South Florida condos are gaining increasing popularity in the market. This is being instigated somewhat by the newly-proposed condos in Greater Downtown Miami and Coral Gables. According to a recent Condo Vultures report, the market has increased to over 25,000. In addition, 46 condo towers in the region have been proposed which will provide for around 13,600 condo units in the Greater Downtown Miami region.
In addition, there has been a real boom in the market of South Florida condos. There are at least 184 new condo units with over 25,100 units at some stage of building (meaning that they are in the stage of being proposed, constructed or completed).
The last Florida condo boom began in 2003. During this time, around 49,000 units were developed throughout the tri-county region. The market crashed in 2007 but then remained stable. Still, as there has been a dwindling inventory of housing in South Florida, the market is now encountering a new condo construction. Currently, around 1,780 new condo units are still on the market in South Florida from the previous boom. But since the market crashed, four new condo projects were completed in South Florida. A further 45 buildings are currently under construction.
In a recent overview of the surging housing market in the US, a community in Florida was among the five leading real estate markets considered experiencing “hot streaks.” The communities included Daphne, Alabama; Colorado Springs, Colorado; Raleigh, North Carolina; Myrtle, South Carolina; and The Villages in central Florida.
The Villages is the only community in the list with a master plan for its development. Located in the heart of central Florida, The Villages is probably the least well-known of the communities on the list. But don’t let obscurity fool you. Real estate is booming in The Villages. During 2013 there were almost 4,100 new homes sold, a huge increase of 52 percent over the year before. In addition, home sales in The Villages accounted for 45 percent of all the lots sold in all of the central Florida market during 2013.
If you are at all considering a home purchase in the central Florida region it would be wise to investigate The Villages. For mortgages in Florida, Doral Bank would also be a good place to begin looking for a good deal. Doral offers good mortgage terms and is also a full-serve bank that has a full line of customer services. Doral has 6 branches throughout Florida, in Panama City, Pensacola and Tallahassee, making it a convenient choice for consumers.