With real estate sales increasing and decreasing inventories, many developers are starting to launch new condominium projects. Many, such as the Porsche Tower in Sunny Isles, are aimed at the uber luxury market. This building is going to have special elevators to bring the resident and their cars up to the actual condo unit.
The Bellini on Williams Island, another luxury building, is requiring that buyers be primary or secondary home owners, not investors.
Most of these developers are counting on cash buyers putting significant down payments on their purchase in order to fund the construction. Considering how low prices are in comparison to the peak and how many mortgages are under water, I wonder if the real estate industry isn’t feeling just a little too confident.