Miami New Condominium Construction Update

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Miami New Condominium Construction

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 Edgewater410 NE 35 TerrHeafey Group207
Spark522 NE 34 StSpider Ventures56
Missoni Baia700 NE 26 TerrOKO Group/OB Group/Cain Hoy168
Elysee Miami700 NE 23 StTwo Roads Dev100
Auberge Miami1400 Biscayne BlvdThe Related Group290
One River Point24 SW 4 StKar Properties400

Under Construction Condos in Miami

NameAddressDeveloperCondosEstimated Completion Date
Paraiso Bay600 NE 31 StThe Related Group3602017
Biscayne Beach2955 NE 7 AveGTIS Partners3992016
26 Edgewater321 NE 26 StStripey Development862016
Aria on the Bay1770 N Bayshore DrMelo Group6472017
1000 Museum1000 Biscayne BlvdCovin Development832016
1010 Brickell1010 Brickell AveKey International3872016
Cassa Brickell201 SW 17 RdTGS Paragon Development812016
Hyde Hotel & Residences3401 NE 1 AveThe Related Group / SBE3372016
One Paraiso600 NE 31 StThe Related Group2762017
The Edgewater481 NE 29 StOKO Group30TBA
Canvas1630 NE 1 AveNR Invesments5132017
Brickell Flatiron1001 S Miami AveBrickell Flatiron LLC5492017
Echo Brickell1451 Brickell AvePMG1802017
Paraiso Bayviews600 NE 31 StThe Related Group3962018
The Crimson527 NE 27 StMCKafka Development902016
250 Wynwood250 NW 24 StFortis Development112016
Square Station47 NE 14 StMelo Group7102018
Paramount Miami Worldcenter700 N Miami AveMiami Worldcenter Associates5692018
Brickell Heights850 S Miami AveThe Related Group Crescent Heights6902016
The Bond1080 Brickell AveMDR Toledo3282016
Gran Paraiso600 NE 31 StThe Related Group3172018
Pearl Midtown 29180 NE 29 StMorgan Group2092018
SLS Lux801 S Miami AveThe Related Group / Crescent Heights5352016
Brickell Ten1010 SW 2 AveIB Corp / Waterstone Capital1552016
SLS Hotel & Residences1300 S Miami AveThe Related Group4502016

Recently Completed Condos in Miami

Rise at Brickell City Centre88 SW 7 St390
Centro151 SE 1 St352
Melody Tower245 NE 14 St497
Millecento1100 S Miami Ave382
Reach at Brickell City Centre68 SE 6 St390
Bay House600 NE 27 St165
Brickell House1301 Brickell Bay Dr374
Icon Bay428 NE 28 St300
Le Parc at Brickell1600 SW 1 Ave128
26 Plaza162 NE 25 St171

Miami New Construction Condos For Sale:

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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.