Beginning in July of last year, spending for construction purposes increased in the Miami area, and it continued in an upward direct for four month in a row last year in Broward County. As a result, Broward County caught up with Miami-Dade County for real estate-related spending. A lot of this spending is because of an increase in the construction of custom-homes, according to Bernie Navarro of the Latin Builders Association. Notable areas where this is occurring are Key Biscayne, Coral Gables and Pinecrest, locations where building had slowed to a stop. Although some people employed in the construction industry are losing their jobs, the rate at which this is happening appears to be slowing down. The trend also led University of Florida economist David Denslow to state that he believes the financial outlook is much better than he thought it would be six months ago when everyone thought there would be a double dip recession.
Hallandale Condo Sales
Hallandale condo sales also increased last year. Hallandale condo sales rose to the level of 140 units per month. In 2010, these condos were only selling at a rate of 120 units per month. The 20-unit increase is believed to be due to investors who took advantage of these homes’ lower prices.
Single Family Homes in Miami
Those who are looking for single family homes in Miami are taking advantage of the new trend of increased activity in the real estate sector. Single family homes in Miami and pre-construction condos are both showing an increase in sales. One of the main drivers of this action in the pre-construction arena is the Apogee Beach Hollywood condo. Jorge Perez of the Related Group stated that the Apogee Beach Hollywood condo is what is responsible for his ability to build a new condominium tower. In the neighborhood of the Apogee Beach Hollywood condo, Perez will be building a tower with 31 floors of glorious condominium homes and hotel suites with a view of the Intercoastal Waterway.
In December of 2011, Perez and the Related Group began to build a 23-story condo in Apogee Beach, even though all units had not been sold. By January of this year, 41 of the 49 condominium homes at the Apogee Beach have been sold.
The Related Group has even more on its plate with the new MyBrickell that was set to be built in February. According to the Related Group, a full 80 percent of the units are in the contract phase, and everyone has already offered their deposits of 20 percent of the purchase price. This project is distinguished by the fact that it is the first real estate project to be built in several years. Miami residents can expect even more condominium homes to be built in the wealthiest sections in the near future.