Only 1,925 New South Florida Condo Units Remain from Housing Bust

by Isaac Benmergui, Esq on October 1, 2013

Room w windowsRoughly only four percent of the new condos built during the South Florida real estate boom, remain unsold in the tri-county area, according to a report from CondoVultures.com.

Buyers have been snatching up bargains at an average of $468 per square foot at a rate of nearly 65 new condos every month. Although the pace is slowing a bit, inventory isn’t expected to disappear until mid-2015 as developers are also building 170  preconstruction condo towers for South Florida just as fast as they can break ground.

Including the second quarter of 2013, buyers have now bought over 46,835 condo units in the coastal markets between 2003 and June 2013 in the tri-county area. Currently, more than 22,500 additional new condo units have been proposed by developers.

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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