MIAMI—At least 152 new condo towers are proposed in South Florida—and construction is underway on the 31st and 32nd condo high-rises in the region. So says a new report from CondoVultures.com.

GlobeSt.com recently reported on the groundbreaking of 400 Sunny Isles, a 230-unit condo project in Sunny Isles. That brings the total of under-construction condo units to 565 in Sunny Isles alone, according to the Preconstruction Condo Projects Database compiled by the licensed Florida brokerage CVR Realty. And that number is about to rise as developers break ground on Jade Signature, adding another 198 units to the construction tally later this month. Across the tricounty area, developers are planning about 20,000 units.

“The push for new condo construction comes as the boom-era unit inventory is dwindling in South Florida,” says Peter Zalewski, principal at Condo Vultures. “Overall in South Florida, less than 2,150 new condo units remain unsold from a supply of nearly 49,000 units created since 2003 in South Florida's seven largest coastal markets …”

Zalewski reports that a number of the newly proposed condo units are not expected to be completed until 2014. That's when the unsold developer inventory from South Florida's last real estate boom and bust is projected to be sold.

“It is important to note there are various stages to a residential real estate transaction in South Florida,” he says. “A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government. As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.”

Instant Insights /

32nd New South Florida Condo Tower Launches Construction

Related Stories

Recommended For You