Real Estate Blog

South Florida Real Estate Market Continues Its Trend Forward

Tuesday, December 9, 2014

In testament to developers’ high prospects for the South Florida Real Estate market, the 300th new condo tower of this current South Florida real estate cycle has just been announced east of i-95 in the tri-county region. In contrast, fewer than 250 condo towers east of i-95 were built this past cycle (2003-2010).

This nameless project represents the 7th new condo tower with a combined 721 units proposed during this cycle for the luxurious municipality of North Bay Village. Prior to this current real estate cycle, North Bay village only had 2,800 individual units but would be subject to a 26% increase in units if all of the proposed towers are built.

Sunny Isles Beach is yet another one of the most active preconstruction markets in luxury real estate with 24 new condo towers and more than 2,500 units.

Miami-Dade currently accounts for 71% of all South Florida preconstruction condos announced during this cycle. This figure is largely attributed to Miami being an extremely popular destination for foreign investors in search of luxury real estate.

All of this is happening as South Florida Real Estate reaches its 6th consecutive quarter with the highest median price recorded since 2008.

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