Before you can get a good sense of what the next condo cycle in Miami is going to look like you first need to look at all of the new condos that are still on the market today and that have to sell. Currently, there are still 2,101 new condos from the cycle that still need to sell. We can further break down the numbers. Out of the 2,101 units, 587 of them have been delivered. There are 183 that are in the preconstruction phase, and there are still 1,331 that are in the midst of construction.
When Did the Cycle Start?
The current condo cycle started in 2012. The report for this condo cycle does not include all of the units, however. Those that are available on the MLS are not included, for example. In addition, if there have been projects that have been stopped since the cycle started, they do not count those either. In the initial pipeline, there were close to 20,000 new condos that were for sale. A large number of those presold and others sold relatively steadily throughout the years.
However, over the course of the last year or so, there has been something of a slowdown in the sales in Miami. Not as many developers are looking forward to breaking new ground because they still have other units that they are trying to sell first.
Still, many of the builders and developers believe that things are going to start picking up again soon. They believe that there will be more and more sales, as more international buyers are looking into Florida once again. Of course, foreign buyers alone are not the only reason the sales are expected to pick up. In addition, there are many people from other states who are looking to buy in Florida.
It is still possible that the vast majority of the new condos that are currently for sale will be sold before the beginning of the next cycle.
For buyers, though, it means that right now there should be quite a selection of options available. This can present buyers with more choices, and it can give them an advantage when it comes to making offers, even when dealing with new condos. Those who are interested in some of the options in Miami for new condos will want to speak with an attorney to find out where some of the best deals are located.