The real estate market of Downtown Miami in Florida has experienced consistently high growth figures, for the past several years, these growth figures have consistently hovered around double digit figures. This has also led to an unprecedented boom, in the construction of condominiums in this region. The good news for Brickell real estate investors is that the condominiums continue to sell at the same unprecedented rates, at which they are being constructed. In fact there are frequent instances of condominiums selling out completely within a few days.
The rate at which urban redevelopment and transformation is undergoing currently at Downtown Miami, is going to turn it into an entirely different and maybe unrecognizable city in a few years. Real estate pundits have predicted that over the next ten years, the Greater Miami real estate market would witness the introduction of about 90 new, high-end, Miami condo buildings.
They will come up chiefly in areas such as Downtown Miami, Brickell, the Miami Design District, Wynwood, Edgewater, and Coral Gables. Apart from that, there are projects that involve the construction of promenades, shopping centers, offices and condos which are contributing heavily to giving an entirely new look to the Miami Brickell real estate market.
South Florida's Brickell Condo Market
If you would like to invest in condominiums in Downtown Miami area, then irrespective of the fact, whether you are new in the market or you are an experienced investor, you should consult professionals who have the expertise and background, as well as extensive resources that would help you achieve your real estate goals. However, finding a real estate agent who has the experience and skills, required to help you achieve your goals, can turn out to be as challenging a process, as the buying of your home. You should look for a real estate agent who can offer you a full range of real estate and other associated services, which can be customized to meet varying requirements of individual clients.
A well established real estate agent in Brickell can also help you in selling your property, as they would have a well connected international network of eligible buyers, and they would be able to market your Miami condo to this huge network of willing buyers.
Condos in Downtown Miami, FloridaSouth 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.