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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