The Miami Beach real estate condo market is on the rebound and lenders are starting to get back in after the collapse of the real estate Market in 2006 and 2007. The April 3rd Miami Herald reports that lenders have lent as much as $775 million to real estate projects in the Miami/Dade County area alone over the last six months. This is one sign that after the long recession, the economy is finally coming back to life once again.
One factor that is helping the Miami Beach real estate condo market specifically is HB 503, which would overhaul a lot of regulations and make it easier to generate real estate and land development throughout the state. It makes it easier for developers to get permits to develop land and it is broad-based enough that even some environmental groups, which normally oppose such legislation tooth and nail, are not seriously opposing this legislation. Among other things, it guts the need for approval from a government agency before getting small stormwater projects, for instance.
The Miami Beach real estate condo market is on the rebound and lenders are starting to get back in after the collapse of the real estate market in 2006 and 2007. The April 3rd Miami Herald reports that lenders have lent as much as $775 million to real estate projects in the Miami/Dade County area alone over the last six months. This is one sign that after the long recession, the economy is finally coming back to life once again.
One factor that is helping the Miami Beach real estate condo market specifically is HB 503, which would overhaul a lot of regulations and make it easier to generate real estate and land development throughout the state. It makes it easier for developers to get permits to develop land and it is broad-based enough that even some environmental groups, which normally oppose such legislation tooth and nail, are not seriously opposing this legislation. Among other things, it guts the need for approval from a government agency before getting small stormwater projects, for instance.
The Miami Beach real estate condo market is not the only thing that is on the rebound in the area. The April 1st San Francisco Chronicle reports that the arts scene is on the revival as well, noting that real estate condos, museums, galleries, and restaurants are drawing “crowds downtown from the beaches.” And the Miami Marlins have built a brand new stadium with views of the skyline, which will generate even more crowds as most brand new stadiums draw huge crowds regardless of the win-loss record of the team.
And everybody is benefitting from the Miami Beach real estate condo surge. As the March 23rd issue of the Miami Herald notes, the Wynwood revival is benefitting both major developers as well as small businesses who are just getting started in the area. Square footage of property sold expanded around sevenfold while the total value of the property sold jumped slightly over fourfold. The total number of land sales tripled in the area.
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