The Real Deal Miami

SoFla condo boom to keep population in check

November 20, 2013 03:45PM

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patrick-oconnell

Patrick O’Connell

The condominium boom in South Florida looks like it will keep the population surge from going out of control.

About 70 new units would be built every day to house the daily the influx of 175 new residents, according to Patrick O’Connell of Esslinger Wooten Maxwell, citing state data. Fortunately the pipeline shows enough projects are in sight, though their affordability is unknown. Forty-one new towers and 12,000 units are slated for Downtown Miami alone. Countywide, 23,000 units are planned. Real estate experts gathered last week for Coral Gables Chamber of Commerce’s 2013 Real Estate Outlook lunch to discuss the population growth’s impact on real estate.

“A lot of the new units that we’re seeing aren’t necessarily the ones that are affordable for the residents moving here,” O’Connell told Miami Today.

Miami Today publisher and moderator Michael Lewis said the long-term plan for stability should be develop high-end employment and entrepreneurial opportunities for the expanding base of residents. [Miami Today]Mark Maurer

  • shane

    Sounds good but when you have every developer trying to out do with the most expensive and luxurious project then that means it only caters to the small percent of people who can afford it.

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