Who Is The Brickell Best Real Estate Agents?
Downtown Miami condos and Brickell condos are now selling at a faster pace than before as more and more people are recognizing the great value that the new condos in these areas represent compared to more pricey locations like South Beach. Basically you get more for your money, a newer building, a great location and in most cases more space not to mention the amazing views that these new residential high-rises have to offer. Having the beach just a short drive away and paying almost ¼ per square feet in most cases compared to a new South Beach condo has seal the deal for many new buyers of downtown Miami condos.
The NINE and Mary Brickell Village Condos
Amazing Brickell condos like the Icon Brickell are seeing more and more activity after severe price reductions. This kind of luxury living is now more affordable than ever before in a building that has no comparison, it is like a small luxury city with everything imaginable inside, even a trendy night club on the roof top of the third tower and the largest residential swimming pool in all Florida. Other magnificent downtown Miami condos like the Everglades on the Bay have also seen their prices drop to a more affordable level and new residents are moving in. The once empty and lonely residential towers are now beginning to be full of life and activity. The 24 hour downtown Miami dream is now turning into a reality as each day passes and the Miami real estate market recovers and more people decide to call this exciting place home.
Should I hire a Brickell Florida Real Estate Agent?South Florida's Condo Market
South Florida recently made an announcement that between May of 2011 and today, more than 200 condo towers are scheduled to be built in Miami-Dade, Palm Beach and Broward counties east of I-95. The plans for these new condo buildings will span across the tri-county area. South Florida's real estate market is quite active with the plans for these 200 new condo towers. These communities are hopeful that a housing boom will hit the area. Let's take a look at what statisticians are saying.
Cranspotters.come gathered and analyzed a large amount of data and have determined that these new condo towers are expected to produce 28,350 condominium units. Approximately 28 percent of these units are under construction or have recently been completed. The remaining condo towers are in the presale or planning phase. This leads to the question of whether the stabilization of the market will lead to the final construction of the remaining towers or will the condo market crash?
To answer this, one must look at the factors that affect the market. First, obtaining financing for a condo tower is difficult. This means that developer must mainly depend on deposits from buyers and the developers own money. The Cranspotter website believes that developers are basing their decisions on building condo towers on the inventory on the condo resale market. There were only 24,500 condo units available in South Florida as of March 24, according to the MLXchange. This equates to less than a six month supply of condo inventory. Healthy real estate markets have enough resale units for six months. When inventory levels dip below this amount, a seller's market occurs, explains Peter Zalewski of Condo Vultures LLC. Five years ago there were more than 60,000 condos available for resale in the Miami-Dade, Palm Beach and Broward tricounty area. Obviously, the market has shifted and developers are ready to take advantage of this change. For developers and buyers hoping to get in on the action, the timing seems almost perfect for completing the remaining percentage of condo towers in the planning and presale phase.