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Inside Scoop: Downtown Miami Real Estate Market

01 Jun
Inside Scoop: Downtown Miami Real Estate Market

Downtown Miami has always been overshadowed by its more popular neighbors such as South Beach and Brickell. However, this neighborhood gem is actually one of the fastest growing city in Miami. What was once considered as a strict financial district is gaining huge population increase for families and young professionals. In fact, the population is at an all-time high with an estimated increase of 19% in the next 4 years. In response, the area could potentially have a higher demand for condo accommodation.

According to the Miami Downtown Development Authority, the average 2-bedroom condo rental in Downtown area is around $2,525/sqft. The average resale price, on the other hand is $405/sqft. This resale price pales in comparison to Miami Beach ($1,025/sqft) but it performs better than other neighborhoods in Miami such as Doral ($191/sqft) and Aventura ($352/sqft).

In the Downtown Miami area, there were 6,312 condos delivered at the end of 2017. It is important to keep in mind that the units under construction are only 5,002 units as of now. This means that developers are being conservative in launching new projects and there could potentially be a limited condo inventory in the future if the demand of population increase outnumbers the condos available.

Currently, the projects under construction includes The Yotelpad condo, a condo-hotel project and the ultra-high-end Aston Martin Residences. New projects delivered recently includes SLS Lux and Brickell Heights condo.

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Posted by on June 1, 2018 in News

 

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