Little have we discussed about to the current Miami condo’s oversupply. There are new constructions in every corner, that have pushed developers to find new ways of differentiating and stepping above their competitors. This new strategy is modifying Miami’s skyline.
Local developers are now outsourcing the exterior design to famous international architects. Buyers have so many options nowadays, that every detail counts when trying to be more appealing to luxury-seekers. From the parking garages and storages till the outer design of the tower, everything counts!
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According to the MLS, the home sales year-over-year has fell in May for the Miami-Dade and Broward counties. This is probably due to the increase of median price in properties in these areas. Palm Beach, however, did make an exception with a slight plunge of price which means that their home sales actually increased. Surprisingly, the market which saw an increase of closed sales in April dipped this month.
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Here are some quick news about Miami Real Estate
- Renting Prices has soared up
Miami is a growing city with many urban development. Renting price has been soaring up and according to the National Low Income Housing Coalition’s annual report, a minimum wage worker needs to work at least 94.5 hours per week to pay their monthly one bedroom rent.
The affordable housing inventory has been depleted and out of 100 units available, only 26 are rent-friendly for the low wages.
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Here is a fun fact: 80% of properties above $1,00,000 in Miami is owned by a non-US citizen. This is a stark contrast from other prime areas such as New York where 63% of them are owned by Americans. Back in to 2017, the foreign buyers has invested almost $7.5 billion on properties all across the United States. Read the rest of this entry »
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‘ve lived in South Beach for more than a decade now but I am still impressed by the rapid urban renewal of this high-end neighborhood. It’s widely known that this touristic area of luxury high-rise condos has only recently emerged.
Indeed, in the 20’s, the Lummus brothers turned South Beach into an affordable seaside community for the working class. It served as the hub of the city for industry and transportation. No relaxing sunbathing at that time! Then small 3-story Art Deco condos popped up in the neighborhood. Read the rest of this entry »
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Yesterday I went to the presentation of the mall which is going to be located at the entrance of South Beach, between 5th and 8th and Alton and West. In total it’s an 8.7 acres vacant lot which corresponds to 3 blocks. It is definitely time to do something in this muddy vacant lot…. Read the rest of this entry »
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This week, Condoideas Realty Group’ team has had the pleasure to discover a new condo located in the heart of South beach, in front of Collins Park. Artecity is what we can call an intimate upscale residential community. ST Residential has bought over the project and is injecting 10 million dollars to finish it.
Located in the pretty agitated South Beach area, Artecity is surprisingly a quiet and relaxing enclave. Read the rest of this entry »
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Miami Real Estate Blog 