Last week, we reported in this space that a construction crane, the state bird of Florida, had landed in the Miami area. The crane hasn't been seen in these parts in several years, and some were saying it should be added to the endangered species list, if not named as extinct. Now, it appears a whole flock is returning.
Several cranes will be needed to raise the 1,350 new condominium units being planned in South Florida, according to Condo Vultures, a Bal Harbour-based consulting firm. This, despite the fact that there are more than 5,400 new high-rise condo units still unsold all told in the region's seven coastal markets.
Among the projects announced by developers are three new towers in Miami-Dade County, one project in Broward County, and a two-tower project in Palm Beach County. A sixth property – the Sky Palace at Mary Brickell Village located in Greater Downtown Miami -- began pre-sales prior to the real estate crash. Now, it is said to be actively working with plans to start anew.
According to Condo Vulture's Peter Zelewski, developers are betting that some of the same buyers who are currently flooding into South Florida looking for deals on existing units will instead opt to purchase a significant chunk of the nearly 180 floors of new condos being proposed for the tri-county region.
