Miami’s Golden Age re: South Florida's Condominium Market
Recently Arden Karson, a Senior Vice President of The Related Group’s Acquisitions, Distressed Debt and Strategic Opportunities Division and the Project Manager for Brickell Heights Condominium, spoke about the latest in-depth analysis of South Florida’s condominium market prepared by Related ISG. Entitled “2020: The New Miami,” the analysis focuses not only on the condo market, but also the new “Golden Age of Growth” that Miami and the greater South Florida region are experiencing. With major improvements in the arts, dining, high-end retail, transit and commerce industries, Miami has solidified itself as one of the top cities in the world to live, work and play.
As illustrated in the following 2020 report charts by Related ISG, condo developers are taking advantage of the increased demand that the “New Miami” is creating. Since January 2012, the total number of new construction condo units to be built, sold and currently available for sale in the Biscayne Corridor, the Miami Beaches, Fort Lauderdale, Aventura, North Miami, Coconut Grove and Key Biscayne is more than ten thousand.
Since early 2012, Brickell alone has almost four thousand new construction condo units available for sale, almost 60% of which are already sold. With all the growth, it is no wonder Knight Frank listed Miami at the 7th most important global city that matters to the worlds wealthy.