Developers, optimistic about the condominium market’s rebound, are listing thousands of preconstruction units in South Florida for a median presale price of $725 per square foot, according to a report from Condo Vultures.
Regarding the nearly 50 projects preselling units in the region, preconstruction condominium prices fall between $250 per square feet and $2,650 per square foot. The mean is $960 per square foot overall. But if divided by county, the mean price for a preconstruction condo is $1,060 per square foot in Miami-Dade, $500 per square foot in Broward and $575 per square in Palm Beach, the data show.
South Florida developers plan to build at least 146 new condo towers with nearly 20,000 units as of Saturday. Nearly 2,150 new condo units remain unsold from a supply of nearly 49,000 units created since 2003 in the region’s seven largest coastal markets, the report said. [Condo Vultures] — Mark Maurer