The present decade has been regarded as a flourishing period for the Miami real estate market scene. Along with the boom in the metropolitan economy, and rush of investments, the real estate market is currently witnessing probably the largest and biggest transformation ever in its beautiful and famous history.
Just by looking at the suburban and downtown Miami areas, you’ll see the landscape of real estate in Miami as ever-changing, and with every year, new homes and high-rise condominium units grow up and clutter this sunny city of Florida.
Miami Beach real estate prices are surging, and getting much higher with a lot of new investment opportunities to be gobbled up by potential investors. A major indicator of the increase in opportunities in real estate is shown by studying property values and building activity. Construction and building activity has risen throughout the city. As more homes, condominiums and apartments are renovated, property values have increased at an unexpectedly rapid pace.
The flurry of real estate pre-construction deals give people the opportunity to build equity in a property, while not having to pay the normal inclusive duties such as taxes, maintenance fees or mortgages. Whenever a buyer purchases a pre-construction property in the Miami real estate market, 10% of the sales price is due at the time of contract. The second 10% is usually due within the next six months, or probably by the time the building’s foundation is finished.
Condominium conversion is another rising trend in the Miami real estate picture, where rental apartment complexes are bought by a developer and sells the unit individually. With land for new condominium construction rapidly depleting, condo conversions are probably the next most logical step. Miami condominium conversions usually offer residential and office spaces that are at lower price points that appeal to a wider array of buyers. Condo conversions are great for end users and investors alike. Investors can typically find units with existing tenants, and end users are able to attain a good price and move in immediately.
Owning condo hotels has also become the forefront, not just in the Miami real estate market, but throughout the entire country as well. The experience of owning a luxury vacation home at a world class resort and receiving rental income whenever you’re not using it, or away from home for quite a long time is truly one unique experience. Condo hotels have become the newest trend in vacation home ownership.
The key to investing in pre-construction, condo conversions or condo hotels in the Miami property market is to get in early at the very beginning of the sale. The best way to keep in- touch, and to be on top of the latest Miami real estate trends is to have a well-connected and well-informed realtor to work on with. This gives you the best prospect as a buyer to purchase the properties before the rest of the public does get the chance. This is where Trent Real Estate comes in; we can keep you in touch with the real estate market trend and help you achieve your investment dream Miami real estate with minimal charges.