If you know me, you might be surprised to hear me say that.
I’ve always been the one to advise my customers to be cautious when it comes to buying downtown Miami condos.
Don’t get me wrong. I do believe – and always have – the the longterm outlook for the downtown Miami condo market is very positive, however up until not too long ago there where too many problems with empty and thus financially unsound buildings, that I just couldn’t recommend to my investor clients.
Now there are a few exceptions. One of them being 50 Biscayne Blvd.
Let me tell you my reasons on why I can stand behind selling this building now:
a) The developer (Related Group) bought back 100 unsold units quite a while ago, which goes to show that they themselves believed in the future of the building
b) The building has been run by an association for over 1 year now and is financially stable
c) Rental units are in high demand and rents have been steadily rising since they first started renting units in the building
d) Location, location, location: This building is in the middle of what already is a very walkable area close to everything downtown Miami currently has to offer. The area itself is rapidly growing, not only in the number of residents, but also in the number of businesses that cater to these new residents.
e) Last, but not least, the developer has just released some of his (last) remaining units at reduced prices of approx. $300 / sqft.
If you are looking to re-locate to this area or are just in search of a solid investment with a very positive long-term outlook, this is certainly a building that you should consider further investigating. Of course, I’ll be more than happy to answer any questions you might have 50 Biscayne Blvd.
Finally the time has come, Downtown Miami condos are a best buy ! Stay tuned for further posts on other buildings….