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Nearly 665 New Hollywood-Hallandale Beach Condo Units Currently Under Construction In South Florida
Nearly 665 New Hollywood-Hallandale Beach Condo Units Currently Under Construction In South Florida
Published on 9/27/2017 1:12:00 PM

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More Than 800 New Hollywood-Hallandale Beach Condo Units Constructed During This South Florida Cycle

DOWNTOWN MIAMI (Sept. 27, 2017) - Developers have announced - and continue to proceed with plans for - nearly 4,700 new condo units in the Hollywood-Hallandale Beach market in the South Florida county of Broward, according to a Condo Vultures® Realty report based on the latest data from consultancy CraneSpotters.com.

Hollywood-Hallandale Beach ranks as the second most active coastal condo development market in the tricounty region of Miami-Dade, Broward and Palm Beach, representing nearly 10 percent of the more than 47,725 new South Florida units announced since this current real estate cycle began in 2011, according to the CraneSpotters.com data as of Sept. 25, 2017

It is worth noting, more than 800 additional units that had originally been planned as new condos in Hollywood-Hallandale Beach have since been removed from the CraneSpotters.com statistics based on the respective developers revising their announced strategies.

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 Hollywood-Hallandale Beach market has nearly a 12-month supply of units available for purchase at the end of this year’s South Florida Summer 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 progresses through the sixth year of this current real estate cycle, it is unclear if all of the new condo units announced - and still active - in Hollywood-Hallandale Beach will ultimately be built. 

Currently, the new development pipeline in Hollywood-Hallandale Beach breaks down as follows: 

- 2,652 units proposed or seeking governmental approval;

- 572 units planned or secured governmental approval;

- 664 units under construction;

- And 809 units completed since 2011.   

Based on the statistics, the Hollywood-Hallandale Beach condo market will increase by at least 1,473 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 Hollywood-Hallandale Beach 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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