Danny's Blog

South Florida’s Solid Future

Wednesday, May 4, 2016
Tags:   Danny Hertzberg

Over a century since South Florida’s first big residential real estate surge, all three counties continue to see the tides shift and turn as they adjust to ever-changing demands from buyers seeking to purchase local properties.

About five years ago, Miami’s 23 Biscayne Bay pre-construction project was making its debut at the Village of Merrick Park in Coral Gables. Five years later, there are over 75 new condominium towers with more than 23,000 units that have been announced for Miami’s downtown market. Downtown Miami remains South Florida’s most active region.

Downtown Miami’s strong activity has caused a ripple effect throughout South Florida, resulting in more than 400 new condominium projects with close to 50,800 units having been announced and over 130 of them with nearly 14,700 units currently in some stage of development during the cycle that began back in 2011.

Foreign buyers have played a strong role thanks to South Florida’s relatively inexpensive real estate prices, but with the strengthening U.S. dollar they’ve begun focusing on value. Collectively, all of this activity has resulted in a surge of new developments in Broward County and Palm Beach where land, construction, and resale prices are typically cheaper.

Will South Florida’s momentum continue for another five years?

This update is brought to you by Miami Beach Realtor Danny Hertzberg, specializing in Miami Beach waterfront homes as well as other Miami Beach listings throughout the barrier island. Contact Danny Hertzberg of The Jills, the number one team in the state of Florida by calling 305-505-1950 for information on properties throughout the barrier island.

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