Booming South Florida Condo Market
South Florida's rebounding condo market is showing no signs of slowing down.
Three newly proposed condo towers in Greater Downtown Miami and Coral Gables have increased the total number of units announced in the market to more than 25,000, according to a new report from Condo Vultures.
Including the newly announced towers, developers have now proposed a total of 46 condo towers with approximately 13,600 condo units in the Greater Downtown Miami market, according to Florida brokerage CVR Realty's Preconstruction Condo Projects Database.
In Coral Gables, almost 500 units are expected as of this week.
There are at least 184 new condo towers with more than 25,100 units that are proposed, planned, under construction or recently completed in the South Florida region.
In the previous condo boom, which began in 2003, developers delivered almost 49,000 units the tricounty region. The market remained stagnant after the real estate crash of 2007.
However, as the boom-era inventory dwindles in South Florida, the market is witnessing a push for new condo construction.
Approximately 1,780 new condo units remain unsold in South Florida's seven largest coastal markets from those delivered in the previous boom, Condo Vultures reports.
Since the market crash, four new condo projects -- 23 Biscayne Bay
, 4001 North Ocean, Apogee Beach and Bellini Williams Island -- have been completed in South Florida. Another 45 buildings are under construction, as developers ramp up operations.
The newly announced condo towers in Downtown Miami include the 55-story tower Edge on Brickell with 130 condo units, Miami Real Deal reports. Close by, an unnamed tower is slated with 24-stories and 155 units.
In Coral Gables, developers have proposed the Collection Residences, a 10-story condo with 270 units.
As the condo market continues to heat up, the Condo Vultures report includes a caveat to the number of condo units remaining from the previous boom.
"The total number of unsold new condos does not include any of the more than 8,000 units that were purchased in bulk transactions by investment groups that plan to one day resell the units at a premium," the report states.