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