Miami Downtown Condos For Sale

Downtown Miami Condos

The latest report on downtown Miami’s condo market

shows almost all of the units built during the housing boom are full. That’s thanks to renters, who would be priced out if not for all of the cash purchase deals.

Here is the latest article by DOUGLAS HANKS from Miami Herald. You can read it below or click the link to read it at Miami Herald site: http://www.miamiherald.com/2012/03/02/2683428/no-vacancy-in-miamis-condo-canyon.html

Downtown Miami condo

canyon is almost full, thanks largely to a steady flow of cash from Latin America.

The latest survey of Miami downtown high-rises built during the housing boom shows more than 90 percent of the condos are occupied. After Latin American investors snapped up condos at distressed prices amid a wave of bankrupt high-rises, they turned to local renters to fill them. Four years into the buying spree, vacant units have almost disappeared.

“I always encourage my clients to bring their checkbook for the first month’s rent,’’ said an agent with downtown Realty who specializes in rental units. “There is a lot more demand than there is supply.”

The study by Miami’s Downtown Development Authority found 93 percent of the nearly 23,000 condominiums built in downtown Miami after 2002 are occupied. Of that, only about a third are occupied by full-time by owners, with the majority serving as rental apartments.

Behind the statistics are a fundamental shift in real estate math allowing for downtown Miami to become one of South Florida’s hottest rental markets.

The boom prices, where top condos were selling for $600 or more a square foot, would require rents too pricey for all but the most affluent residents. Instead, investors who bought then hoped to flip their units for even more money to future buyers.

Even at the sharply discounted $200-a-foot purchase prices in the depths of the housing bust, many of the condos would be too expensive to generate enough rent to cover association fees and mortgages on the units. But with the vast majority of investors paying cash for their downtown condos, they require far less rental revenue each month to make the deals “pencil out” as reasonable investments.

“Traditional financing wouldn’t have made these rentals viable,’’ said Werley, who conducted the study in a partnership with Goodkin Consulting. “If you had a mortgage on a half-million-dollar condo, the monthly costs would be way out of line with any reasonable rent you could generate.”

/Not all condos being rented in Miami’s urban core depend on cash investments, and the DDA study only covers units built during the last decade. Other indicators point to a downtown that is an increasingly popular place to be. The bust didn’t stop a wave of new retail complexes from opening, including the Midtown Miami mall on northern side of downtown and the Mary Brickell Village mall to the south. Restaurant taxes have surged 77 percent within Miami city limits since 2005 compared to a 35 percent gain countywide.

Tyler Tejeda commutes almost an hour each way in order to spend weekends in Miami. The 24-year-old recruiter for a Fort Lauderdale firm moved into a Brickell Avenue apartment in August, despite having a job nearly an hour away. “I could move to Fort Lauderdale if I really wanted to,’’ Tejeda said. “But I’d rather be in Brickell on the weekends. It bothers me less to have to commute on weekdays than have to come down to Miami on the weekends.”

Paul Riemer could afford to buy a condo of his own, but the young insurance executive instead pays upwards of $2,000 a month for a one-bedroom apartment at the Icon Brickell, a posh condo complex on Brickell Avenue.

“I’m not ready to make a big purchase yet,’’ the 23-year-old said. He cites a gap in what he can afford to rent and what he can afford to buy. Why move out of a luxury apartment to purchase his own condo somewhere else with a large mortgage?

“I have the money to comfortably rent,’’ Riemer said. “I don’t know if I’d be able to comfortably buy.”

The 93 percent occupancy rate in the latest DDA condo survey identifies little more than 1,000 vacants units in a condo market that came to symbolize the excess of Florida real estate. And it marks a big improvement over the 65 percent occupancy rate in the first DDA survey taken four years ago — a number that at the time seemed surprisingly high.

That was in 2008, at a time when South Florida real estate sales were just beginning to show a rebound. But prices were heading the other way, accelerating into a decline that has so far last five years, according to the Case-Shiller housing index. At the time, the DDA wasn’t sure it wanted to know how many people were living downtown.

“We were hearing from everybody driving down the road: Hey the condos are empty,’’ said DDA director Alyce Robertson. “You never know what the numbers are going to say. What if they really were all empty?”

