Strong Condo Development Future for Miami

21
Dec

 

Interest is rising within Miami real estate among investors and residents as Miami land promises future growth and land development. Much of the land in the downtown area was previously earmarked for commercial towers, however, many of these land stretches are now in distress and are being converted to potential condo developments. According to the Miami Dade County records, investment groups have recently purchased 10 or more condo sites for a whopping $300 million. This bodes well for the Miami land plots as it demonstrates a stabilization within Miami real estate properties and land that was not apparent to investors prior to recent times.

Greater downtown Miami is an area that has seen some of the year's largest land deals. The waterfront Miami Herald $236 million alone in that deal. Coral station at Brickell Way sold for $14.8 million. The Brickell tennis club carried a price tag of $14 million. The fact that these properties represent only a small fraction of Miami land available has eyebrows raised and wallets open for a flood of investors and residents. The true potential for land within the Miami area has not yet been reached as can be seen from the numbers and profit current sales are reporting.

Not only has developer and investment interest increased through rental and lease activities of Miami condo, there's also been a rise in sales in new sales of Miami real estate. Miami condo development is producing large returns both as rentals and as new sales. Families can rent out condos used for vacation, creating the revenue to take increase spending within the nation's current economic slump. This increase in spending can be seen within Greater Downtown Miami area with booming business. This, in turn, creates an ambiance that cannot be beat when combined with ocean front properties and luxurious homes within the area.

In addition, Miami real estate has seen an increase in leasing options as many new buyers prefer to lease Miami condos for a period before buying the condo. Leasing offers a great condo to call home, and it generates cash flow through rental channels. The option to lease Miami condos also gives a buyer the try before you buy feeling. Although it may cost more in monthly payment, the option to lease Miami condos allows a renter to find just the right place. Renters and buyers who choose to lease Miami condos prior to settling on a condo they aren't sure of, open option up for a full purchase in the future.

One of the forces driving the trend among renters, investors, and home owners is the Miami condo land available for investment markets. The decline of inventory as Miami condo properties are bought up have investors going in new directions. Greater Downtown Miami offers that direction with many developers choosing to spruce up and update properties rather than build properties over fully functioning, but older ones. This helps Greater Downtown Miami hold onto its art deco days and charm without stifling the growth of tomorrow.

Blog Category: 
miami condos and homes
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