Many of our South Florida readers have probably noticed an increase in the construction of residential property in the local area over the last few years. When investors saw what they perceived to be the last of the hardest times of the housing market and the start of a rebound, it seems like they could not sign off fast enough on land development deals. Now, according to a recent article, Palm Beach County is seeing one of the early projects reach completion.
The article highlighted the completion of a 34-unit condo tower, which is apparently the second project completed in recent months. It certainly won't be the last. The article also referenced the expectation of another four projects being completed by the end of the year.
The residential development surge isn't limited to Palm Beach County either. Both Miami-Dade County and Broward County have projects of their own underway. All told, the article mentioned that approximately 21,300 condo units are being proposed across these three South Florida counties.
For buyers simply looking for someplace to call home, watching the beginning and then the completion of these projects can be exciting. More inventory means fewer bidding wars - something buyers in the area are no doubt familiar with by this point. But, for the investors looking for approval on these projects, there is a maze of zoning laws and contract terms to review. Being on that side of the equation means taking a lot of legal factors into consideration before decisions are made. Having the right information at the right time can make the difference between quick approval on project proposals or delays - which can ultimately end up costing an investor money.
Source: South Florida Business Journal, "Second condo in region's new real estate cycle is completed," Oscar Pedro Musibay, Sept. 6, 2013