Can condominium developers in South Florida spell “bust”? What about “overkill”? Or maybe “reckless”?
Whatever the case, buyers looking for an apartment in the tri-county area of Miami-Dade, Broward and Palm Beach should have no trouble finding something that fits their needs. As of the most recent count by CondoVultures, nearly 22,000 condo units have been proposed for the area or are already under construction.
In comparison, the Miami-based consulting firm reminds, that's almost half of the some 49,000 units were created during the real estate boom which began in 2003—and ended with a thud in 2008. Perhaps 2,150 of those apartments have yet to be sold, and investors who bought up 8,000 or so units in bulk deals from troubled builders are waiting in the wings to resell their holdings, one by one.
Nevertheless, the beat marches forward. The newest condo project is called Beach House 8, a 10-story building with just eight apartments, according to the marketing literature. It is planned for the 3600 block of fabled Collins Avenue on the ocean in Miami Beach.
According to CondoVultures, more than 160 condo apartment structures are either planned or underway in the region. While many are slated for starting sometime next year, two have already been completed and 35 others are under construction "as the post-crash development era gains momentum."
The development team at Beach House 8 is headed by an Italian developer, Valerio Morabito. That's in line with
Lew Sichelman is an independent journalist who has been covering the housing and mortgage markets for more than 40 years.
