Since 2011, more than 300 new condominium projects with over 45,000 units have been announced in South Florida, the majority of them located east of Interstate 95 (I-95). Most of these buildings are expected to be around 18 stories tall and will have more than 120 units in Miami-Dade, Broward, and Palm Beach. Over seventy percent of these projects are geared towards attracting foreign buyers in Miami-Dade County.
Speaking of Miami-Dade County, the end goal for developers is to build a total of 252 new condominium buildings with over 35,000 units in the same areas east of I-95 during this same cycle. Most of these buildings will stand 23 stories and will have over 140 units. Compared to Broward and Palm Beach, it remains in first place.
Conversely, Broward County is geared more towards buyers in the local areas and remains in far second place to Miami-Dade, with 93 new condo projects on the horizon and over 9,000 anticipated units. Developers are also focusing on comparably smaller buildings that are about ten stories tall and have fewer than 100 units.
Palm Beach County comes in third, with 55 new buildings and over 3,700 units. The buildings will, however, be a little taller than those in Broward County at about thirteen stories. Most of these buildings are expected to have less than seventy units.
This update is brought to you by Julian Johnston of Calibre International Realty. Julian specializes in Miami waterfront homes as well as Miami Beach luxury condos like Apogee South Beach, the two Continuum buildings, the Portofino Tower, and more. Call 305.502.3985 for any questions about Miami real estate or Miami Beach real estate.
