This week’s International Real Estate Congress conference in Miami this week announced that developers are proposing 83 new condo towers with an estimated 12,410 units. One of the new sites if in Bal Harbour and will be developed by an Argentine, Consultatio Bal Harbour LLC, and will erect a high rise estimated to cost $220 million on 5.5 acres with 250 luxury condominiums priced at over $2 million each. Who is buying in South Florida? Canadians are still the largest investors in South Florida real estate and South Americans are second along with the Chinese, and there is not a lot to choose from currently on the market. In 2008, at the real estate crash there were 108,000 townhouses and condominiums on the market, today there are less than 3,000 of those units left to be sold out of 49,000 built since 2003. Experts estimate that in a year, these will all be sold, which is one of the reasons that the developers are starting up again.
Lenders have begun funding developers again as well. The rising rents in Coastal South Florida are aiding in the lender shift in mentality as well. Rents have increased as much as by $2.02 per square foot in downtown Miami and investment properties are on the rise. Cash buyers are often purchasing the pre-construction properties that require large downpayments, which also aid in the new developments. Some of the new condos we have discussed are Icon Bay, Mansions at Acqualina, Grove at Grand Bay, and Beach House. It is a wonderful time to purchase in Miami and we are so pleased to report this news! For pre-construction pricing on the number of incredible properties being erected, contact us today!