South Florida luxury real estate increasingly looks to be in the early stages of a new growth cycle. With at least 138 new condominiums already proposed, construction has begun on a 20th luxury condo high-rise some six years after the market crashed in 2007.
On May 14, 2013 developer Jorge Perez of the Related Group celebrated the groundbreaking of the planned Beachwalk luxury condo tower. The 33-story condominium will be located on a site that fronts the Intracoastal Waterway in Hallandale Beach. The 300 Beachwalk condominium residences will include 216 fully decorated and furnished two-bedroom luxury condos for part-time residency and use in the resorts rental program, and 84 two- and three-bedroom residences for full time residences, delivered decorator ready. Condominium floor plans range from 1,100 sq. ft. to over 1,800 sq. ft with prices from $399,900 to $699,900. The construction of the luxury condo building is to be completed in two years.
The luxury condo Beachwalk follows the success of the sold-out, 22-story Apogee Beach in Hollywood that is expected to welcome residents this summer as the first new construction in South Florida since 2007.
LUXURY CONDOS UNDER CONSTRUCTION
In South Florida developers are now proposing more than 18,500 units of luxury condo inventory for coastal Miami-Dade, Broward, and Palm Beach counties as of May 26, 2013.
Fueled by investors primarily from overseas, about 2,450 new luxury condo units remain unsold from a supply of nearly 49,000 units created since 2003 in South Florida.
This all comes as no surprise as Miami ranked second only to Los Angeles for foreign consumers shopping for U.S. properties online in March. Fort Lauderdale ranked No. 8. Miami was the favorite U.S. city for searches originating in Switzerland, Italy and Spain.