"After selling 44 of the 46 villas in its first phase, the Koi Residences & Marina in Pompano Beach has revealed plans for its next two phases. Plantation-based Invesca will go before the city’s Development Review Committee on Nov. 2 to finalize the new design of the future phases, including an increase in height and larger units, although the unit count would remain the same. The project at 450 E. Atlantic Blvd. already includes a marina, clubhouse and park."
"The 92-unit Ethos is the second phase of the Koi Residences & Marina in Pompano Beach. Keeping the price point at Koi under $750,000 has helped the first phase sell out quickly, mostly to local buyers, Invesca CEO Christopher Longsworth said. The future phase will be priced below $500,000.
“If you are a buyer, there are very few values in real estate right now,” he said. “You want to be in the areas on the precipice of great things to come. You don’t want to buy after everyone else buys.”
The second phase will be Ethos at Koi, an eight-story building with 92 loft-style condos. Ranging from 900 to over 2,000 square feet plus balconies, the units will be priced from $299,000 to $499,000. Amenities will include an open-air screening theater. Longsworth is staying below $500,000 because he fells the $1 million condo market is over-saturated.
He said he’ll take 25 percent deposits for the condos once he launches sales in a few months. Many Miami developers have lowered their 50-percent deposit requirements and Broward County projects typically ask for less down, he said.
“We want to make sure we are being very cautious because we are at the tail end of the cycle and I don’t want to get caught,” said Longsworth, who is also selling townhouses at Strata in Plantation. “We want Ethos to get to 50 percent pre-sales before breaking ground.”