Miami New Condominium Construction Update
Miami new condominium construction appears to have rebounded faster than anywhere else in the country, from what I can tell. I remember back in 2006, seeing more cranes on the Miami skyline than I could count; and at one point I read an article that said that we had the most new condo tower construction cranes of any city on Earth. Just two years later, in 2008, I looked across Biscayne Bay to see ZERO cranes. It was a surreal scene; showing just how hard the economic collapse had hit Miami…but as fast as that decline happened, the rebound has been just as striking.
The image at the top of this page was published by Brickell Magazine to show how our beautiful Miami skyline will look by 2020. All of the red lines correspond to new condo projects that are either currently under construction, or soon to break ground. Very soon, the Miami skyline will stretch all the way from Biscayne Bay to I-95, and sales of these new condominiums in coastal Miami are very strong; reflecting a significant demand in 2015.
As of 2014, 9 brand new condo towers had been completed east of interstate 95. There were also 54 new condo towers under construction, an additional 62 planned towers, and a whopping 80+ more that were announced but not yet approved. There are currently 84 condo projects with 98 towers currently selling in Miami. 67% of those units are sold. The average price per square foot of these new construction units is $855.
As of March 2015, developers now have more than 100 brand new condo towers under construction east of I-95 in South Florida. The 100+ condominium towers that are under construction as of March 2015 will result in more than 11,000 new condo units in Miami-Dade, Broward and Palm Beach counties! These eye-opening statistics mean that the condominiums that are currently under construction (or that were just completed) represents more than 30 percent of the more than 42,700 planned condos in 330 new towers announced for South Florida.
Regarding new construction condo prices; although new sales and resales of existing Miami condos are still increasing, the average rate at which they’re increasing is slowing. Miami condo prices rose 16 percent in 2014, down from 27 percent in 2012 and 22 percent in 2013.
The median sales prices for all housing types in the area have increased for the month of April 2015. Approximately 70 percent of all home purchases in Miami have been paid completely in cash in March 2014. While this is a decline compared to December, this is still WAY above the national average of 35.5%. Condominiums, as usual, are the biggest volume property sales, with 65.8% of condominium sales paid for in cash in April 2015. Single family homes paid in cash were about 36% of total sales for the market.
There is no sign of the Miami New Condominium Construction market slowing down, as the total active listings for the month of April 2015 are higher than the April 2014 figures; however, this figure is still 60% lower compared to the crazy 2008 levels.
More than 72 percent of the new condominiums in all of South Florida are located in Miami; so there are plenty of opportunities to find your dream home in Miami!
Check out my Westside Estate Agency Miami monthly Miami real estate market update for current statistics.
Planned Construction Condos in Miami
|Bentley Edgewater||410 NE 35 Terr||Heafey Group||207|
|Spark||522 NE 34 St||Spider Ventures||56|
|Missoni Baia||700 NE 26 Terr||OKO Group/OB Group/Cain Hoy||168|
|Elysee Miami||700 NE 23 St||Two Roads Dev||100|
|Auberge Miami||1400 Biscayne Blvd||The Related Group||290|
|One River Point||24 SW 4 St||Kar Properties||400|
Under Construction Condos in Miami
|Name||Address||Developer||Condos||Estimated Completion Date|
|Paraiso Bay||600 NE 31 St||The Related Group||360||2017|
|Biscayne Beach||2955 NE 7 Ave||GTIS Partners||399||2016|
|26 Edgewater||321 NE 26 St||Stripey Development||86||2016|
|Aria on the Bay||1770 N Bayshore Dr||Melo Group||647||2017|
|1000 Museum||1000 Biscayne Blvd||Covin Development||83||2016|
|1010 Brickell||1010 Brickell Ave||Key International||387||2016|
|Cassa Brickell||201 SW 17 Rd||TGS Paragon Development||81||2016|
|Hyde Hotel & Residences||3401 NE 1 Ave||The Related Group / SBE||337||2016|
|One Paraiso||600 NE 31 St||The Related Group||276||2017|
|The Edgewater||481 NE 29 St||OKO Group||30||TBA|
|Canvas||1630 NE 1 Ave||NR Invesments||513||2017|
|Brickell Flatiron||1001 S Miami Ave||Brickell Flatiron LLC||549||2017|
|Echo Brickell||1451 Brickell Ave||PMG||180||2017|
|Paraiso Bayviews||600 NE 31 St||The Related Group||396||2018|
|The Crimson||527 NE 27 St||MCKafka Development||90||2016|
|250 Wynwood||250 NW 24 St||Fortis Development||11||2016|
|Square Station||47 NE 14 St||Melo Group||710||2018|
|Paramount Miami Worldcenter||700 N Miami Ave||Miami Worldcenter Associates||569||2018|
|Brickell Heights||850 S Miami Ave||The Related Group Crescent Heights||690||2016|
|The Bond||1080 Brickell Ave||MDR Toledo||328||2016|
|Gran Paraiso||600 NE 31 St||The Related Group||317||2018|
|Pearl Midtown 29||180 NE 29 St||Morgan Group||209||2018|
|SLS Lux||801 S Miami Ave||The Related Group / Crescent Heights||535||2016|
|Brickell Ten||1010 SW 2 Ave||IB Corp / Waterstone Capital||155||2016|
|SLS Hotel & Residences||1300 S Miami Ave||The Related Group||450||2016|
Recently Completed Condos in Miami
|Rise at Brickell City Centre||88 SW 7 St||390|
|Centro||151 SE 1 St||352|
|Melody Tower||245 NE 14 St||497|
|Millecento||1100 S Miami Ave||382|
|Reach at Brickell City Centre||68 SE 6 St||390|
|Bay House||600 NE 27 St||165|
|Brickell House||1301 Brickell Bay Dr||374|
|Icon Bay||428 NE 28 St||300|
|Le Parc at Brickell||1600 SW 1 Ave||128|
|26 Plaza||162 NE 25 St||171|
Miami New Construction Condos For Sale:
If you’d like to know more about any of the stunning Miami new condominium construction projects in Miami or Miami Beach, don’t hesitate to Contact Stavros Mitchelides Miami Beach Realtor at Westside Estate Agency Miami.