Miami Condo Prices on the Rise
Everyone seems to be in agreement nowadays that the Miami condo market has fully recovered. In fact, not only has the condo market recovered but prices are now on the rise. A recent report released late last month by the Miami Association of Realtors showed that the median sales price for condominiums in Miami rose a remarkable 36 percent year-over-year in January. The average sales price for Miami condominiums increased 45.2 percent in the same time period.
Existing condo inventory continues to be absorbed at a rapid pace and new inventory won’t hit the market until at least the second half of 2013 when myBrickell is scheduled for completion. Pre-construction sales have gone remarkably well at myBrickell with over 85% of the units now under contract. Meanwhile, pre-construction sales at Brickell House, a 374-unit luxury high-rise scheduled for completion in 2014, has experienced similar success with over 60% of the units now under contract. Other condo projects have been approved by the city for development but sales have yet to be launched despite an overwhelming demand from foreign buyers.
Don’t take my word for it though. Here are a few major news sources who have recently reported about the upbeat Miami condo market:
- Bloomberg Businessweek – Foreign Buyers Heat Up Miami’s Condo Market
- The New York Times – The Sun Shines Again in Miami
- Reuters – Cash-rich Venezuelans Help Resuscitate Miami Real Estate
- National Post – Florida Real Estate Market Starting to Turn Around