Skip to main content

200 New Condo Towers Planned in South Florida since May 2011

Lindsey Z. Parker & James W. Shindell

An exciting announcement was recently made in South Florida - between May 2011 and today more than 200 new condo towers east of I-95 in Miami-Dade, Broward and Palm Beach counties have been scheduled to be built.  Yes, this is no April Fool’s joke, you read that correctly.  New condo buildings are being planned all across the tri-county area. A stabilizing and strengthening condo real estate market is creating a stir in the community with the hopes that South Florida is poised for a boom – but what do the statistics show us? compiled and analyzed a significant amount of research to provide us with relevant data, and here is what they found:  These approximate 200 new towers expect to produce 28,350 units.  28% of these proposed units are currently under construction or recently completed while the remaining 72% are still in the planning or presale phase.  So, the question is, will our stabilizing market lead to the actual construction of these unbuilt towers and units or will this potential condo boom be a bust?

To answer this we must focus on market factors.  Condo construction financing is still difficult to come by, so developers are largely dependent on buyer deposits, and of course, their own funds.  Cranespotter hints that a reason for developers to have confidence in the market may be found in a burgeoning condo resale market looking for inventory.  As of March 24, South Florida only had 24,500 available units on the MLXchange, which is less than six months of inventory.  “A healthy real estate market has six months of resale inventory.  Inventory levels below that represent a seller’s mark,” states Peter Zalewski, Principal at Condo Vultures LLC.  Just five years ago, there were 61,000 condos available for resale in the tri-county area; so obviously, the pendulum has shifted and developers are poised to take advantage of this shift.  Bullish developers and buyers are hoping for success and the timing may be just right.



Publication January 11, 2013
The Interstate Land Sales Full Disclosure Act, a federal statute that was initially designed to prevent unscrupulous land sales of desert land in Arizona and marsh land in Florida, has been one of the primary weapons employed by buyers seeking to recover their contract deposits as a result of the ec...
Press Release October 22, 2009
Carter N. McDowell and Suzanne Amaducci-Adams, represent Bridgeport Landing LLC and RCI Marine as it receives final City Council approval for the SteelPointe Harbor redevelopment project in Bridgeport, Connecticut.
Publication April 5, 2013
The global recession was unkind to communities across the United States and around the world. Facing diminished tax bases, frozen capital markets and a reduction in federal and state funding, many local governments shelved worthwhile infrastructure projects ranging from new highways and bridges, to ...