1,350 New Highrise Condo Units Proposed For Coastal South Florida

MIAMI, FL--Despite more than 5,400 new highrise condos still unsold in South Florida at the end of the second quarter of 2011, nearly 1,350 new condo units are being planned – and in one case constructed - for the region’s seven largest coastal markets, according to a new report from CondoVultures.com.

As of Sept. 6, 2011, developers have announced plans to develop three new towers in Miami-Dade County, one project in Broward County, and a two-tower project in Palm Beach County, according to the CondoVultures.com Preconstruction Condo Projects list. 

A sixth project – the Sky Palace at Mary Brickell Village (middle right rendering) located in Greater Downtown Miami - that began presales prior to the South Florida real estate crash is actively working with plans to initiate construction, according to the licensed Florida real estate brokerage CVR Realty™.

 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 tricounty region, industry watchers said.

CondoVultures.com has been profiling the latest residential real estate trends in the second quarter of 2011 in the seven largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward (Fort Lauderdale skyline bottom left photo), and Palm Beach counties.

 Since the week of July 21, the Condo Vultures® Market Intelligence Report™ has published a seven-part series analyzing new condo sales trends between April and June of 2011 in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Downtown West Palm Beach and Palm Beach Island,and Boca Raton / Deerfield Beach.

 

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com