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Less Than 19,800 New Greater Downtown Miami Condos In Development Pipeline Following Project Cancellations

Nearly 60% Of Greater Downtown Miami Condo Development Pipeline Under Construction Or Completed Since 2011

DOWNTOWN MIAMI (Nov. 19, 2017) - Developers have announced - and continue to proceed with plans for - nearly 19,800 new condo units in the Greater Downtown Miami market of South Florida, according to a Condo Vultures® Realty report based on the latest data from consultancy CraneSpotters.com.

Greater Downtown Miami ranks as the most active coastal condo development market in the tricounty region of Miami-Dade, Broward and Palm Beach, representing about 42 percent of the nearly 47,500 new South Florida units announced since this current real estate cycle began in 2011, according to the CraneSpotters.com data as of Nov. 19, 2017

It is worth noting, nearly 5,850 additional units that had originally been planned as new condos in Greater Downtown Miami have since been removed from the CraneSpotters.com statistics based on the respective developers revising their announced strategies. Overall, nearly 9,350 new South Florida condo units that had previously been announced are no longer proceeding as originally planned. 

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 Greater Downtown Miami market has a 27-month supply of units available for purchase at the start 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 seventh year of this current real estate cycle, it is unclear if all of the new condo units announced - and still active - in Greater Downtown Miami will ultimately be built. 

Currently, the new development pipeline in Greater Downtown Miami breaks down as follows: 

- 5,846 units proposed or seeking governmental approval;

- 2,147 units planned or secured governmental approval;

- 5,864 units under construction;

- And 5,932 units completed since 2011.   

Based on the statistics, the Greater Downtown Miami condo market will increase by at least 11,796 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 Greater Downtown Miami 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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