The Market For South Florida Condominiums Expects At Least 100 New Towers Across The Region
It has been six years since the South Florida real estate market crashed but there are already at least 100 new South Florida condominiums set to rise within Miami-Dade, Broward, and Palm Beach which will provide over 14,500 more units to the inventory supply of the tri-county coastal region.
According to reports, the number of proposed condominiums could increase over time …
… as numerous development sites from the previous construction boom have been swept up by real estate investors who are eager to find opportunities to develop high-density residential projects which have proven to be an exceptionally profitable investment in the past couple of years as the available inventory supply seems to be dwindling ever so swiftly.
As of now, less than 6 percent of almost 49,000 South Florida condominiums created during the previous construction boom remain unsold as of 2012 which means that the property market will definitely be looking forward to having its supply replenished. One of the best examples to cite would be Downtown Miami where only 850 of their new condominium units out of more than 22,000 units are left remaining up for grabs on the property market.
Real estate analysts predict that the remaining condominium inventory supply will be sold out by 2014.
Which leads to great optimism within the industry as more real estate developers and investors – including many that are from outside of the region – are looking to act upon the chance to invest within the region.
Ranking second after Downtown Miami is Hollywood an Hallandale Beach which are looking to welcome 10 new condominium development projects which will add 1,400 more units. The property market within both areas were among the first to sell out the South Florida condominiums which were available within their respective inventories during 2011.
Ranking third is the city of Sunny Isles Beach which has over ten new condominiums and 1,200 residential units which are currently underway.
Other locations which are doing exceptionally well are:
Downtown West Palm Beach, Aventura, Coral Gables, Delray Beach, Fort Lauderdale, Juno Beach, Key Biscayne, Pompano Beach, and North Palm Beach which are all looking forward to seeing more South Florida condominiums being built that will essentially replenish supplies which will then provide property buyers with more options to choose from in the near future.