Miami New Construction Show
95 completions | 54 under constructions | 59 projects approved | 53 under approval
This past weekend, Miami held its first –ever trade show for new condominium construction at the Miami Beach Convention Center. The show aimed to be a sort of supermarket of new condo development for prospective buyers and their agents and a networking venue for the many sectors of Miami business that are riding the wave of growth.
Among 86 exhibitors spanning 110 booths are developers showcasing 47 condo construction projects in South Florida.
The show also includes panel discussions focusing on subjects related to the boom. Topics include the role of social media in real estate; the factors fueling Miami’s pre-construction boom; crowdfunding in real estate and Miami’s place among global cities.
The show comes as the condo construction boom that started in 2011 has hit high gear, fueled by a buyer-deposit financing model in which unit purchasers typically put up 50 percent of the price during the construction process.
During the current condo boom, the vast majority of sales have been to foreign buyers. Some are looking to move capital into the United States, while others simply want a second home.
South Florida condominium prices have rebounded sharply over the past three years after nosediving during the historic real estate crash. In recent months, however, competition from the construction boom has created headwinds for existing-condo sales, and price gains have slowed.