Connect with us

Government Reports

Bright Future of South Florida’s Condo Market

Avatar

Published

on

Bright Future of South Florida’s Condo Market

Long-Term Condo Boom in Miami

In 2011, Miami was hosting its very first pre-construction launch of a new condo tower. The Launch was in a quaint furniture store in the Village of Merrick Park in the Greater Downtown Miami area. It was the first of what would soon become a long-term trend that is still going strong five years later. Since that first condo pre-construction launch, more than 23,200 condo units are being built in the Greater Downtown Miami market alone. That means that there are more than 80 new condo towers are being placed right now.

Miami is Leading the Way for South Florida

Miami is one of the biggest cities in the country and is a hub for business, culture, and people. As such, it’s boom makes sense. But it has started a larger trend within the wider area of South Florida as a whole. In the South Florida area, they had constructed close to 417 new condo towers, giving the area more than 50,800 condo units for sale. While the Greater Downtown Miami area is still the most active in the South Florida region, it set a larger trend for the area. People are flocking to the area in greater numbers, and as such, the condo market is on one of it’s biggest booms ever.

The South Florida Market

The South Florida condo market is matching up with larger trends tried by other real estate markets such as New York City, Chicago, and Los Angeles. Most of the condos constructed in South Florida are still in planning stage of construction. 61% of the new condo towers fall into this category. Only 29% of the condos are already under construction. This trend shows that people are flocking to the major cities, and more generally, the South Florida region, faster than the condos can be built.

Signs that Mark the Future of the South Florida Market Boom

As the South Florida market continues to shine, it is important to see in what directions it will be heading in the future. Potential investors, clients, and residents are eager to see what the future of the region will hold for them.

One of the biggest influxes of wealth and money come from foreign investments. As South Florida has been a global investment safe-haven destination for some time now, it has become dependent upon foreign exchange rates. The dependence proves to be a risk for them in the future if foreign investments and exchange rates stop working in their favor.

South Florida is also becoming famous for its diversity of builders. In this area, people in construction from around the world are showing they can experiment with new techniques, looks, and designs, before taking them around the world with them. South Florida is poised to become a creative dreamland for builders around the world.

However, with the reintroduction of Cuba into the regionally economy, South Florida may begin to see adverse effects. Cuba was not allowed for many years, and its reintroduction may start to take away from the wealth and funds that have been channeled into South Florida this whole time. This diversion may wreck the continued growth of South Florida’s real estate, or it may have no effect at all. Only time will be able to show us for sure.

The number of people that worried about rising sea levels increased dramatically after the growing number of conversations on climate change. Many coastal real estate markets are beginning to worry about the constant threat. As more scientists discuss the possibility of rising sea-levels flooding the South Florida market, more people may be afraid to invest in the area.

Top Locations in South Florida

While there is overall within the South Florida real estate region, some markets are shining brighter than others. The major five markets within South Florida are:

  1. Greater Downtown Miami
  2. Hollywood-Hallandale Beach
  3. Fort Lauderdale
  4. Sunny Isles Beach
  5. Aventura

Greater Downtown Miami is far and away the leader in the South Florida condo market. Of the new condos built in the region, 45.7% are going into this area. In the recent past, a total of 23,186 units in 80 different towers were introduced.

Hollywood-Hallandale Beach comes in second with 9.5% of the new condo units. The area is receiving 4,808 units in 26 towers.

Third is Fort Lauderdale or Downtown-Beach. It is currently constructing 51 new condo towers with 3,352 units, giving it 6.6% of the total new condo unit share.

Sunny Isles comes it just short of Fort Lauderdale, with 3,138 new units built within 21 new towers. These new constructions mean that of the new condos, they will be receive 6.2% of the condos.

Finally, last but not least, there are the new condos built in Aventura. They are going to build 21 different condo towers, with a total of 3,017 units, giving them 5.9% of the total new condo growth.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

American Firms Keep Hiring, Easing Worries of Weakening Economy

Editorial Staff

Published

on

Image via Shutterstock

The unemployment rate is “now at a half-century low of 3.5%” – this matches the lowest jobless rate since 1969 – and economists have also given a warning that hiring would soon slow because there are fewer unemployed workers. However, in November, employers added 266,000 jobs – the highest number since January. Monthly hiring has averaged 205,000 for the past three months.

