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Nearly 9,200 New Broward County Condo Units In Development Pipeline During This Cycle
Nearly 9,200 New Broward County Condo Units In Development Pipeline During This Cycle
Published on 9/20/2017 1:25:00 PM

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More Than 3,165 New Broward County Condo Units Currently Under Construction Or Recently Completed

DOWNTOWN MIAMI (Sept. 20, 2017) - Developers have announced - and continue to proceed with plans for - nearly 9,200 new condo units in the South Florida county of Broward, according to a Condo Vultures® Realty report based on the latest data from consultancy CraneSpotters.com.

Broward County ranks as the second most active coastal condo development market in the tricounty region of Miami-Dade, Broward and Palm Beach, representing more than 19 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. 18, 2017

It is worth noting, nearly 1,925 additional units that had originally been planned as new condos in Broward County have since been removed from the CraneSpotters.com statistics based on the respective developers revising their announced strategies. Overall, more than 8,830 units have been shelved in various South Florida coastal markets during this cycle. 

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 Broward County market has about a five-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 Broward County will ultimately be built. 

Currently, the new development pipeline in Broward County breaks down as follows: 

- 5,221 units proposed or seeking governmental approval;

- 793 units planned or secured governmental approval;

- 1,684 units under construction;

- And 1,482 units completed since 2011.   

Based on the statistics, the Broward County condo market will increase by at least 3,166 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 Broward County market given that an unknown number of new apartment units are also being built in the area.  

It is also unclear what impact - if any - Hurricane Irma could have on the South Florida housing market.

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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