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New luxury condos reach for the sky

Miami, Tampa, Orlando
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The fancy new high rises on the drawing boards or about to open are priced above levels that many middle to upper-income groups can afford. Developers say they have good reason to focus on the high-end, luxury market and not projects that would appeal to lower-level wage earners. Besides the pandemic, high prices for materials, land and labor have dogged the housing development industry for several years. Favorable weather and tax rates and a pro-business environment all triggered a relocation movement from around the country into South Florida. In Broward, median sales prices for condos and town homes ↑ 10.1% to $220K in August vs $199,900 in Aug 2020. The number of sales ↑ 26.8% to 1,797 from 1,417, while in Palm Beach County, median August prices ↑ 7.9% to $232K.

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