50th South Florida New Condo Tower Breaks Ground

south florida new condo tower

50th New South Florida new condo tower to start construction

 

 

Less than three years after the first preconstruction launch party kicked off this latest South Florida high-rise building boom in May 2011, the 50th new condo tower has formally begun construction east of Interstate 95 in the tricounty coastal region of Miami-Dade, Broward and Palm Beach.

In South Florida, developers are proposing — or constructing — a combined 186 condo towers with at least 25,150 new units from Key Biscayne north to Jupiter as of January 2014.

For comparison, developers created 245 condo towers with nearly 49,000 units during the last South Florida building boom that began in 2003 before crashing in 2007, according to an analysis of Clerk Of The Courts records from Miami-Dade, Broward, and Palm Beach counties.

Going forward, the South Florida condo market is clearly in the midst of building boom that shows no signs of slowing given that cash buyers — not lenders — are spurring the assembly of dozens of construction cranes along the tricounty coast. Read more…

Based on South Florida new condo tower construction trends… If history serves us right, the right thing to do for consumers and investors would be to understand how the product fits their need. If you are a small investor what does this coming boom mean to you. Is it an opportunity or a potential disaster?

If you’d like to sell or list your condo in the next 6 months, then what does excess brand new inventory mean to you? Should you wait or start making a move? What if you wake up one morning and find 23 brand new condos for sale within 5 miles of you?

If you are a buyer, then should you buy that condo you’ve had your eye on for a while or look into new proposed projects and put your name on the list?

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100 New Towers Proposed, Less Than 6 Years after Miami Condo Crash

Condo Crash in MiamiHave we learned anything from the last Miami Condo Crash?

If we have learned anything from the U.S economy in the past 6 years is how resilient it is. I think most of us believe in the cyclical nature and order of things, but we attribute this mostly to biological systems… yet markets behave just the same right?

It is true that South Florida has a unique DNA when it comes to Real Estate dynamics. We are part of the U.S, but so much of the business, tourism and social structure is also tied to Latin America and the Caribbean, and the rest of the world as well some would argue. The rather quick recovery from the late Miami Condo crash is an example of this.

The resilience of our Real Estate market is mind boggling. Just the other day we had a ghost town of condos in the Brickell Downtown corredor. Today that inventory is almost gone, and the city is screaming for space. Less than 6 percent of the nearly 49,000 coastal units created in South Florida during the last Real Estate boom remain unsold as of 2012.

Anyway, I’ll stop talking now! Here are some stats on our local Condo Market:

As of January 2013, Greater Downtown Miami is home to nearly 20 new condo towers with more than 6,400 units. An additional five towers with a combined 550 units are proposed for sites just north and south of Greater Downtown Miami.

The Hollywood and Hallandale Beach market in Southeast Broward County ranks second in South Florida with 10 new condo towers proposed with nearly 1,400 units. The Hollywood and Hallandale Beach market was the first of South Florida’s largest coastal condo market to sell out of boom-era inventory, doing so in 2011.

Sunny Isles Beach in Northeast Miami-Dade County ranks third with nearly a dozen new towers and 1,200 units proposed for the barrier island city.

Ranking fourth on the list of the most proposed condo unit is the tri-city region of Bal Harbour, Surfside and Bay Harbor Islands, where developers are proposing 13 new condo towers with more than 1,000 units in an area located south of Sunny Isles Beach.

Rounding out the top five most active markets for proposed condo towers is Downtown West Palm Beach, where developers are proposing at least six new condo towers with nearly 1,000 units.

Developers are also proposing new condo towers in at least a dozen South Florida cities, including Aventura, Coral Gables, Delray Beach, Fort Lauderdale, Juno Beach, Key Biscayne, Pompano Beach and North Palm Beach.

As of this month, developers have completed one condo tower and launched construction on an additional 15 towers in South Florida.

Read more here

Regarding Financing. Banks are still a bit tight, but at least they are starting to lend slowly.