May 19, 2012

Wave of New Condos set to Hit Miami

The Miami Herald is reporting that at least SIX new condo towers are slated to go up in Miami over the next few years.  This is a sharp 180 degree turn from what was occurring just a few short years ago, when entire towers sat nearly empty and developers filed bankruptcy one after another.  According to the article demand is coming almost exclusively from outside of the Miami area, as foreign investors take advantage of the lower dollar and weak market to create their own American dream.

Read More here:  http://www.miamiherald.com/2011/10/29/2478900/condo-mania-20.html

Brickell House: First new Miami high-rise in years

Wait, what?  Somebody is actually building a new high-rise condo tower in Miami?  Well, according to this story in the Miami Herald it’s true.  Brickell House is scheduled to have 374 condos across 46 floors and will cost around $170M.  The developer claims that the existing inventory in Miami which used to be excessive has largely been absorbed (!) so the timing will be right for this building to hit the market in 2014.    This could be true as Miami, like Las Vegas, has seen a lot of international buyers come in the market because of the weak dollar and relatively low housing prices.  Your friends at the condo blog are skeptical, but hopeful that this is a sign that the market is turning.