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Nearly 34,100 New Miami-Dade County Condo Units In Development Pipeline During This Cycle

More Than 17,700 New Miami-Dade Condo Units Under Construction Or Recently Completed Since 2011

DOWNTOWN MIAMI (April 19, 2017) - Developers have announced - and continue to proceed with plans for - nearly 34,100 new condo units east of Interstate 95 in the South Florida county of Miami-Dade, according to a Condo Vultures® Realty report based on the latest data from consultancy CraneSpotters.com.

Miami-Dade County ranks as the most active coastal condo development market in the tricounty region of Miami-Dade, Broward and Palm Beach, representing more than 71 percent of the nearly 47,750 new South Florida units announced since this current real estate cycle began in 2011, according to the CraneSpotters.com data as of April 17, 2017

It is worth noting, nearly 6,700 additional units that had originally been planned as new condos in coastal Miami-Dade County have since been removed from the CraneSpotters.com statistics based on the respective developers revising their announced strategies.

These revised projects are now being tracked outside of the CraneSpotters.com Preconstruction Condo Projects Database under one of three categories: rental, on hold or canceled.

The decision to revise - or shelve - the original new condo development plans comes at a time when the Miami-Dade market has a 16-month supply of units available for purchase in the final weeks of this year’s South Florida Winter Buying Season, according to a recent CondoVulturesRealty.com report.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

As South Florida enters the sixth year of this current real estate cycle, it is unclear if all of the new condo units announced - and still active - in coastal Miami-Dade County will ultimately be built. 

Currently, the new development pipeline in coastal Miami-Dade County breaks down as follows: 

- 10,339 units proposed or seeking governmental approval;

- 6,016 units planned or secured governmental approval;

- 10,135 units under construction;

- And 7,600 units completed since 2011.   

Based on the statistics, the Miami-Dade County coastal condo market will increase by at least 17,735 units during this cycle.  

It is unclear if the new condo units - some of which are expected to be available for rent - will impact lease prices in the Miami-Dade County coastal market given that an unknown number of new apartment units are also being built in the area.  

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach. 

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