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The Miami condo market is very diverse and offers a large number of
different solutions for those interested in purchasing or renting a
condo. People from all over the world are attracted to the vibrant
Miami area and its supreme climate for relocation. Miami condos are
also popular among vacationers as well as investors. The recent
decrease of the dollar value on the international market has made Miami
condos an even more interesting option for many Europeans looking for a
home away from home, a place in which to retire or just a good
investment. Location, location, location – is the mantra of the
real estate business. This is naturally true for Miami real estate as
well. The beach front condos are the most popular ones and consequently
the most expensive ones to obtain. Just by choosing a condo a few
blocks away from the beach you can save huge amounts of money. A Miami
ocean view is astonishing, but certainly not for free when we’re
talking real estate. South Beach is one of the most popular areas of
the Miami condo market, not only due to its proximity to the ocean but
to its famous nightlife and gastronomic scene as well.
Another
highly esteemed part of Miami is the Brickell neighborhood. The
Brickell region is commonly referred to as “the Wall Street of the
South" and the condominium towers share the space with over 60
commercial banks. This area is typically marketed as a more strict and
upscale alternative to South Beach a neighborhood ideal for those who
prefer a downtown environment instead of a sandy beach. The Brickell
community is inhabited by people who want to avoid long hours of
commuting. In Brickell it is possible to be close to work as
well as to downtown entertainment, but still live in a relaxed area
suitable for recreation. The fact that popular South Beach restaurants
are beginning to setup finials in Brickell is only one of the signs
that predicts how Brickell will turn into an even more sought for area
in the future. Three years ago it was possible to buy one of the
smaller condos in Brickell for $115,000. Today you must be prepared to
pay at least $200,000 for the same condo. The condos in Brickell are
however still very reasonably priced compared to the condos located at
Miami Beach. A Miami Beach condo of the same type as the $200,000
Brickell condo would cost you at least $500,000. In such a
popular area as Miami there will naturally be a shortage of suitable
lots for new condo developments, and the Miami condo market is now
stretching into the older neighborhoods and has even reached the
suburbs. Downtown Miami has seen a lot of new development recently.
Further expansion down Miami Beach is naturally another extremely
lucrative business for Miami real estate developers since the Miami
real estate market shows no signs of cooling down, particularly not
when we’re talking ocean front properties. If you visit
Wynwood, a neighborhood located not to far from the very popular South
Beach district, the recent expansion of the Miami condo market will be
very evident. What used to be large warehouses and grocery stores are
currently being turned into condos, lofts and smaller apartments.
Wynwood is also witnessing a huge change of the cultural scene as more
and more galleries and private museums find their way into this new and
exciting neighborhood. Wynwood is only one example of how condo
development is taking place in almost all the not to remotely located
neighborhoods in the Miami area. The Miami condo developers are
now turning their eyes towards the Miami working class neighborhoods.
Former blue collar neighborhoods such as Little Haiti, Liberty City and
Overtown are already overflowing with condos. These neighborhoods have
become very popular for those who wish to own a Miami condo but can’t
afford to pay for ocean front properties at Miami Beach or get luxury
condos such as the Four Season Residences. Those
who are still willing to pay for an ocean front condo should take a
look at the South Pointe region. This used to be quite a shady area
with a high crime rate and the median family income in 1995 was below $
8,000. Today, this has changed and condos in South Pointe are already
worth several hundred thousand dollars. Two new larger developing
projects have been launched that will add 67 and 199 units respectively
to the South Point housing market. The largest project of the two is
the Continuum North Tower, a 199 unit property located at the end of
South Pointe Drive. Continuum North Tower includes properties ranging
in size from 1500 to 4000 square feet. The penthouse apartments
are even larger: 7000 square feet. Continuum North Tower will not be
finished until late 2006 or early 2007, but prospective buyers are
already lining up for the chance to own a Miami ocean front property.
The other project, Apogee, is a smaller complex and will include 67
condos in the 3100 to 6900 feet range. Apogee will be 22 stories high
when finished and asking price will most likely be in the $ 2.5 million
range. For this price your will not only get an ocean view, but high
ceilings, modern design, indoor and outdoor grills etcetera. The
Penthouses in Apogee will probably go for at least $ 15 million
each. According to some analysts, a shortage
of available Miami condos can be expected in the near future, but it is
always hard to know for sure. The increased surge for Miami condos has
launched a multitude of development projects. There are currently a
large amount of projects on the verge of completion, aiming to provide
the Miami condo market with everything from comparatively inexpensive
studio-style condos to super exclusive condos with ocean views and all
imaginable amenities. When the price began to rise even for the
smallest condos, the Miami condo market consequently opened up for the
development of a large number of more exclusive luxury condos. When
buyers are forced to pay ever increasing amounts of money for a tiny
ocean front condo, they want to feel that they are getting supreme
quality for their money in terms of style and amenities. Installing
exclusive features, such as a Jacuzzi, will still only have a marginal
affect on the price of the condo. On Miami Beach the largest part of
the price is defined by the much sought after location of the property.
Some of the most expensive condos on the Miami condo market can today
be found in The Miami Four Season Residences. In the year 2005, this
condominium complex offered condos priced from slightly below $ 700,000
and up to above $ 6 million. A lot of these condos are fashioned in a
chic Euro style manner and have access to wine and cigar lounges, a
health Spa, exclusive gyms and other selected
services. Florida is a popular state to live
in, but no other city in Florida experienced the same remarkable surge
for condos during the last few years as Miami. Some prospective buyers
hope that the prices will drop when all the projects have finally
settled. Estimations show that more than 50,000 condos will be added to
the Miami condo market within the next 10 years. In downtown Miami a 35
story condominium tower named the Avenue is planned to be completed in
2007, and will add 570 condos to the Miami condo market. The
Avenue is accompanied by more than 70 other condo developments in the
area. One of the larger projects in Brickell, the Mary Brickell
Village, is believed to be completed by the end of 2006 and will then
provide the Brickell neighborhood with a large number of new luxury
condos. This could cause the prices to stabilize in Brickell, but don’t
count on it. The completion of two other major condo projects in the
Brickell region, the Plaza and Neo Lofts, did not cause the prices to
plummet – quite the contrary. Metropolitan Brokers is the publisher of this article and is a brokerage firm offering full listings of miami condos
for sale. They also provide full brokerage services for both
residential and commercial real estate in the Miami area.
Permission is granted to reprint this article, either online or in
written publications, as long as this resource box and the link to
www.metropolitanbrokers.com are attached at the end of the article. Everything
Displays is an online retailer offering a full selection of trade show
displays, booths, exhibits, and display accessories. Their
website is www.everythingdisplays.com
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