The South Florida condo market has not experienced the same mini-boom that the single-family homes market has lately. Condo sales in the area have for the most part been in line with the ongoing residential real estate malaise that the rest of the country is enduring. However, recent reports indicate that the condo business is also set for a rebound, as growth was reported in the second quarter of 2012.
Yes, condo units are beginning to sell again, and the trend appears to be a late pickup from the single-family home upswing. As with other real estate in the region, international buyers apparently make up a large percentage of buyers in condo market as well. And it doesn't look like this new surge will end with just the existing units on the market.
The Miami Herald has reported that approximately 45 additional condo towers have been proposed for construction, including an astonishing 7,600 units, all along the coast of Miami-Dade, Broward, and Palm Beach counties. Five of those towers are currently under construction, and in Broward County alone, five towers with 800 units have been proposed to be built in Hallandale Beach, Hollywood and Fort Lauderdale Beach.
It is unclear how many of the proposed projects will be approved for construction, but here is a strong indication of a condo development upswing in South Florida.
With the local real estate boom now reaching over into the condo market as well, buyers and sellers will want to stay up to date on all of the developments concerning newly proposed construction. If the market starts to flood with new units, current condo owners may see the terms of their real estate agreements change to reflect the new reality. But while the market is hot, there are deals to be made for buyers and sellers alike.
Source: The Miami Herald, "South Florida condo market officially enters growth phase," Peter Zalewski, June 24, 2012