McGraw-Hill Construction economic analyst Jennifer Coskren confirmed that, through May, the value of Miami's multifamily construction starts is up by about 35% compared to a year ago. Even so, the value of these new starts is only about $102 million so far, well down from the market's peak of about $2.7 billion.
"The earliest I would expect a more substantial amount of construction activity would be 2012," says Coskren, adding that 2011 may prove to be a "year of transition."
But Murphy could still be right. Many of the projects in Coastal's "hopper" represent 2012 starts. So maybe that boom really is just around the corner.
"I think Miami is going to surprise the nation," Murphy asserts. "We're seeing an awful lot of activity."
So what do you think? Is Miami poised for a robust resurgence? Or is it too good to be true? Let us hear your thoughts!