Yesterday's Miami Herald reports that numbers of new houses and condos being constructed during is levelling out for the second quarter of 2009 - which is good news, in all honesty! With high numbers of newly constucted units still to be sold, and more supply coming onto the market in terms of foreclosures, southeast Florida certainly doesn't need more houses and condos in this troubled property market.
To highlight this point, the Herald article states that at the moment, 1,022 new condo units remain empty in Broward, whilst a pretty staggering 10,685 remain empty in Dade.
In Dade county meanwhile, only 7 houses began construction during this period, whilst 27 condos (all in the same development) were starting to be built. For Broward, these figures stood at 78 houses but absolutely no condo units.
As mentioned in the article, however, part of the reason for this downturn in new construction is that developers are simply finding it tricky to get financing for new projects.
Article: Home building remains flat in South Florida (29th July 2009, Miami Herald)
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