With a hot rental market, downtown Miami has become a more expensive place to live. Mark McCann, owner of the Miami Apartment Locators brokerage, said a one-bedroom apartment in the downtown area went for about $1,300 a month several years ago. “Now that’s almost impossible,’’ he said. “Now it’s closer to $1,500 or $1,600. There is a lot of competition for the units. There was more supply before the recession.”

The rental market has helped usher in a new crop of condo projects downtown, a revival many thought might have to wait at least a decade after the big crash. Harvey Hernandez runs the company selling units in Brickell House, a 46-story building planned for 1300 Brickell Bay Drive. His sales staff runs weekly reports on the rental market — statistics that can help close a sale for a $400-per-square-foot unit at Brickell House.

“The rental market influences the buyer a lot. It is a great option,’’ Hernandez said. Miami “has about half the inventory available for rent we had four months ago. And four months ago, it was at least half of what it was four months prior.”

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Miami Downtown New Real Estate

The 3rd largest casino company (Genting Malaysia Berhad) in Asia just purchased 13.9 acres of waterfront land owned by the Miami Herald, for $236 million. The property stretches from Biscayne Boulevard to Biscayne Bay. This landmark deal will reshape the surrounding downtown area, bringing more life and vitality to an already booming portion of the city.

Downtown Miami Real Estate

In a public statement, the Herald publisher noted that while their operations have thrived in this area for a number of years, the space was no longer conducive to ongoing operations. The $236 million land/property deal was also in part prompted by The Herald’s need to bolster funds, specifically to address funding needs of the organization’s pension plan, to repay some company debts and to address taxes. The newspaper’s executives have provided additional assurances that this sale will in no way interrupt their normal course of business.

The Genting group estimates the total construction project cost to be between $2-5 billion, which will not only boost the local economy, but will result in the creation of numerous jobs. The current plans for the property include a hotel, retail shopping, high rise Miami residences and a convention center.

Downtown Miami Real Estate

“This deal has generated a great deal of excitement within the Miami real estate community, as it is at or near to the highest price paid per acre in Dade history,” said Lana Bell of Sunny Realty. “A deal of this magnitude will create tremendous opportunity for not only local residents and businesses, but for the surrounding property market.”

Many local Miami real estate experts

feel that this deal serves as an endorsement for Miami. Asian developers chose the area not only due to the opportunity and price point, but the potential to draw international and domestic tourists, a strong revenue source for any project of this type.
“Successful real estate transactions such as this merely validate the strength of the South Florida real estate market. While this deal is certainly the largest to come our way in some time, it is surely a sign of what is to follow. South Florida is hungry for Miami luxury residential developments, both for current area renters as well as international visitors,” said Lana Bell, of Sunny Realty.

While the deal has been closed, construction isn’t expected to commence for 2 years, which corresponds to the allotted time frame provided to The Herald for relocation. The newspaper is currently searching for property within the area, although they may divide the printing and publication portions of their organization should the right space not be found to accommodate both.

From every angle, this landmark deal serves as a positive sign for Miami’s real estate market.


Epic Miami Condo For sale

Epic Residences Miami Condo

As far as places to live goes, Miami real estate

is probably at the top of the list for millions of people in America. This city has all the cosmopolitan feel of New York without that city’s cold winters. Miami can offer night life, cultural opportunities, and the general feel of a big city. It also offers easy access to beautiful beaches and a warm ocean. This is just one of the reasons to choose an Epic downtown Miami condo.

Miami Condos are absolutely the best of the best

Situated in the heart of the downtown area, they have gorgeous views of the ocean or the city. This condo complex is actually both a hotel and a condominium complex. For both visitors and owners, there are tons of amenities, including swimming pools, a beautiful lobby, and exercise centers. Those who actually buy condos here, though, get even more amenities, including a private entrance and pool and faster passenger elevators.

This super secure condo facility also features an on-site spa. Residents and guests alike can enjoy regular dinners and lunches at the hotel and condominium’s on-site restaurants, too.

For all these reasons, Epic is a great place to by a condo. Plus, with the prices of current real estate in and around Miami at a very low point, your condo’s value would have nowhere to go but up. Even if you need a fantastic place to live while you’re in Miami, you can use your living space as an investment. Don’t need to move there just yet? You can still make an investment of a beautiful condo that you use just part of the year. Retire there later on, or simply sell it for a tidy profit when the market rebounds, which is starting to happen even now.


Content published by Lana Bell

Content published by Lana Bell