As the South Florida real estate market continues to push forward with its recovery, a series of new condominium development projects seem to be one of the main features which people can look forward to seeing in the very near future.
Out of all the regions within the United States, South Florida and its real estate market took one of the worst falls after the market crash that took place a few years ago. Soon enough, things started looking up as overall conditions improved substantially and the level of activity within the region increased with significant help from foreign buyers and investors who understand the value of real estate within such a prime destination.
South Florida has always been considered to be one of the most beautiful locations in the United States since it provides world-class beaches to a global audience who seek the luxury of a tropical paradise setting situated along the Atlantic coast of the region.
However, real estate opportunities have definitely been a major contributing factor, especially now that condominium development projects are set to rise from Miami to West Palm Beach as real estate developers are looking to bring in even more activity to the South Florida region.
Around 60 new condominium towers are set to rise within Miami-Dade, Broward, and Palm Beach which should provide an additional 10,000 units to the South Florida real estate market. With regards to the condominiums which remain unsold from the boom years of 2003 to 2006, an estimated 3,400 units are still available on the market as the majority of the condominium inventory has been sold off to cash-paying investors.
Nevertheless, there has been a lot of speculation regarding the outcome of what has yet to be seen across the region as experts believe that the South Florida real estate market could end up having far too many condominium options than the market can possibly sustain.
But despite these speculations, developers remain firm in the belief that the global audience of property buyers will be enthusiastic about the outstanding options that will be offered in the next couple of years, especially since most of these will cater specifically to the oceanfront luxury sector of the property market within the region’s top market, Miami.
If you would like to find out more information regarding the upcoming development projects that are set to rise within South Florida, you may contact a professional agent for further details.