Many of the 26 condos announced for South Florida are a pipe dream: analyst

TRD MIAMI /
Apr.April 05, 2012 03:00 PM

South Florida has been widely reported to be buzzing with new condominium development, but at least one prominent real estate analyst is skeptical. Though 26 new projects are slated for the tri-county area, McCabe Rsearch & Consulting CEO Jack McCabe told the Sun Sentinel he doesn’t think the market can digest that many units.

Lending is still tight for buyers and builders, so these developers are essentially limiting themselves to projects that can be financed by cash buyers’ down payments.

Because so many of the new projects announced are just refreshers of developments first planned before the crash, McCabe said he believes the announcements are made merely to gauge buyers’ interest.

“It will be interesting to see just how many of these announcements actually come to fruition and how many remain on drawing boards,” McCabe said. “It’s going to be awfully difficult to get people to pay those prices. It’s still a tumultuous time in the condo market. While there may be a lot of announcements, I think it’s just developers trying to get an idea on the market.” [Sun Sentinel]


Related Articles

arrow_forward_ios
Hallandale emerges as vertical development hot spot

Hallandale emerges as vertical development hot spot

Hallandale emerges as vertical development hot spot
Broker offered leased-car freebies to move condos

Broker offered leased-car freebies to move condos

Broker offered leased-car freebies to move condos
Mansion sales in Palm Beach Gardens lead the U.S.

Mansion sales in Palm Beach Gardens lead the U.S.

Mansion sales in Palm Beach Gardens lead the U.S.
Affordable housing a “huge problem” in Palm Beach County

Affordable housing a “huge problem” in Palm Beach County

Affordable housing a “huge problem” in Palm Beach County
Residential supply in WPB to increase by 4,000 units

Residential supply in WPB to increase by 4,000 units

Residential supply in WPB to increase by 4,000 units
Experts: Will U.S. recession spark next SoFla real estate downturn?

Experts: Will U.S. recession spark next SoFla real estate downturn?

Experts: Will U.S. recession spark next SoFla real estate downturn?
Miami breaks tourism records in 2013, Palm Beach County tackles flooding issues … and more

Miami breaks tourism records in 2013, Palm Beach County tackles flooding issues … and more

Miami breaks tourism records in 2013, Palm Beach County tackles flooding issues … and more
In shadow of Miami’s residential boom, foreclosure market heats up

In shadow of Miami’s residential boom, foreclosure market heats up

In shadow of Miami’s residential boom, foreclosure market heats up
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...