Real estate headlines have been mentioning all of the proposed activity set to happen to the east of Interstate 95 (I-95) in the tri-county area and recent news suggests developers are aiming high. The 50,000 unit milestone has officially been surpassed during this real estate cycle that officially kicked off in 2011.
Should each of these proposed units actually see the light of day, this cycle would represent the most condominiums created since the previous cycle that began in 2003 and continued until 2010. During this previous cycle, there were fewer than 49,000 units created according to pre-construction condo project reports.
There is no way to determine whether all of these units will, in fact, be built as developers deal with the tougher climate in selling preconstruction condos and a large supply of highly priced units that are currently available for purchase. To date, more than fifteen different plans for condo buildings with over 2,800 units have had to either be canceled, revised, or put on hold.
As of last week, developers had already constructed 57 new condominiums with over 4,300 units during the current cycle. There are currently about 130 new buildings with over 12,900 units at some stage of construction.
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