If you live in Miami, you can’t miss the construction cranes digging the foundation for new high-rise condos all over the place. What does it mean? In other words, what are the main trends of the South Florida condo revival?
First of all, the real estate market is still characterized by a huge demand and a low inventory. Consequently new projects are sprouting out like mushrooms and are often quickly sold out. For instance, among the 22,000 units built in Miami Downtown during the real estate boom, only 600 have not yet sold. Just to give you an idea, about 160 new condominiums are projected to be built.