South Florida condo market faces headwinds amid the new construction boom
Blame the condo headwinds on stiff competition from a wave of glittering new-condo construction that is remaking the skyline and cementing South Florida’s place as a magnet for foreign money. After a long drought in rental construction and the loss of thousands of rental units to condo conversion during the last boom, 13 new rental apartment.
With 8,000 condo units expected to enter the market by the end of 2017, and an additional 13,000 units coming online next year, the fallout of a construction boom that has been in overdrive for a good five years is starting to show.
New Construction of Condos in South Florida 2012 Real Estate Market Report . As a result of significantly increased sales and an almost complete sell-out of Condos that were built during the Boom, Inventory of new and resale Condos in South Florida has decreased to the point that Developers have proposed Construction of 26 new Condo Towers in South Florida’s Tri-County areas of Broward.
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Developers in Miami’s condo market have started canceling projects, slashing prices and offering incentives such as private-jet access to spur sales, an ominous echo of the housing crash that.
The number of construction workers in South Florida has fallen from about 168,000 in 2006, at the peak of the boom, to 106,000 last year. And land prices are going up, up, up.
Construction costs in South Florida are still rising, but that doesn’t mean a bad year ahead for the region’s construction companies.Miller Construction SVP Brian Sudduth tells us why.
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South Florida’s Construction Boom heads north hallandale BEACH, Fla. – Known for years as little more than a retirement community with a racetrack and a few pastel-hued motels that had seen better days, this small oceanfront town is not the first place that comes to mind when wealthy Brazilians and Russians seek out expensive condominiums.
Last year we warned that the luxury condo market in Miami was cooling down, and we also noted that one of the mail culprits was the fact that foreign buyers (especially Brazilians) were seeing their buying power crushed by the appreciating dollar.. Today, the bubble has officially burst and the Miami luxury condo market is a complete trainwreck.
South Florida real estate boom Not Dampened By Sea Level Rise. bus tours for people interested in Miami’s still-hot condo market. On a recent Saturday, he was leading a tour of 20 potential.