Categorized | Residential

The Condo Market in South Florida Shows Strong Signs of Recovery

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While the majority of the country continues to struggle with a depressed real estate market, South Florida appears to have finally turned the tide. Following the real estate crash, countless numbers of condominiums sat unsold for months. However, demand has now increased, and there are only a small number of condos still on the market.

The renewed success in the real estate condominium market leads many analysts to believe that South Florida may soon finally see new construction of high-rise condos. Oceanfront condominium complexes are particularly in demand, and as such, they are considered to be the safest bet for developers. Some analysts, however, believe that the area will not see nearly as much construction as it did before the real estate crash. The reason for their pessimism stems from the reality that most developers and investors are uncertain as to the current state of the market, and are unwilling to take risks that may involve a financial loss.

Currently, only one developer has plans to build a new condominium complex in the South Florida region, and that is billionaire Jorge Perez. Unlike many developers, Perez has enough financial security to take the risk of building a new condominium high-rise. All eyes will certainly be on the success or lack thereof of his new condo complex. With all the condos said to be reserved before construction even begins, the news may be good for investors and real estate developers alike in South Florida, especially considering the range of sale prices set for each unit.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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