Interesting video about currently ongoing and future planned projects in Downtown Miami
If you would like to get more information about the area and / or are interested in purchasing or selling a Miami Downtown condo, you can contact me at any time.
So you would like to know about miami’s newest condos ?
Let’s first clarify, what you mean by “newest condos”.
There are those that are truly new developments, i.e. new condo buildings that are in the planning, selling or constructions stage. Examples of those are MyBrickell, Brickell House, Brickell City Center, Resorts World, The Porsche Designed Tower in Sunny Isles, etc.
Then there are buildings that were built during the boom, but unfortunately did not – at least initially – survive long enough to becomes successful and have recently been taken over by new investment groups, often being re-modeled, newly marketed and are now successfully selling.
Examples of those would be Vizcayne North & Vizcayne South (formerly Everglades on the Bay) and Paramount Bay.
These buildings – despite their initial failures – are now seeing great success and are selling at a much more rapid pace than initially anticipated.
As of recently Vizcayne had approx. 250 unsold condos out of a total of 849 condos (between both towers). Paramount Bay has sold over 200 of their 346 luxury condos since they started selling in October of 2011.
Last but not least, people looking for miami newest condos might actually be referring to the newest available condos in Miami. If that is what you are looking for, I have a dedicated page for newly listed Miami Beach condos or you can contact me with specific criteria of what you are looking for and I can create a custom list for you, that shows you all the newest condos in Miami or Miami Beach that fit your specific needs.
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I get a lot of questions about what will happen to miami condo prices in 2012.
Unfortunately I still haven’t figured out how to predict the future, but I have figured out how to get facts from the past and present, which can be used to interpret what the future might bring. In the areas I work in -Miami Beach and Greater Downtown Miami – the price decline has not only stopped, but prices are past the bottom and are slowly, but steadily, creeping up again. While this meant that the very best deals are one (sorry, if you missed the boat), there are still deals to be had. For how much longer, I don’t know, but I wouldn’t wait too long.
If you look at this graph, you see that in the greater downtown area of miami, the median sales price for condos has increased by 29% from $220k to $284k in the past 12 months. Currently I don’t see any indication of why this trend would not continue since sales are still going strong and developers are increasing asking prices and successfully selling new developments. This is s good indication of what going to happen to Miami condo prices 2012.
The same can be said for the average price per sqft. It increased by 12% from $258 to $288.
Strong international demand and easier access to financing should help to further reduce inventories thus leading to an increase of miami condo prices 2012.
The last fact I would like to share is the decreased inventory, which again reconfirms all that was said above. 6 months of inventory is considered to be a balanced market. I’m not quite ready yet to call this a seller’s market, since we just dropped below 6 months, however if these trends continue we are well on our way to a seller’s market.
For more Miami Downtown condo market stats you can check out my post about Downtown Miami condo prices per sqft.
If you have questions or want to buy or sell a downtown miami condo, please don’t hesitate to contact me using below contact form.
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Since price is of course the most important factor when buying or selling real estate I just ran some market stats for the past 12 months (Feb 2011-Feb 2012) for condo sales in 3 different areas:
Downtown Miami (greater downtown area)
South Beach (other than South of Fifth)
The charts below show you the average sold price per sqft in what I call the “greater downtown” area of Miami. I have researched the average sales price per sqft for 8 of the most popular buildings in the area as well as the min / max sold price per sqft. Since the charts show you the minimum / maximum and average price per sqft that was actually paid in the past 12 months, this is a solid guideline of how much you should be paying / receiving when buying or selling a condo in any of these buildings. Of course there are many factors that will impact the price / value of any unit within the buildings, such as location in the building, views, finishes, etc.
As you can see Quantum and 1800 Club are at the bottom of the price range in the mid to high $200′s, with Vizcayne, Marina Blue and 900 Biscayne hovering right around $300 per sqft on average. Ten Museum Park and Marquis are averaging $397 / $438 p. sqft and – not much of a surprise here – EPIC is the highest priced at $531 p. sqft on average. In my opinion the best “bang for the buck” in the area is Vizcayne or if you don’t mind going a bit further north 1800 Club and Quantum. As for high end options, Paramount Bay (not listed in this article) is definitely worth a look.
As you can see the price ranges per sqft in each of the buildings are quite large, resulting from the vast differences between units in each buildings. “Prime” views & finishes do command a premium while not so desirable lines in the buildings might sell at a discount. While there are very few distressed condos in these buildings, the few that have been there also tend to be on the lower end of the price and desirability spectrum.
Interested in buying or selling a condo in any of the buildings ?
Talk to Tom (305) 482-1688 or fill out below contact form and I will get back to you asap !
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