Associated Press reported that “Friday’s jobs report largely squelched fears of a recession that had taken hold in the summer. Steady job growth has helped reassure consumers that the economy is expanding and that their jobs and incomes remain secure.”

President Trump tried to focus voter’s attention on the state of the economy instead of his impeachment inquiry. Trump even tweeted “JOBS, JOBS, JOBS!”

Continue Reading

Economy

Could Trump’s Tariffs Hurt The U.S. Economy?

Avatar

Published

on

Could Trump’s Tariffs Hurt The U.S. Economy

About a year ago, the media was talking about how Trump’s trade wars could negatively affect many industrial companies, the agricultural sector, and right down to the every day American worker.

The recent stats from Gross Domestic Product has now revealed the current reality of Trump’s multiple front trade war.

Data shows that imports increased, while exports decreased by over 5%. Business investments have declined by 0.6%, and this decline has been happening since 2016. Most North American corporate capital spending is also on a declining trend.

Trumps’s tax reform was short-lived for most American companies. We did not get many benefits from the trade tensions either. U.S. corporate debt is getting much worse and far more significant than household debt.

Many are speculating that the cutting interest rates will lead to more zombie companies that will threaten both the U.S. and global economy.

Click here to learn more.

Continue Reading

Economy

CryptoRuble | Cryptocurrency in Russia

Avatar

Published

on

What do you get when you implement cryptocurrency in Russia? Cryptoruble! Read on to find out how Russian cryptocurrency is doing.

CryptoRuble | Cryptocurrency in Russia

Russia’s Pivot Toward a Pro Cryptocurrency Policy

Prior to the great boom which propelled Bitcoin over $7,000, both Russian bankers and politicians alike voiced their conflicting opinions and hesitancy toward the cryptocurrency.

Vladimir Putin called for tighter regulation of cryptocurrencies only a month prior to his speech where he touched on nurturing the new technology, while authoritative bankers compared cryptocurrencies to Ponzi schemes.

At one time, a proposal was made that would punish those owning bitcoin with up to seven years in jail for a violation.

Recently however, these antagonistic statements from central banks and the Kremlin have pivoted with a series of official announcements that would strengthen Russia’s position as a possible focal point for the impending and inescapable cryptocurrency revolution. The major impetus for this considerable change in rhetoric is demanded from people all over the world for digital cash as instruments of investment, payment, and more. The people’s demand hasn’t fallen on deaf ears in Russia.

But the Russian elite have answered the people’s call in a uniquely Russian way.

To everyone’s surprise, President Putin, in late October of 2017, announced his support for cryptocurrency in Russia and subsequently ordered legislation that would put into place infrastructure for its national adoption.

Unique legal frameworks has since been conceived for the taxation of cryptocurrency mining, regulating initial coin offerings (ICOs), developing blockchain technology in business, and establishing a far-reaching system of payment for Russian citizens.

Perhaps, the most astonishing statement given by President Putin’s was his announcement that Russia intends to form a digital crypto rendition of the ruble termed the ‘CryptoRuble’. The CryptoRuble is supposed to be interchangeable with the ruble on a 1:1 ratio. Quite dissimilar to other more ‘traditional’ forms of cryptocurrencies, the CryptoRuble will not be able to be mined and will be exclusively issued by the Russia’s central bank. This kind of approach is distinctly Russian, and is based on years of meticulous observation of how various forms of cryptocurrency has previously affected other countries.

This Russian model cedes some economic freedoms for government control, while still preserving and incorporating the technology’s primary advantages.

Additionally, an unchangeable ledger will make citizen cash flows transparent to the government and help stem fraud and corruption. In theory, it should also help to bring down walls of previous systems plagued by middlemen.

CryptoRuble income is expected to be taxed at a rate of 13 percent for those wo’re unable to provide a legitimate source for it. Not only is this an attempt at preventing corruption, but it’s also a way the Russian government can profit from it.

Russian leadership is likely to remain watchful of any new methods they can use to achieve a competitive edge in international politics, finance and trade.

Cryptocurrency seems to be one of the most likely channels for increased influence across borders; thus, Russia’s pivot toward a pro-crypto policy stance is quite logical.

Continue Reading
Advertisement

Facebook

4th of July Sale

Trending

Copyright © 2019 The Capitalist. his copyrighted material may not be republished without express permission. The information presented here is for general educational purposes only. MATERIAL CONNECTION DISCLOSURE: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this page and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information contained in this email to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. This website contains advertisements.