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Supply versus demand is the key component of the real estate market. Investor’s live by this concept as if it were a mandated law. Supply versus demand is a very simple concept to explain and understand. For instance, if there is a low inventory of condos, but high demand from a vast amount of buyers, then the market is “hot” and prices soar per square foot. However, if there is a large inventory of condos, but a low a demand from fewer buyers, then the market slows, as inventory peaks, and prices begin to come down in a scramble to sell more units.
Currently, Brickell is seeing a surplus in units, and not enough buyers to snatch up all the units. Brickell’s skyline is ever changing, and as the skyline changes and grows, so does the market.
With the increase in inventory and slowing sales, Brickell’s condo market is seeing a shift in supply. Once where there weren’t enough condos to satisfy the purchasing needs of buyers, now there are too many condos on the market. New buildings, such as Brickell House, Brickell City Centre, Nine, SLS, and Brickell Heights have opened; and, more new developments such as Panorama, Brickell Flatiron and Solitar are slated to open in the near future.
As Miami has a keen fascination with all things brand new and shiny, some of the most recently move-in ready buildings are seeing a decline in sales, while the preconstruction developments are seeing an increase in sales. These new developments are leading to the over abundance of units for sale in the area.
However, don’t be fooled thinking that you can snatch up amazing units for low prices. Units in established high-end buildings like the Santa Maria, Bristol Tower, and Asia are in high demand because of their amenities and waterfront views. Also, in newer and preconstruction developments, penthouses with high ceilings, limited corner units, and units with large terraces are in high demand, and haven’t depreciated in cost or value.
Miami-Dade County has a surplus of $1 million plus units, which most residents cannot afford. With that being said, the demand for rental apartments in Brickell, and South Florida, for that matter, is steadily increasing. Brickell’s population growth and Florida’s current state of low homeownership is what is mostly pushing this demand for rentals.
If you are interested in purchasing a Brickell condo as your residence or as an investment, contact Andres Larin at Brickell.com or at (786) 306-4287. Brickell is currently seeing a development boom with improved public transportation, including an extension of the Metromover directly to the airport and the Brickell Trolley; as well as a boom in luxury dining, entertainment, and shopping. You definitely don’t want to miss out on your chance to own a slice of this cosmopolitan area.