According to a recent study by Focus Real Estate Advisors and Goodkin Consulting, sales have increased by 24 percent in the first half of this year to 2,072 units from 1,671 during the first half of 2011.
Condo prices have risen a little over 9 percent in the second quarter compared to last year. Specifically, the average price of a condo in the Downtown Miami area has gone up from $371,205 to $404,927. The average price per square foot for new and resold units has also increased from last year. In 2011, the average price per square foot was approximately $315 dollars; today, that figure has shot up to $338, which adds up to a 7% increase.
The rises in condo prices and sales have much to do with the decline in available inventory for new units. As such, the market has revealed a “grab and go” mentality for individuals looking for an investment opportunity, vacation home, or the like.
Moreover, it should be to no one’s surprise that the rental market has also seen a boost as of late. The high demand for urban living and the fact that most of these condos are investment-owned properties has resulted in the average monthly rent in the downtown area going up 4.4 percent.
Put simply, the revitalization of the downtown area coupled with rich foreign investors assures that this increased rental/sales trend will not slow down for the foreseeable future.
Whether you are looking to buy, sell, or rent, often times it takes an informed real estate attorney to help guide you through the process. Consider your different options and do not hesitate to contact us today toll free at 1-866-518-2913 or at 305-263-7700.