms and amenities such as a swimming pool with poolside cabanas and a fitness center for residents only.
Sofa Partners is led by two father-son duos, Manuel and Felipe Vergara, and Rafael and Daniel Rincon. With 35 years of development experience behind Manuel and Rafael, the creation of the first new condo development in nearly a decade is an exciting prospect for the pairs.
“We all share a vision for long-term development, investment, and management in South Florida, in part because it’s where we love to spend most our time,” Felipe Vergara said. “The Vergara and Rincons represent long-term family real estate success, and our partnership in Sofa Partners will solidify our best-in-class development platform. This collaboration has unlimited potential to develop a stellar portfolio in emerging markets in South Florida, and we intend to set the standard for quality with 111 First Delray.”
The project begins breaking ground within the next few months and over 50 percent of the condos have already been pre-sold. With business partners including George Ligeti of The Greenfield Group and Paul Kilgallon of Mainstreet Capital Partners, Sofa Partners has brought an extensive array of business and general management talent to the table.
With condos ranging from $400k to about $1 million, Vergara believes that 111 First Delray is just what Delray needed in terms of luxury condos that are close to what makes Delray great-the people, the food, the art and the beach.
“We selected Delray Beach because it has become the place for locals and visitors alike to dine, shop, socialize and experience an urban setting mixed with a quaint beachy-vibe,” Vergara said. “We saw an opportunity to meet a market demand and offer a luxury ownership alternative by creating an exciting and modern property, just feet from all the action.”
For more information regarding 111 First Delray, visit www.111firstdelray.com
Since writing the I Love Kings Point column, much needed change and attitude has taken over at Kings Point. My crusade to make a wrong a right (reviving our realty community) is very much paying off for our community. As our population starts to thin, I certainly hope everyone enjoyed a wonderful season, it sure beat the heck out of the weather up North this year.
I have seen an uptick in real estate action here at Kings Point. The quick decision of buyers to purchase is very encouraging. I also think that the website www.ILoveKingsPoint.com is really taking hold on the net, as it is not uncommon to get calls from people flying in to purchase.
Also, with the outreach happening to our neighboring realty community, I am glad that more agents are participating in showing property here at Kings Point--one reason is our prices are so low, we are the best value in South Florida. As more agents are involved and sales increase, so too will our property values.
If you are a snowbird on the fence about purchasing, this could be your last opportunity at these prices, I am confident stronger pricing is coming. Also, interestingly enough, our luxury units are selling well, which means there is demand coming into Kings Point, and there are buyers for our more expensive units; again, a very good sign.
At Kings Point, I think this column has generated a lot of enthusiasm and supporters, and given our residents something to inspire them and be proud of. My website (www.ILoveKingsPoint.com) has been a place for many of you to voice your opinions, get an ear, and certainly a friendly fun site to see the changes at Kings Point.
This is good, more people are getting into the process of speaking up and getting involved.
Change is hard. To the Governors and directors: your privileged power is something which should be used for the benefit of all, as Kings Point is getting younger, and some of the existing rules in place for many, many years need to be revisited. It is imperative to bring Kings Point along for the next generation; they are a generation who want to enjoy our great amenities with their kids and grandkids, they want to enjoy the inside of the clubhouses, they want to have their guests visit and enjoy, and they especially want more young people to call Kings Point home.
I urge all governors, directors and management companies to be more transparent, be more resident friendly, and do a better job of informing where various meetings take place. I also encourage more dialog--not personal attacks, but discussion on how to make Kings Point a better place to live.
This is a community, which needs good community driven leadership--we can do this. We can come together, and we certainly need each other to make Kings Point a better place.
To all the leaving snowbirds, I wish you well and good travels. For those just purchasing, you made a very wise choice, I don’t think you will ever see prices this low again.
Change is happening at Kings Point, great times are ahead.
I thought moving full time to Kings Point, unlocking our property values, and working on my golf game would be a nice easy life. Never could I have been more wrong! The unusual nuances, the personalities, the players, the various companies involved at Kings Point, and the cohesiveness were simply not envisioned when I started this project.
From a property value point of view, we are making progress. In order to fix anything, one must understand the problem - here it runs very deep, and has been around for a very long time. A good on site realty office runs similar to a market maker on Wall Street - bringing together a buyer and seller in an open and competitive bid process. This has been broken and is being fixed.
www.ILoveKingsPoint.com is moving on-site into our realty office and partnering with Continental Realty, in order to modernize, update, and properly promote Kings Point. In addition to the advertising funds from www.ILoveKingsPoint.com, Continental is also stepping to the plate to help advertise. This is very important, and I do thank the CEO Tim O’Keefe for his commitment. With our new management team, buyers and sellers can expect great friendly service, the ease of viewing properties here at Kings Point, and hopefully as a result they will join our wonderful Kings Point family.
We will also be sending an email inviting over 20,000 agents in the realty community to view our own virtual tour, which I assume everyone has seen by now and is sharing with relatives outside the area.
www.ILoveKingsPoint.com Google search advertising is greatly expanding, as we not only have generated a lot of business and interest, we have been steadily moving up in search results. How you ever Googled your own name? Simply amazing, a lot of fun.
You noticed our two page color center spread in last month’s issue, again that is www.ILoveKingsPoint.com’s attempt to better the image and reputation of Kings Point. This is still a giant marketing effort.
We have brought to the attention of area associations, property managers and governors the need to quickly reduce down the application process for buyers and renters. Some Association document requirements are 27 pages long, and need to be submitted in triplicate - 81 pages in all. WE CAN DO BETTER. One of the larger realty firms has just gone paperless - congratulations to Keller Williams. Maybe we can learn from their progress and head in the same direction.
We are getting many more snowbirds looking and wanting to take the plunge - buy now and come on back next year to your own condo, your timing couldn’t be better.
We need to unite, we all live in Kings Point (similar to WE ALL LIVE ON A YELLOW SUBMARINE--sing it), not Icaville, KPCAville, Saxonyville, but Kings Point. Possibly uniting or streamlining condo docs will help move our community into the next generation. Let’s work together.
I believe the past 5 months of hard work is starting to pay off, a base is building, and a phoenix is rising.
Thanks to all those who keep pushing me to fight the fight and do what is right for Kings Point. All of my motives are based on my true belief Kings Point is a wonderful, unique community. Our prices are so low they represent a tremendous bargain right now, and we have much better days ahead.
To Frank Iovine, our chairman of the Board of governors, special thanks not just in supporting me and pressing me, but the hard work you consistently do on behalf of Kings Point.
Enjoy the sun and fun at Kings Point.