Developers Begin To Focus On ‘End Users’ In Miami
Southern Florida’s developers are starting to focus on “end users” or, in other words, real residents, rather than absentee buyers seeking luxurious investments.
While luxury condo development is still on the rise, the majority of units under construction this cycle will be sold to people who will spend the majority of their time in them, the Miami Herald reports. That's a dramatic shift from the region’s boom-bust past where condo developers, buyers and banks all overleveraged themselves in speculative enterprises.
According to the Miami Downtown Development Authority, 94% of the city’s downtown existing units are occupied by full-time residents and 85% of new condos this year are pre-sold. [MH]