The Miami condo market was one of the worst hit by the real estate crash. In 2008 there were 22,000 new units on the market remaining vacant. Now there are only 600. This shrinking has also made for prices to increase virtually 10% from last year even in residential condominiums. The inventory in Miami and Miami Beach is incredibly tight and the demand has not slowed pace, often creating bidding wars amongst buyers. Developers are taking advantage and cannot build fast enough. There are cranes and forklifts throughout the city and in downtown alone there are 25 new buildings going up.
The new planned developments are geared towards the Latin American investors who have contributed to the rebound. They are luxury condos and shopping districts in one that focus on the walkability of the city. Miami has not historically been a walking city, but developers hope to change that. Brickell CitiCentre is a planned massive development that will add 800 apartments, and an entire shopping district next to the metro mover. It will cost an unbelievable 1 billion dollars. Other developer giants that are investing heavily are The Related Group, of the Related Companies in New York, and Swire Properties. Brickell CitiCentre is by the Whitman Family, who also have the incredibly successful, Shops