South Florida’s residential real estate market seems to be getting more appealing to developers as 22 new projects totaling 4,400 units start to get underway. This does not mean that all of the state’s housing troubles are in the past, but it is certainly a very positive turn of events, one that South Florida will likely carry forward well into the future.
In a new sign of hope for residential real estate, developers are planning a 31-story high-rise in Hallandale Beach that will be a combination of a condominium and a hotel. The building is the 22nd high-rise planned for development since the area’s condominium market tanked in recent years.
The building, known as the Beachwalk Tower, will have 84 residential apartments and 432 hotel rooms. The building will front the Intercoastal Waterway rather than the ocean, and the development of the new tower was inspired by a number of pre-sales at a nearby condo tower. According to developers, the neighboring tower sold all but eight of its 49 units.
The decision to move forward with so many new developments is surprising to some in the industry, considering the tri-county coastal area where the new developments are being planned is still struggling to unload 4,200 units leftover from the previous boom. The theory, however, is that many of those properties were simply built in the wrong location.
If the developers are right and interest is beginning to pick up, it could be very good news for many Floridians looking to sell homes. In moving forward with a real estate transaction, a real estate attorney is the best resource for closing issues, drafting documents and negotiating other essential aspects of investment property and residences.
Source: American Banker, “More Condo Towers Planned for South Florida,” Lew Sichelman, Feb. 14, 2012