Greater Choice And Better Opportunities With New Downtown Miami Condos For Sale On The Market

By Author: Sep Niakan
Total Articles: 2
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An architectural masterpiece of a high-rise that offers breathtaking views of the Bay, Beach and Downtown areas, while offering the best of contemporary living; the 23 Biscayne Bay condo building is just one of the many residences that has the downtown Miami condos for sale market abuzz. This new construction that stands two miles from the dynamic Miami downtown area comes designed by the internationally celebrated Melo Group and features a variety of floor plans, expansive terraces, state-of-the-art fitness centers, a resident’s social room, sky pool deck along with a host of other amenities, hallmark Miami.
Selling out 46 of its 96 residential units shortly after its conclusion, this 18-story tower is just a preview to what the downtown Miami condos for sale market holds for buyers over the next couple of months. You can look forward to at least 45 new towers offering more than 7,600 units to come up along the coast, of which 5 have already begun construction in counties including the Miami-Dade, Broward and Palm Beach. These new constructions have come up and are being proposed in spite of the fact that 3,900 developer ...
... units still remained unsold as of March 31 from the pool of 49,000 condos that were created during the last housing boom in South Florida.
Ask us why this sudden confidence? We reckon it’s mostly due to the sizeable investments being brought over by our cash-rich neighbors. Foreign investors from Brazil, Argentina and Mexico have been showing a keen interest in Miami’s real estate market since the latter half of the previous year. Whether their motives are to create safer second homes or investments with a view that eventually end up on the rental market, in either case a booming economy for our neighbors coupled with new, more ambitious living spaces in Miami are making for a housing boom that might just last.

Also, this special attention from cash-ready foreign investors has given developers the confidence to go ahead and tweak the deposit structure on pre-construction condos. While 10% of purchase price was the norm during the previous South Florida boom, this time around there have been requirements that range anywhere between a staggering 30 to 80 percent of the contracted purchase price to be deposited pre-construction. And, we have also seen investors comply happily, especially in the case of unique condos such as the Porsche Design Tower in Sunny Isles Beach where you can be expected to be taken up to your condo without ever stepping out of your ride.

With new downtown Miami condos for sale on the market, foreign buyers being cash-ready with investments, and deposit structures taking a bolder approach, it would be interesting to see whether this just ends up making the high-end condo rental market top-heavy, or it actually has the potential to take the whole market up with it and raise the overall level of the downtown Miami area a notch.

Watch condoblackbook.com for more information on new and upcoming constructions!