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.

 

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