Commercial real estate in Florida these days is on the rise, literally. Condo skyscrapers are expected to be in greater demand in the state, specifically in the Southwest Florida commercial real estate market. This is because inventory is tightening and the economy is improving.
One development group called Ronto Group has begun to market a project known as Towers at Bonita Bay, which involves two buildings and is being planned out right now. In addition, WCI Communities is planning the building of a brand-new tower in the region. Tower projects are slated to be introduced more and more during the next two years in premier areas of Florida where the real estate market has experienced a recovery. These premier locations are those featuring lifestyle amenities along with water and sand.
Sales are increasing at high-rise condos, with many new condos in Florida being contracted by investors. The potential buyers being targeted include baby boomers who are retiring. Some towers that were in their planning stages were never built years ago when the market went belly up back in 2006; also, some builders who completed their projects ended up being deserted by purchasers who fled and left their deposits behind due to plunging prices.
Now that demand is rebounding, a whopping 220-plus new condominium projects are in the works statewide. As a result, now is an attractive time for buyers and developers who are interested in getting involved in the state’s commercial real estate market. These individuals can enhance their chances of successfully completing their deals through an applied knowledge of today’s relevant laws in Florida.
Source: news-press.com, "SW Florida condo skyscrapers may rise again", Dick Hogan, July 27, 2014