Thousands of condos lined up for flourishing florida

Photo credit: Roman

Thousands of condos are being lined up for Florida's flourishing property market.

Developers are planning 55 new condo projects, totalling over 10,000 units, a wave of construction that has been welcomed as a sign of a return to growth in America's Sunshine State.

The projects, spanning Greater Downtown Miami, Fort Lauderdale and West Palm Beach, will see construction of Florida property resume, with Miami-Dade County leading the charge.

There is no finalised delivery date for the developments, but the arrival will mark a crucial landmark for the state's real estate market, indicating that the unsold units from the previous boom-and-bust cycle have all been absorbed. Indeed, buyers had snapped up almost 93 per cent of the 49,000 odd condos created during the boom at the end of the second quarter of 2012. With property currently selling at a pace of 150 units per month, the remaining 3,400 unsold new condos could be purchased by 2014.

"The early stages of the newest condo boom suggest that the new towers are not meant to appeal to the masses but instead to cater to niches, especially ultra-luxury buyers and investors," comments the Miami Herald.

"Developers of ultra-luxury projects are focused on attracting end users and second-home buyers with state-of-the-art towers that include generous floor plans, distinct views and noteworthy features such as personal swimming pools, automobile elevators and spacious backyard-like balconies."

Despite the optimism in the market, though, developers also face the challenge of financing the projects: "developers are requiring buyer deposit commitments of between 30 and 80 percent", adds the Herald.