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The Miami Condo Market
he Miami condo market is amounts of money. A Miami ocean
very diverse and offers a view is astonishing, but
large number of different certainly not for free when we're
solutions for those interested in talking real estate. South Beach
purchasing or renting a condo. is one of the most popular areas
People from all over the world of the Miami condo market, not
are attracted to the vibrant only due to its proximity to the
Miami area and its supreme ocean but to its famous nightlife
climate for relocation. Miami and gastronomic scene as well.
condos are also popular among
vacationers as well as investors. Another highly esteemed part of
The recent decrease of the dollar Miami is the Brickell
value on the international market neighborhood. The Brickell region
has made Miami condos an even is commonly referred to as "the
more interesting option for many Wall Street of the South" and the
Europeans looking for a home away condominium towers share the
from home, a place in which to space with over 60 commercial
retire or just a good investment. banks. This area is typically
marketed as a more strict and
upscale alternative to South
Location, location, location - is Beach; a neighborhood ideal for
the mantra of the real estate those who prefer a downtown
business. This is naturally true environment instead of a sandy
for Miami real estate as well. beach. The Brickell community is
The beach front condos are the inhabited by people who want to
most popular ones and avoid long hours of commuting.
consequently the most expensive
ones to obtain. Just by choosing In Brickell it is possible to be
a condo a few blocks away from close to work as well as to
the beach you can save huge downtown entertainment, but still
live in a relaxed area suitable expansion down Miami Beach is
for recreation. The fact that naturally another extremely
popular South Beach restaurants lucrative business for Miami real
are beginning to setup finials in estate developers since the Miami
Brickell is only one of the signs real estate market shows no signs
that predicts how Brickell will of cooling down, particularly not
turn into an even more sought for when we're talking ocean front
area in the future. Three years properties.
ago it was possible to buy one of
the smaller condos in Brickell If you visit Wynwood, a
for $115,000. Today you must be neighborhood located not to far
prepared to pay at least $200,000 from the very popular South Beach
for the same condo. The condos in district, the recent expansion of
Brickell are however still very the Miami condo market will be
reasonably priced compared to the very evident. What used to be
condos located at Miami Beach. A large warehouses and grocery
Miami Beach condo of the same stores are currently being turned
type as the $200,000 Brickell into condos, lofts and smaller
condo would cost you at least apartments. Wynwood is also
$500,000. witnessing a huge change of the
cultural scene as more and more
In such a popular area as Miami galleries and private museums
there will naturally be a find their way into this new and
shortage of suitable lots for new exciting neighborhood. Wynwood is
condo developments, and the Miami only one example of how condo
condo market is now stretching development is taking place in
into the older neighborhoods and almost all the not to remotely
has even reached the suburbs. located neighborhoods in the
Downtown Miami has seen a lot of Miami area.
new development recently. Further
The Miami condo developers are project of the two is the
now turning their eyes towards Continuum North Tower, a 199 unit
the Miami working class property located at the end of
neighborhoods. Former blue collar South Pointe Drive. Continuum
neighborhoods such as Little North Tower includes properties
Haiti, Liberty City and Overtown ranging in size from 1500 to 4000
are already overflowing with square feet.
condos. These neighborhoods have
become very popular for those who The penthouse apartments are even
wish to own a Miami condo but larger: 7000 square feet.
can't afford to pay for ocean Continuum North Tower will not be
front properties at Miami Beach finished until late 2006 or early
or get luxury condos such as the 2007, but prospective buyers are
Four Season Residences. already lining up for the chance
to own a Miami ocean front
Those who are still willing to property. The other project,
pay for an ocean front condo Apogee, is a smaller complex and
should take a look at the South will include 67 condos in the
Pointe region. This used to be 3100 to 6900 feet range. Apogee
quite a shady area with a high will be 22 stories high when
crime rate and the median family finished and asking price will
income in 1995 was below $ 8,000. most likely be in the $ 2.5
Today, this has changed and million range. For this price
condos in South Pointe are your will not only get an ocean
already worth several hundred view, but high ceilings, modern
thousand dollars. Two new larger design, indoor and outdoor grills
developing projects have been etcetera. The Penthouses in
launched that will add 67 and 199 Apogee will probably go for at
units respectively to the South least $ 15 million each.
Point housing market. The largest
According to some analysts, a features, such as a Jacuzzi, will
shortage of available Miami still only have a marginal affect
condos can be expected in the on the price of the condo. On
near future, but it is always Miami Beach the largest part of
hard to know for sure. The the price is defined by the much
increased surge for Miami condos sought after location of the
has launched a multitude of property. Some of the most
development projects. There are expensive condos on the Miami
currently a large amount of condo market can today be found
projects on the verge of in The Miami Four Season
completion, aiming to provide the Residences. In the year 2005,
Miami condo market with this condominium complex offered
everything from comparatively condos priced from slightly below
inexpensive studio-style condos $ 700,000 and up to above $ 6
to super exclusive condos with million. A lot of these condos
ocean views and all imaginable are fashioned in a chic Euro
amenities. When the price began style manner and have access to
to rise even for the smallest wine and cigar lounges, a health
condos, the Miami condo market Spa, exclusive gyms and other
consequently opened up for the selected services.
development of a large number of
more exclusive luxury condos. Florida is a popular state to
live in, but no other city in
When buyers are forced to pay Florida experienced the same
ever increasing amounts of money remarkable surge for condos
for a tiny ocean front condo, during the last few years as
they want to feel that they are Miami. Some prospective buyers
getting supreme quality for their hope that the prices will drop
money in terms of style and when all the projects have
amenities. Installing exclusive finally settled. Estimations show
that more than 50,000 condos will be completed by the end of 2006
be added to the Miami condo and will then provide the
market within the next 10 years. Brickell neighborhood with a
In downtown Miami a 35 story large number of new luxury
condominium tower named the condos. This could cause the
Avenue is planned to be completed prices to stabilize in Brickell,
in 2007, and will add 570 condos but don't count on it. The
to the Miami condo market. completion of two other major
condo projects in the Brickell
The Avenue is accompanied by more region, the Plaza and Neo Lofts,
than 70 other condo developments did not cause the prices to
in the area. One of the larger plummet - quite the contrary.
projects in Brickell, the Mary
Brickell Village, is believed to
About the Author:
Metropolitan Brokers is the publisher of this article and is a leading provider of miami condos (http://www.metropolitanbrokers.com/) and real estate, providing full brokerage services for both residential and commercial real estate.
Source: www.isnare.com
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