South Florida’s peak anxiety
More than 15 condo towers have been canceled or revised due to a changing market
December 02, 2015 10:30AMBy Peter Zalewski
From the October issue: Anxiety about the South Florida condo market is on the rise as members of the real estate community prepare for the winter buying season.
Developers, brokers and buyers are increasingly voicing concern that the next six months could be a pivotal time for the current condo construction boom that started in 2011 in the area east of Interstate 95 in Miami-Dade, Broward and Palm Beach counties. After all, the rule of thumb is that the typical real estate cycle lasts seven to 10 years, and thus some developers may be reluctant to embark on a three-year condo project if buyers are starting to shy away from purchasing.
A productive winter buying season from November through April in South Florida could mean that many of the new tri-county condo projects already announced will indeed be built as planned. [more]
Source: The Real Deal