Despite the fears of over-saturation occurring in South Florida (again), investor gurus are intelligently taking advantage of what South Florida has to offer. Whether it's better incentives in Miami's new luxury condo market or the best priced beachfront homes Fort Lauderdale has offered in a long time, there is no holding back buyers from submitting their dream offer for paradise.
With more than 260 condominiums (37,000 residences) proposed to appear in Miami-Dade at $800-$1,200/square foot, much excitement has been reported regarding less expensive luxury opportunities in Broward and Palm Beach counties.
Buyers in the Miami market are starting to get concerned if this is too much availability and if their projects will get completed, especially with the amount of international investors in Miami that have fallen because of the rise of the dollar. "Approximately three of every four units slated to be developed during this South Florida boom are in Miami-Dade" says Peter Zalewski with Condo Vultures, whose firm operates CraneSpotters.com. That's more than 65% of the total proposed for all of South Florida!
So, how many towers are slated for Broward and Palm Beach county, you ask? Developers have announced 96 new condo buildings for Broward, 18%, and 62 in Palm Beach, only 9% - reflecting a much healthier market. With the price per square foot in these residences being offered at half the price of those in Miami-Dade, snowbirds, investors, and locals are finding Broward and Palm Beach much more appealing. Not to mention, home owners with their properties on the market competing with these new developments have been much more agreeable to a buyer's offer.