Downtown Miami Condo Real Estate Market – The “Heat” is Definitely On!
by Sep Niakan | April 16, 2012
If there’s anyone who can dare to defy national trends, it has to be Miami. The downtown Miami real estate market seems to have taken on the spirit of its residents, as it is one of the most rapidly recovering markets in the country. According to a recent study commissioned by the Miami Downtown Development Authority, 93% of the 22,785 condos constructed after 2003 now majorly boast of full-time residents. Also, 84% of the units built during Miami’s condo boom-era have already been sold out.
The combined impact of these statistics not only points to a strong recovery of the downtown Miami real estate market, but has also, ironically, resulted in the slowing down of sales due to shrinking inventory. This classic scenario of short supply combined with the increasing demand from investors and owner-occupants alike has led to a rise in average sales prices, which were up to $370,003 by the last quarter of 2011 from the average $347,729 in 2010.
Another consequence of the high occupancy rate in downtown Miami condos is the near elimination of condominium surplus from the market. The unsold inventory has shrunk by more than 25% in the past 12 months, with trends pointing towards a further inventory decrease in the future as well.
If you’re keen on getting your fair share of the sizzling real estate action, learn more at downtown Miami condos for sale .
News and Statistics Source: http://miamidda.com/occupancy_report_Dec2011.asp
by Sep Niakan | December 06, 2016
It’s my favorite time of year to be in Miami! The weather has cooled off a bit. The city’s abuzz with people from every corner of the world (thanks to Art Basel). The holiday spirit is gradually taking over, and there’s a bunch of...
by Sep Niakan | November 29, 2016
This is a story of how one Miami condo dweller (that's me, Sep Niakan) gave up his car at the end of his lease and gained freedom (and $$) in its place. If you have been thinking of getting rid of your car or know someone who is, read...
by Sep Niakan | November 24, 2016
Lending, specifically FHA lending, is inching forward in favor of Miami Condos. Before President Trump pulls out any game-changers, I thought it would be the right time to reflect on a Bill passed into law by President Obama this August. The...
by Sep Niakan | November 22, 2016
It’s been almost a year since BrickellHouse’s robotic parking garage blunder, and I’ve been thinking about what this means for the automated parking business in Miami condos. In brief, Boomerang Systems (the robotic garage...