The aftershocks of the last housing boom are still lingering, but developers are once again rushing to buy up land and erect new condo towers in downtown Miami’s burgeoning metropolis.
At least six new condo projects are slated to break ground in Miami in the coming years, with developers promising to announce several additional projects soon.
For skeptical housing analysts and weary homeowners, the sudden flurry of developer excitement in the midst of double-digit unemployment and stagnant home prices brings back not-so-distant memories of the last housing boom, and its epic bust.
This time is different, say the developers, who profess to have learned their lesson and are adopting financial models with far less risk than the 20-percent-deposit pre-sales that were popular during the last building boom.
“It’s time to think of where we’re going to be rather than where we are,” said Harvey Hernandez, whose Newgard Development Group recently announced plans for a new condo tower called Brickell House at 1300 Brickell Bay Dr. “It could not be a better moment for us to launch a project.”
So why the sudden rush to build again?
Read : ” Here comes the next wave of condos ” an article by The Miami Herald