202 Towers East of I-95 Announced From Miami to Palm Beach

202 Towers East of I-95 Announced From Miami to Palm Beach

Factors such reduced condo inventory, strong demand, double digit appreciation and low interest rates make South Florida fertile ground for new developments.

Since the first new condo project launched presales in May 2011, developers have announced plans to build at least 202 towers with more than 28,350 units east of I-95 in Miami-Dade, Broward and Palm Beach counties according to Crane Spotters, a company related with the Miami Association of Realtors.

Even as condo developers attempt to cash in on strong buyer demand by announcing a series of new towers to be built in coastal South Florida, less than 28 percent of the proposed units are currently under construction or recently completed while the other 72 percent of announced condos are still in the planning or presale phase. To date, developers have completed five towers with less than 450 units and are currently constructing an additional 58 buildings with nearly 7,350 units. These two categories represent a grand total of less than 7,800 new condos for South Florida.

 South Florida has less than 24,500 units available for purchase as of March 24 in the tri-county region. At the 2013 sales pace of nearly 4,400 monthly condo transactions, South Florida has less than six months of available inventory. As a general rule, a healthy real estate market has six months of resale inventory. Inventory levels below that represent a seller’s market, while greater inventory represents a buyer’s market. * Notes taken from the Real Deal.

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