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.