Housing slowdown? What housing slowdown? Despite the continued ups and downs of the market, developers are still soldiering on when it comes to erecting new condominium projects. Although some might see this as a risky move, recent news reports regarding Miami Beach condos like Canyon Ranch and its recent sales apparently have spurred further development in South Florida.
How confident are developers? Apparently they're gearing up to create over 1,300 new condo units throughout the coastal areas of South Florida. Some of these include upcoming projects like My Brickell, which will occupy the former home of Brickell Station. Also in the works is Apogee Beach, a Hollywood project by the Related Group and Bellini at Williams Island which will be 24 stories tall and will have seventy units. If the name sounds familiar it's because there's currently a Bellini in Bal Harbour. The developer of Bellini Williams Island is Martin Margulies.
Are developers only making things worse by adding to the glut of excess inventory or are they being smart by seizing opportunities? What's your take on these condominium announcements?