NREI | Hurricane Winds Blow Through Condo Market - Miami-Dade County
The condo market in Miami-Dade County, which is bursting at the seams with new construction and intense investor demand, took an unexpected hit in October when Hurricane Wilma ripped through South Florida. Already burdened by rising construction costs, developers now confront the likelihood of further price hikes and shortages of both building materials and labor.
Hurricane Wilma resulted in total insured losses of $7.2 billion, reports the Insurance Information Institute. Those losses, coupled with higher building costs, have made lenders increasingly reluctant to loan money on condo projects. This latest blow could well be ?the nail in the coffin,? says Jack Winston, senior consultant with Goodkin Consulting in Miami.
Hurricane Winds Blow Through Condo Market
Hurricane Wilma resulted in total insured losses of $7.2 billion, reports the Insurance Information Institute. Those losses, coupled with higher building costs, have made lenders increasingly reluctant to loan money on condo projects. This latest blow could well be ?the nail in the coffin,? says Jack Winston, senior consultant with Goodkin Consulting in Miami.
Hurricane Winds Blow Through Condo Market
posted by Patrick Leblanc at 10:37 AM
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