Sunday, March 5, 2017

Condo Vultures Reports 1,400 New Condos In Development Pipeline In Coral Gables, FL

Peter Zalewski
DOWNTOWN MIAMI, FL -- Developers have announced - and continue to proceed with plans for - more than 1,400 new condo units in the Coral Gables market of Miami-Dade County in South Florida, according to a Condo Vultures® Realty report based on the latest data from consultancy

Coral Gables ranks as the ninth most active coastal condo development market in the tricounty region of Miami-Dade, Broward and Palm Beach, representing about three percent of the more than 47,500 new South Florida units announced since this current real estate cycle began in 2011, according to the data as of Feb. 20, 2017.

It is worth noting, nearly 200 additional units that had originally been planned as new condos in Coral Gables have since been removed from the statistics based on the respective developers revising their announced strategies.

The three revised buildings are now being tracked outside of the Preconstruction Condo Projects Database under one of three categories: rental, on hold or canceled.

The decision to revise - or shelve - the original new condo development plans come at a time when Coral Gables has an eight-month supply of units available for purchase near the peak of this year’s South Florida Winter Buying Season, according to a recent report.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

As South Florida enters the sixth year of this current real estate cycle, it is unclear if all of the new condo units announced - and still active - in Coral Gables will ultimately be built.

Ponce de Leon Condos, Coral Gables, FL
(file photo)
Currently, the new development pipeline in Coral Gables breaks down as follows:

- 319 units proposed or seeking governmental approval;
- 781 units planned or secured governmental approval;
- 306 units under construction;
- And zero units completed since 2011.  

Based on the statistics, the Coral Gables condo market will increase by at least 300 units during this cycle. 

It is unclear if the new condo units - many of which are expected to be available for rent - will impact lease prices in the Coral Gables market given that an unknown number of new apartment units are also being built in the area. is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.

For a complete copy of the company’s news release, please contact:

Peter Zalewski
Condo Vultures® Founder

Condo Vultures® Realty LLC | Lic. Real Estate Broker
South Florida's Buyer Experts | 425 NE 22nd St. | Suite 205 | Miami | FL | 33137
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Direct: (305) 865-5629 | Fax: (888) 688-3415

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