Tuesday, October 29, 2013
New Condo Construction Projects in the Broward County Area
The real estate market in south Florida has been topsy-turvy since 2008 to say the very least. The latest real estate market change in south Florida, specifically in Broward County is a profound shortage of inventory. Private investors and investment property companies have been buying up thousands of properties in cash over the past couple of years. While this trend is a positive one, as the Florida real estate market is turning back into a seller's market, it is still problematic for those looking to purchase a home of their own. This new need for inventory is fueling a condominium construction boom in Broward, Miami-Dade, and Palm Beach counties. There are currently 170 new condominium buildings proposed for construction in south Florida, 3 of which have already reached completion with 3 more proposed to be completed by the end of 2013. The most recent of the Broward County condos to be completed was the Apogee Beach condo in Hollywood Florida. Apogee Beach consists of 49 Hollywood Florida condos on 24 floors, and is located right on the Atlantic Ocean. So far a total of 44 units have been purchased from the developer of Apogee Beach Hollywood Florida for an estimated $50.6 million as of mid-October of this year. Bellini Williams Island in Aventura Florida, the Regalia in Sunny Isles Beach, and MyBrickell in downtown Miami are the three south Florida condos that are proposed to be completed by the end of this year. The construction of these Broward County condos and Miami-Dade condos will help boost the south Florida real estate inventory, further improving the market. Numerous other projects are scheduled to commence in Broward, Miami-Dade and Palm Beach counties within the next few years.