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Proposed condominium construction on the rise in South Florida

Proposed projects in the South Florida area in recent months could mean the addition of more than 24,500 condominium units. This number of units comes a long ways towards matching the number of units that were created during the real estate boom that began in 2003.

The Miami-Dade area accounts for 79 percent of these newly planned condos. Palm Beach has proposed building 11 percent of the units and Broward has proposed building 10 percent.

It is felt that the overall pre-construction market in South Florida is sound. However, financing will still remain a challenge concerning many of the proposed condos.

While $10 billion in financing was provided for condo construction during the previous real estate cycle, lenders have so far only come up with $2 billion in financing of new condo towers in the coastal South Florida region. Real estate developers are thus asking for buyers to commit to more upfront deposit payments. Developers may also be attempting to attract a different kind of buyer as well.

Unique sorts of real estate deals require a flexibility when it comes to both management and the financing. Business strategies that are implemented may need to be altered when particular circumstances arise. In any event, the legal advice provided by real estate attorneys can be of the greatest value.

Both developers and buyers will be look for various real estate solutions under these circumstances. Especially when financing becomes a problem, loan modification and workouts may be in order to keep real estate developers from going underwater in the event problems come about. This can also include foreclosure alternatives as well.

 

Source: Miami Herald, "South Florida's Total Number of Proposed Condo Units Reaches Halfway Point of Last Boom," Peter Zalewski, Dec. 22, 2013

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