Although some 4,700 units remain unsold from the last condo boom in South Florida, developers are now proposing to build 20 more towers in the tri-county area of Miami-Dade, Broward and Palm Beach.
According to CondoVultures, a Bal Harbour-based consulting firm, 10 towers are in the works for Greater Downtown Miami, four are planned in Sunny Isles Beach, two on the drawing board in Miami Beach, two more Downtown West Palm Beach and one each in Aventura and the Hollywood/Hallandale Beach area. Together, they could add 4,000 more units to the mix.
The first of the new towers, an 18-story, 96-unit structure in downtown Miami, is already in the ground and could be finished as soon as the third quarter of 2012.
Most of the other projects are in the proposal stage, and are contingent upon a necessary number of pre-sales, financing and/or governmental approval.
The surge in new construction is fueled mainly by cash buyers from other countries, according to the consulting firm.
