Quote:
Originally Posted by pscajunguy
Wow! I just looked at the Miami Forum. They have 21 buildings currently under construction that are 44 floors or higher, and 32 proposed buildings of 60 floors or more. It's hard to believe that there are more people moving to Austin from Florida than anywhere else. They must have an awful lot of New Yawkers moving there, on top of the fact that Austin is more than twice the size of Miami, but I guess that probably explains why so many of them are moving here. (if you know what I mean)
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City proper size does not matter...it never really has. The Miami-Ft. Lauderdale-West Palm Beach MSA has 6 million people in it. 6.6 million in the Miami-Ft. Lauderdale-Port St. Lucie CSA.
Also, many of the people buying these condos in Miami-Ft. Lauderdale area are foreign investors (namely from Latin American and European countries). However, Asians are getting into the act as well.
Another point too...local developers in the Miami area are not afraid of going tall. In fact, in most cases they have to (there is not a whole lot of space in which to build - ocean on one side and everglades on the other). Local developers in Austin seem to be terrified of breaking the 700' barrier. Furthermore, there are a wider variety of developers in Miami than there is in Austin. Local developers have vast experience in building tall structures. Also, several developers are from other regions of the east coast where they too have had several tall projects completed under their belt. Now, international developers are making their mark. The people developing towers in Austin, for the most part, have had no experience in developing anything more than 10 or so stories. Some not even that high. The only tower being proposed by a developer based outside of Austin (or Texas in general) is the one by Chicago-based Magellan**. And that towers height was cut down. Not many towers in the Miami area have been downsized. Quite the opposite has been happening.
And Miami's level of architecture far outweighs that of new buildings going up in Austin. One reason may be because of the fact that there is far more completion and buyers are willing to pay way more per square foot than they do in Austin (leading to more ability to pay for higher design by the developers).
Austin is no Miami and Miami is no Austin. They are two completely different animals. And I think it is unfair to try and compare the two.
[i]**The developer of The Fairmont-Austin, Manchester Texas Financial Group, is an Austin-based subsidiary of San Diego-based Manchester Financial Group. And, this tower, as well, was cut down in height.