Foreign Buyers Boost Miami Real Estate Market
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.