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In the past year, the Miami real estate market has been growing hot – real hot. Condo towers are going up left and right, and there is ample demand to meet the supply. The investors are not coming from within the country, but rather they are flocking from all over the world – particularly South America. Miami has become the capital for Latin America and as many are purchasing luxury condos which are relatively inexpensive when compared to high end housing in their countries. In 2012, the average pricing per square foot in Downtown Miami was $501, whereas in the top notch areas of Rio de Janeiro, Brazil, a square foot was valued between $2000 and $3000. In 2012, 35 percent of all foreign real estate buyers in Florida came from South and Central America.
The picture on the left shows the top 10 countries that have been visiting my website over the past twelve months. Four out of the top ten countries are from South America and another is from Central America.
All the buying of condominiums is leading to another real estate boom; data already shows the rising trend. Prices are already surging and spiking at nearly the same rate as the previous boom which took place a little less than a decade ago. Some are beginning to warn as to being cautious when it comes to over-building and speculation, but even more so state with confidence that the market is headed towards a bright future. Those who believe that the market is in a good place point to the amount of pre-sales being sold as proof.
This week a new record was set in the world of Miami real estate: three projects broke ground on the same day. Previously, only two developments had ever broken ground in one single day in Miami, making this a noteworthy achievement, and one that highlights the condition of the real estate market. One of the numerous pre-construction projects, The Bond, was one of the projects which broke ground and is heading forward into the construction phase. The Bond has around 70% of its units under contract already, and Latin Americans account for 80% of the customers. To accompany The Bond, the SLS Brickell and The Crimson, also broke ground. And in April, the most expensive pre-construction project in Brickell is set to break ground: Echo Brickell. The condominium tower featuring 180 luxury residences is being sold at over $1,000 per square foot.
If you are interested in one of these great pre-constructions or any other buildings, don’t hesitate to call us at (305) 379-0203.
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