By Sunny Isles Real Estate Expert on September 7th, 2011
Location, location, location is always the truth in real estate. While numerous areas of the Miami real estate market offer a variety of single family homes for individual buyers and investors, the properties that continue to remain the most attractive to buyers are those with waterfront views or direct waterfront access.
Available oceanfront, bayfront and Intracoastal lots between South Beach and Fort Lauderdale are growing in popularity among individual investors and developers. Vacant lots as well as homes ripe for teardown and reconstruction are both drawing the attention of local and international buyers. One of the most recent sales along this prominent coastline includes a two acre lot offering 200 feet of waterfront footage within the Miami Beach community which sold for $15 million. Miami waterfront properties are limited, and therefore always in demand. In addition to single family residences, Miami condos are also in demand along the coastal fronts.
has been on the rise in regards to luxury waterfront condo sales. There are many popular condos currently available for sale at great prices. Here is a short list of most popular newer construction buildings which are in demand on South Beach: Apogee Miami, both Continuum and Continuum II, <a href="http://www.sunnyislesmiamirealestate.com/South-Beach/Il-Villagio, Icon, Murano to name just a few.
“While the inventory has dropped in recent months, a variety of luxury condominiums still remain available along the desirable Miami coastline, including both new developer construction and prime resales,” said Lana Bell of Sunny Realty.
Of the 5,000 condos recently built in the Fort Lauderdale area, only 70 still remain unsold from the original developers. In the Hollywood and Hallandale beach areas, there are also just a handful of the available developer condo units still available for purchase.
What does this mean? Much of the available inventory has changed hands, from the developers to individual investors and buyers. This capital exchange has freed up funds developers need to begin new projects in the surrounding area. While developer properties have been selling strongly, new developments aren’t expected to pop up quickly. In fact, there is only one project currently slated to begin construction in the area. This project – Apogee Beach, is being developed by Jorge Perez and scheduled to break ground in early 2012.
While the future of new developments are unsure, Miami real estate experts suggest most of the developer attention will be focused on oceanfront or ocean view properties as opposed to downtown opportunities due to the consistent demand for these locations. After the recent market turmoil, many developers are sitting back, waiting to assess what their next move or next project will be.
Regardless of new developments in the area, which will certainly come, single family properties and condos are still in high demand along the Miami coastline, which is certain to remain strong over the coming years.