Miami is no stranger to hurricanes, but when Irma hits it will find much more real estate to demolish than previous storms.
The region has seen a massive construction boom since Hurricane Andrew struck in 1992, with more than 500,000 single family homes sprouting up since 2000, according to CNBC. Towers have also risen in large numbers, with developers building 390 since 2003 that have a total of about 60,000 units.
There are also roughly 101 new condo buildings totaling just under 12,000 units currently under construction east of I-95.
CraneSpotters founder Peter Zalewski told CNBC there were “at least 100,000 vertical units developed under the post-Andrew building code,” but whether they will be able to withstand being directly hit by a Category 4 hurricane remains to be seen.
Brokers are already bracing for the impact Hurricane Irma will have on the South Florida real estate market, and the evacuation order for Miami-Dade has expanded inland to include sections of Zone C. [CNBC] – Eddie Small
Source: The Real Deal South Florida