They're Back - Miami Condo Cranes!
Just two years ago, the real estate experts were saying it would take 18 years to liquidate the bloated South Florida condo bust inventory. But now they are virtually gone and new condo towers are under construction everywhere in the Miami to Hollywood, Florida corridor. According to Miami real estate agent Peter Zalewski, "There will probably be about 25 to 30 towers, probably close to 12,000 units that are all going to be announced or are in the planning stages." Many of today's South Florida condo buyers are from South America, Canada and Europe who see Florida real estate as a huge bargain. Developers and banks are imposing much stricter requirements this time around to try to prevent the usual Florida boom and bust condo cycle.