The current Miami luxury condo market is very diverse and it offers a wide range of solutions for those interested in renting or purchasing a real estate. People are attracted to Miami for relocation because of it vibrant and supreme climate. The condos are also widely known by vacationers and investors. The recent fall of the dollar value has made Miami condos an interesting option for a lot of Europeans looking for a good investment, a place to retire or even a home away from home for vacation.
Location is the core of real estate business; this is applicable to Miami luxury condo business as well. The popular ones and most expensive to obtain are the beach front condos. This is because a Miami ocean view is amazing. However, when we are talking about real estate, acquiring something like that can cost a fortune.
Recent Price Changes in the Miami Luxury Condo Market
In this year alone, market prices for condos are slightly below $700,000 up to above $10 million, depending on the location. Many of this condominium are designed in a chick Euro style with access to health spa, exclusive gym cigar and wine lounges and other services.
A recent report explained that in the 2nd quarter of this year, home sale fell 25% in Miami Beach compared to last year in tandem with sales. However, prices remain the same for some condos. This is a favorable turn for buyers.
However, recently, prices of median homes across the market have outpaced wage growth. It was estimated that this has increased by 9% over the year while wages have grown by only 4%.
Estate developers in the market are turning to rentals and not sales. Delivering as much as 2000 condo units by this year-end alone. Due to this massive number, people are rushing to rent condos to have a bite of the luxury life at a reduced price.
Also, Miami condo developers are now getting more interested in the Miami working class neighborhood. Places like Liberty cities, Overtown and Little Haiti are now overflowing with Condos. These locations have become alternatives for those who aim to own a luxury condo but can’t afford the ocean front condos close to Miami Beach.
A major hotspot in the luxury market is the Apogee condos. This condo offers a wide collection of dazzling penthouses and contemporary residences. Though expensive, you will enjoy a great view of the ocean with modern design, high ceiling, indoor and outdoor grills. Currently, penthouses in Apogee condo are priced for at least $25 million each.
Current Miami luxury condo market-When to buy.
In real estate, the best time to buy a property is now! “What-ifs” Due to the present value of the US dollar, lending standards are favorable. This makes home ownership more accessible than years earlier. However, with interest rate currently low, today’s condo market price might be tomorrow’s bargain. Don’t miss the opportunity.
Current Miami Luxury Condo Market- Future projection
According to some analysts, there might be shortage in availability of Miami condos in the near future. However, it is hard to know for sure. Massive launch of development projects have commenced due to an increased surge for Miami luxury condos. A lot of projects are on the verge of completion. Thus aiming to provide the Miami condo market with everything from hyper-exclusive condos with ocean view to comparatively inexpensive but highly styled condos.
When a hike in price is perceived in the market (even for the smallest condos), a larger number of luxury condos are opened up by developers.