Nearly 47,750 New South Florida Condo Units In Development Pipeline During This Cycle

More Than 21,875 New South Florida Condo Units Under Construction Or Recently Completed Since 2011

DOWNTOWN MIAMI (April 12, 2017) - Developers have announced - and continue to proceed with plans for - nearly 47,750 new condo units east of Interstate 95 in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach, according to a Condo Vultures® Realty report based on the latest data from consultancy CraneSpotters.com.

Miami-Dade County ranks as the most active coastal condo development market in the tricounty region with nearly 34,100 units, representing more than 71 percent of the South Florida pipeline since this cycle began in 2011. Broward County ranks second with nearly 9,300 new units, accounting for nearly 20 percent of the tricounty development pipline. Palm Beach County is third based on more than 4,350 units or nine percent of the South Florida total, according to the CraneSpotters.com data as of April 10, 2017. 

It is worth noting, nearly 8,650 additional units that had originally been planned as new condos in the South Florida coastal area have since been removed from the CraneSpotters.com statistics based on the respective developers revising their announced strategies.

These revised projects are now being tracked outside of the CraneSpotters.com Preconstruction Condo Projects Database under one of three categories: rental, on hold or canceled.

The decision to revise - or shelve - the original new condo development plans comes at a time when the South Florida market has about a 10-month supply of units available for purchase near the end of this year’s South Florida Winter Buying Season, according to a recent CondoVulturesRealty.com report.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

As South Florida enters the sixth year of this current real estate cycle, it is unclear if all of the new condo units announced - and still active - in coastal South Florida will ultimately be built. 

Currently, the new development pipeline in coastal South Florida breaks down as follows: 

- 16,918 units proposed or seeking governmental approval;

- 8,940 units planned or secured governmental approval;

- 12,753 units under construction;

- And 9,126 units completed since 2011.   

Based on the statistics, the South Florida coastal condo market will increase by at least 21,879 units during this cycle.  

It is unclear if the new condo units - many of which are expected to be available for rent - will impact lease prices in the South Florida coastal market given that an unknown number of new apartment units are also being built in the region.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.

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