Condo Construction is Back On The Rise in South Florida
A rush of condominiums is rising once again on the South Florida horizon. Dozens of high-rise construction projects are currently underway, with many more being proposed. Demand is high and supply is low, and as is the case of late in South Florida, overseas investors are pouring capital into the booming market, particularly those from Latin America.
The corresponding flood of development, however, is not causing prices to drop. In fact, just the opposite is true, as the median price of units has been rising consistently for more than two years. In addition, developers are attempting to meet the unrelenting demand by converting existing apartment buildings into condos.
The activity signals a true recovery from the economic collapse of six years ago. According to Condo Vultures, only 1,925 units are still on the market from a supply of 49,000 since 2003 in South Florida’s largest markets. 23,200 more units spread among 176 new towers have been proposed, according to the website, which tracks real estate development in South Florida.
One thing is for sure. The condominium market is overflowing with outside investment, and developers are showing no signs of resisting the push for new construction. It seems like a new project is reported every day, some offering ultra-high-end residences at prices in the millions of dollars.
Those who live in South Florida are not surprised by the rising popularity of the place they call home. They know how attractive the weather, culture, nightlife, and high-end amenities can be for investors from all over the world. The 2007 financial collapse may have confronted condo construction with a setback, but it’s looking to be a mere hiccup in the areas long-lasting real estate boom.
For properties in South Florida, contact Bryan Halda and his team today at The Halda Group. The Halda Group has an impressive offering of beautiful condos in Miami Beach and South Beach.