Real Estate: South Florida Condo developers race to build
Condo developers have been on a tear, proposing an average 1,000 new units per month since October 2012, Condo Vultures consultant Peter Zalewski wrote in the Miami Herald.
Since the fourth quarter of last year, developers have announced nearly 90 buildings representing a combined 9,500 new units. An additional 1,200 units are expected to be announced in coming weeks, according to the column. Since April 2011, 145 towers have been proposed, with the bulk — about 90 towers — to be constructed in Miami.
South Florida developers have recently filed applications with the Federal Aviation Administration — the governmental entity that governs airspace — to obtain approval to assemble construction cranes within the next 15 months for Chateau Group’s proposed 60-plus-story, 713-foot-tall tower at 600 Biscayne Blvd. and 710-foot-tall tower with at least 60 stories at 700 Biscayne Blvd; and Newmark Development Group’s planned 610-foot-tall tower with 55 stories at 24 SW 4th St. on the north bank of the Miami River, Zalewski wrote, adding that the total count is unclear with the developers still at the planning phase.
Less than 2,150 condos remained unsold from the last South Florida boom, about five precent of the total, as of March 31.
Unlike the previous boom, there is virtually no construction financing available, Zalewski wrote, with developers depending on deposits of about 50 percent to cover the building costs. [Miami Herald] — Emily Schmall.
Internet site reference: http://therealdeal.com/miami/blog/2013/07/25/condo-developers-racing-to-build-in-s-florida/