Even as recent numbers are indicating that the national housing market may be coming back to life, more activity continues in South Florida. Plenty of our previous posts have detailed how the South Florida area is an unusually hot spot among an otherwise downtrodden national real estate market, but it looks like the local area may be in line to get even hotter. According to reports, there are numerous condo construction plans being drawn up, which could have a significant impact on residential real estate in Broward County and the surrounding counties.
The number of condos reportedly being proposed could seem staggering at first. Apparently there are more than 10,000 condo units in some stage of the residential development process, contained within approximately 55 projects being proposed. The projects are being proposed for a large portion of the South Florida coast.
The majority of the projects are being considered for Miami-Dade County, while Broward County and Palm Beach County are also being looked at heavily for land development.
It is an exciting time for those interested in the South Florida real estate market, whether they are a buyer or seller. Hopefully, as South Florida continues its housing recovery, the national statistics will also improve. But those who may be looking to get in on the action should know that in many cases real estate transactions can be tricky. That goes for everyone from a developer looking to create a subdivision to the lucky person who is looking into buying their first home. When it comes to investing in residential property, having the best information and advice in hand before heading to the negotiating table can make all the difference.
Source: examiner.com, “Thousands of new condos planned for coastal South Florida,” Steve Gara, Sept. 24, 2012