 |
| 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 CraneSpotters.com.
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 CraneSpotters.com 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 CraneSpotters.com statistics based on
the respective developers revising their announced strategies.
The three revised
buildings are now being tracked outside of the CraneSpotters.com
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
CondoVulturesRealty.com 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.
CondoVulturesRealty.com 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
© Copyright 2017. All
Rights Reserved.
Direct: (305) 865-5629 |
Fax: (888) 688-3415
No comments:
Post a Comment