Higher New Condo Inventory But Resales Better Bargain

by Isaac Benmergui, Esq on May 29, 2013

money puzzleFor the last five years, resale condo inventory outpaced new condo construction, but no longer. There are now 500 more new condos proposed than are for sale, but the cost of new construction is steep.

The average cost for a newly built condominium is more than $400 per square foot; a resale condo averages about $275 per square foot, according to the Florida Realtors Association.

With the noticeable difference in price, condo buyers could face bidding wars for existing resale units, which will cause prices for condos in proposed towers to rise even more.

New Construction vs. Resale Condos

Of the18,500 new condos that are proposed for the tri-county area: Miami-Dade has 14,350, Broward has nearly 2,125, and Palm Beach has 2,100. In the resale market, there are7,500 units in Miami-Dade, in Broward, more than 5,500 and about 5,400 in Palm Beach.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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