According to a recent report, developers now have at least 100 condo towers currently under construction in South Florida counties throughout the Miami area. These new complexes are expected to yield more than 11,550 additional units in total, which should contribute to solving the inventory shortage problem that has been plaguing the market during recent months. In addition to these under-construction condos there are also 126 new towers that are in either the planned or pre approved stages, and are waiting to actually begin the developing process. All these new units on the market will most likely result in a more active market, as buyers have been hesitant to purchase lately given the lack of properties available to choose from lately.
Miami-Dade County is currently in the lead by far for most condo construction, with 72 percent of the 
new complexes soon to be located there and 70 buildings currently under construction. Next is Broward, which accounts for 20 percent of the total new condos and has 29 towers that are under construction now. Followed by that Palm Beach, which accounts for just about 8 percent of all the new construction. All this new growth prompts the question of how the market will respond to this rapid increase of inventory, however economists predict that it will result in a price drop at the very least, which is good news for people interested in purchasing.
With prices about to decline and a large influx of new inventory under construction throughout South Florida, now is the time to seriously consider investing in real estate in the area. Miami is growing as an international center for commerce, entertainment and luxury, and as a result of this raising status property in the city and surrounding counties is skyrocketing in value. Why not seize the coming opportunity and invest in a piece of coveted South Florida property while the value is high and there are hundreds of new units to choose from? Contact a RE/MAX agent to learn more about all the amazing commercial and residential properties for sale today!