When people think of real estate transactions, they most likely think of the common purchase of a family home as a primary residence. But, while these types of real estate transactions have certainly been occurring at a breakneck pace in South Florida in recent months, there are other, more complicated real estate deals being put together throughout the local area. And, as many of our readers can probably tell by the number of condo towers they see popping up, getting approval for the construction of these condos is just such a detailed transaction.
Even with all of the condo units currently under construction or nearing completion, more are still in the planning phase. According to a recent report, over the last couple of years as the South Florida real estate market has been rebounding, a total of approximately 24,500 condo units have been proposed and planned for construction in the local area.
The report indicated that Miami-Dade County is leading the way in the number of condo units to be constructed, with a whopping 79 percent of the overall total, which includes 44 different condo towers. Palm Beach County composes 11 percent of the total number, while Broward County makes up the other 10 percent.
A prospective buyer may simply be looking for a single-family residence to purchase in South Florida, but it is hard to ignore the sheer number of condo units that will be constructed to meet residential needs as well. Although getting deals for these condo towers can be complicated and full of negotiations over contract terms and zoning concerns, the recent reports indicate that the demand for these units will undoubtedly be satisfied as the construction projects get completed.
Source: Miami Herald, “South Florida’s Total Number Of Proposed Condo Units Reaches Halfway Point Of Last Boom,” Peter Zalewski, Dec. 22, 2013