Last week, analysts raised a warning flag over the Miami condo frenzy because 19,660 units were just finished, under construction or in the planning stage.
As of today, analysts will have to increase their estimate of condo construction in the works by adding 5,000 more units, and that is based on just five projects that have won city approvals in the past week.
Here is a project list of new condo construction in Miami:
Brickell CitiCenter, won approval for a three-tower cluster on both sides of South Miami Avenue, with 2,424 units.
Icon Brickell, at 495 Brickell Avenue, won approval for three towers with 1,705 condos.
Soleil, at 3100 Biscayne Boulevard, with 288 condo units.
Urban River, won approval for two towers with 577 units in for a project in Southeast Overtown.
Ehden Placea, at 54 NW 27th Avenue, won approval for a 14-story tower with 57 units
From Miami Today:
“Those who try to downplay warnings in the marketplace go both ways - they say there’s no condo overcapacity problem, then state the reason is that most of the announced projects will never make it out of the ground, so the total in the pipeline is vastly overstated.
That’s well and good for develpoers - especially those promoting projects that are at or near completion who want to gloss over the chances of competitors. It’s not so good for objective observers who are trying to provide rational advice to investors.”
It’s can be a full time job keeping up with Miami’s changing condo market, but for those whose money is going to be on the line, es muy importante.
Gus Moore heads up Miami Beach 411 as site administrator. You can reach him at 1-305-754-2206.