South Florida’s Condo Market Is Skyrocketing
With all the new developments and projects going on in Miami-Dade County, more condos are being built at a much faster rate.
According to recent reports, there are three new proposed condo towers increasing the number of units to 25,000. In South Florida, developers predict a combined 186 condo towers with at least 25,150 new units from Key Biscayne north to Jupiter as of January 2014. With all of the foreigners migrating to Florida, developers are mostly chasing Latin American investors to see the condo contracts. The 50th new condo tower is now under construction east of Interstate 95 in the coastal region of Miami-Dade. This condo will stand 52 stories tall and 453 condos and 132 hotel rooms. Another thing that has been a key factor in the condo boom is the new developers who are making a name for themselves in South Florida. About 30% of condo units are being built by the developers who have never done condo projects in South Florida before.
Overall, the South Florida condo market has no intention of slowing down with their cash buyers knocking over the old and building the modern new.