South Florida condo market is growing

South Florida condo market is entering new growth phase.

At least 45 towers with more than 7,600 units have been proposed — with five towers already under construction — along the coast in Miami-Dade, Broward, and Palm Beach counties in the last 14 months.

 Developers starting to build thousands of new apartments units  in South Florida which could be converted into condominiums in the future due to strong rents being collected from tenants who cannot or will not buy their own residences.

As of March 31, about 3,900 developer units remain unsold out of a pool of nearly 49,000 units created during the last boom in South Florida’s seven largest coastal condo markets of greater downtown Miami; South Beach; Sunny Isles Beach; Hollywood and Hallandale Beach; downtown Fort Lauderdale and Fort Lauderdale beach; Boca Raton and Deerfield Beach; and downtown West Palm Beach and Palm Beach.