Could South Florida Be Headed for Another Condo Bust?

by Isaac Benmergui, Esq on December 30, 2011

Close to 5,000 condo units remained unsold as of late September and now 3,600 more units in a dozen new projects are proposed for the region. Can South Florida handle a glut of new properties without busting the market once again?

The proposed projects all tout they are ‘selling a lifestyle’ complete with high-end shopping and entertainment. Some have casinos attached to them, which will need a change in Florida law regarding only Indian ownership of casinos.

If the law is changed and properties start coming online as early as late next year, and South Florida’s “shadow” inventory of 200,000 homes in foreclosure combined with the already 30,000 plus on the market, the Florida housing market, although recovering at the moment, could go bust again with too many vacancies and not enough buyers.

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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