Most investors who are interested in land development or residential development will have contact with a city planning department at some point. These types of departments, which exist in just about every city in the country, are primarily concerned with zoning laws and ensuring that land within the city limits is being used in the best way possible.
Previous posts here have addressed concerns over whether or not the South Florida real estate market is entering the dreaded "bubble" territory, similar to what caused a great many headaches about eight years ago. Some have seen the rapid increase in the amount of residential development in the local area as a concern because it is starting to match the rate of increase seen in the previous bubble. However, according to a recent article, the past is no predictor of the future when it comes to residential real estate.
Residential development - specifically condo development - has really begun to ramp in South Florida over the last year or so, and it appears as if there will be no slowing down. A recent report noted that over 200 new condo towers have been proposed throughout Palm Beach County, Broward County and Miami-Dade County. From these numbers, it is obvious that investors and builders see a hotspot and they want to strike while the resurgent residential real estate market is still on the upswing.
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 South Florida residential real estate market has been hot for so long now that many people are probably expecting the other shoe to drop sooner rather than later. After all, with all of the residential development taking place throughout the local area prices will surely start to stabilize and perhaps decrease as some point, right?
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.