The condo market in Miami has suffered a remarkable drop in the volume of sales in June compared to the year before. Additionally, after 2 consecutive years of rising prices, this year showed the first sale price decrease of -1.4%, leaving a median price of $252,000 in June 2020.
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Some of you might recall that the co-living industry in Miami was a hot topic some months back. Several co-living developments such as X Miami or Roam were through the roof at the beginning of the year, and more new developments were under discussion.
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According to a study from SmartAsset, in the past 3 years, Millennials (people between the ages of 20 up to 34) are moving out of Miami. This has created a negative net migration of this population group, meaning that more millennials are moving out of the city, compared to the ones moving in.
The rental market in Miami has always been recognized for having one of the highest rental prices in the U.S. Being ranked #10 out of the 100 metro areas in the country this month, the median rent price in Miami has reduced 2.2% from $1,750 for a one-bedroom/ one-bathroom in May compared to last year when the median cost was $1,790).
The home-sharing market around the world has been extremely affected by the COVID-19 situation. Flights getting canceled and people scared of getting infected or spreading the virus has created a huge wave of short term rental booking cancellations that have seriously affected Airbnb hosts. The real question is can the industry’s leader survive to this lockdown?
People’s concerns regarding the effect of the Coronavirus in the South Florida Real estate market keep rising, and more studies results keep arriving with more interesting facts. This time it has to do with the drop of the residential inventory in the past weeks.
According to one of these studies, which researched the number of new listings (condos and single-family homes) in the most populous metro areas in the US. from March 1st- April 5th compared to the same period last year, the Miami metro area showed a drop of 30.7% in new residential listings. In the ranking, Miami was classified sixth, which shows there was a major fall compared to the rest of the country.
It seems strange and unreal that real estate hasn’t shown a dramatic slow down in sales due to the Coronavirus crisis, but that is exactly the case for Miami-Dade County. Real estate hasn’t suffered as much as most of us thought it will. Pending contracts keep converting into closed sales and sales keep increasing month to month. With 465 closed sales of single-family homes in the first half of March and 557 closed condos, there was a 4.5% and 14.1% increase respectively compared to the first 2 weeks of February.
The renowned architects firm in charge of massive projects such as the 84-story Steinway Tower in Mid-manhattan New York, American Copper Buildings in Manhattan’s East River and 9 DeKalb Avenue in Brooklyn, is now coming to Brickell!
A 62-story high-end building will be designed by the renowned architects firm, SHoP Architects led by Michae; Stern. This tower will feature 200 hotel rooms, 1,000 luxury rental apartments, 200 micro condo units, 250,000 sqft office space, 1,700 parking spaces and 60,000 sqft of spa and common areas.
With an ideal location in the heart of Brickell, west of Downtown, this tower will be close to the underline, which is currently under construction and the Metrorail Station. This 752 feet tall tower is scheduled to be completed 36 months after the final city approval.
Last week there were some big residential deals that closed in Miami! Here are the top sales in the first week of February 2020!
1. 320 W Rivo Alto Dr in Miami Beach
