South Florida condo market faces headwinds amid the new construction boom

The excerpt above represents a very broad view of the South Florida market as a whole, but nevertheless, it is certainly an accurate outlook. For the purpose of being concise while still providing you with a few particulars, we will consider the first quarter report for 2017, specifically the information regarding pre-construction condominium.

The big chill: downtown Miami’s condo market faces first price dip in 5 years. New development could also slow next year amid market softness

Miami’s Soft Condo Market Could Turn Around by 2020 Demand will start to push prices up with so few new projects in the pre-construction pipeline

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It is against this backdrop that opinion is growing that South Florida’s newest preconstruction condo boom – which stands at 171 proposed new towers with nearly 22,500 units and counting – is being pumped up by real estate brokers pursuing record-high presale commissions of as much as seven percent of a unit’s contract price.

MIAMI 2020 NEW LUXURY CONDOS FOR SALE. Miami is about to experience the biggest boom in the city’s history.In the upcoming years Miami’s skyline will change immensely. Three of these projects are bigger than big and will change Miami’s landscaping forever; Brickell City Centre , Miami World Center and Resorts World.

The South Florida condo market is matching up with larger trends tried by other real estate markets such as New York City, Chicago, and Los Angeles. Most of the condos constructed in South Florida are still in planning stage of construction. 61% of the new condo towers fall into this category.

The South Florida real estate market, which includes Miami-Dade, Broward and Palm Beach counties, has enjoyed a strong rebound over the past six years from the meltdown of 2007-’09. But some.

Not only is South Florida an active construction market, but there is robust construction activity in many markets throughout the country, as well as internationally, that impacts the cost of raw.