Condo development lagging in Palm Beach, Broward counties

real_estate

The housing market is brutal on homebuyers in Broward and Palm Beach counties. Getting into a condominium in either county isn’t any easier.

And it doesn’t look like the situation will change anytime soon.

“Condo listings don’t stay on the market for more than a few days,” said Beverly Rothstein, an agent for Galleria International Realty in Fort Lauderdale. “Clients are asking me, ‘What can I do, other than begging?'”

There’s very little help on the way in the form of new construction. Only 583 units are currently under construction in the two counties and builders are planning only about 4,200 units during the next few years, according to CondoVultures.com, a Bal Harbour-based consulting firm.

That’s not much, especially with demand on the rise.

“Thus far, many developers are ignoring Palm Beach and Broward,” said Peter Zalewski, principal at CondoVultures. “It seems we could be headed for a situation where bidding wars will keep going higher and higher because of a lack of product.”

Read more of ‘Condo development lagging in Palm Beach, Broward counties‘ by the Sun Sentinel

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