What are the distinctive features of this Miami condo boom?
First, Miami’s real estate market development is impressive. Indeed, on 4 square miles in Downtown Miami, there are about 69 towers under construction for a total of 18,400 residential condominium units! Bear in mind though that all of the projects might not be built. Since the city was first constructed one hundred years ago, it has undergone a property boom-and-busts cycle. Miami’s previous building frenzy saw 20,000 units rise. The current boom not only adds more condos but also retail and entertainment space. Among the large scale projects being built, Brickell City Centre will comprise a hotel, a conference center, a shopping mall and a condo tower. A few blocks away is even-larger hybrid complex Miami World Center. This is no wonder that the whole world is now setting eyes on Miami. Read the rest of this entry »