According to Miami realtors, the success of St. Regis Bal Harbour Resort & Residences pushed many developers, local and international investors, and real estate firms to open up their avenues in the condo business.
As it stands, there has been news of ten new condo towers in the works with more on the way if the current market trend stands. One realtor commented that the condo boom would be here to stay for quite a while, ensuring that 2013 would be a boon to buyers and developers with the following years becoming more lucrative as real estate projects pour in.
Miami Following The Trend
Miami also benefited in the recent condo boom caused by the opening of St. Regis. Miami investment properties are seeing a large influx of developers and investors which many realtors are happy to see. Projection shows that late 2013 and early 2014 would reveal many construction projects due to the condo boom and would open to the public for acquisition sometimes early 2015.
Prices Going Up
Miami real estate is expected to see a semblance of growth as median prices of condo units rise spurned by the condo boom in Bal Harbour-Surfside. Statistic shows that resale of condo unit average at $230 to $260 per square foot before the condo boom arrived -- this was between 2005 and 2008. However, median prices rose to $270 to $300 per square foot when St. Regis opened its doors to the public.
Some realtors speculate that Miami investment properties on condominiums would see much larger growth if the current trend continues as local and international buyers joined in on the current fad.
Despite prices going up, Miami real estate saw a rise in acquisition - resale and foreclosures - that wouldn't be stopping anytime soon even if new condo towers appear out of the blue.
Wise Investment Opportunities
Property buyers who want to take advantage of the current trend would find a lucrative market in Miami investment properties. Despite prices being on the rise, it is still low enough for an affordable acquisition but not high enough to merit financial meltdown. Due to the influx of interested parties willing to put a hand in the acquisition of Miami condos - whether in Miami-Dade or South Florida in general; experts advise investors to keep an open mind in what they plan to buy in order to get the most out of the market.
William W. Teho, Jr.
Miami Investment Properties