Missing for nearly three years and thought to be possibly extinct in South Florida, the official bird of the housing boom – the construction crane – has been spotted again in downtown Miami.
Smack dab in the middle of the epicenter of the condominium crash, on a site acquired from a lender for less than $1.4 million not one year ago, construction has begun on a new 18-story tower, according to a report from CondoVultures, a Bal Harbour consulting firm.
The new activity comes in a market where 2,300 new condo units remain unsold at the end of the second quarter – and where 1,200 more units acquired from lenders by bulk-buy investors also are being actively marketed.
An Argentine development team expects to have the 100-unit building ready for occupancy in June 2012 – if the crane doesn't fly off into the sunset again.
