Miami, FL isn’t just slowly recovering from the construction depression, it’s Number One with a bullet.  The demand for high-end residential properties has been outstripping supply, so building booms. Since banks remain stingy with financing, a new funding model evolved. Thomas P. Murphy Jr., chairman and CEO of Miami-based Coastal Construction Group says:

“Nobody’s depending on the banks right now,” Murphy says. “Miami is really attracting rich (South Americans), and so many of them are used to not financing their second homes. So nobody’s primarily financing these projects with bank loans. They’re basically being paid as they go, and most of them have their buildings 50-70 percent sold before they start.”

One project, the Porsche Design Tower Miami, plans a car elevator that lets you drive your car right into your upper floor apartment. The video is worth checking out.

It’s good to see some markets heating up with construction work. We all know construction is a local business, but the rebounding economy and the pent up demand should make 2013 look good all over.