Miami’s Mystique is Ubiquitous, Unyielding and Undeniable!

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“The demographics may change and the market conditions may change, but there is one constant in Miami and that is its desirability.” This was the opening sentence of an article written recently in the Miami Monthly Magazine. It is an undeniable fact that Miami commands attention around the world with its sophistication, multicultural aura and ideal weather. Viewed as a fabulous playground, an international gateway, a business-friendly community, or a warm and welcoming place to live, Miami has intrinsic value. Savvy investors understand the longevity of this value, compounded by the fact that real estate is a limited South Florida resource.

The South Florida real estate market continues to offer something for everyone. Whether it’s a Metropolitan pied-a-terre, a waterfront condo, or cozy home in the suburbs, you’ll find what you are looking for. International and second home buyers, as well as new residents, are attracted by the exciting lifestyle, the beautiful weather, and international ambiance locals have grown accustomed to. Miami, which ranks No. 1 in the nation for international buyers, is a world-class city featuring relatively inexpensive real estate in an enviable environment.

Following the record-breaking real estate boom of a few years ago, the South Florida market, like many others around the nation, experienced a much-needed correction, resulting from speculative buying activity. But the South Florida real estate market and specifically the Greater Downtown Miami real estate market, which includes the prestigious Brickell area, seems to be picking up steam again! The Miami Downtown Development Authority published a Residential Market Trend Update for the second quarter of 2010, in which it is stated that total sales in the first six months of 2010 (1,933) were up 110% over the first six months of 2009 (919). The average unit sales price in the second quarter of 2010 was up 3% from the first quarter and the average price for the first six months of 2010 was up 16% from the first six months of 2009. Finally, the average price per square foot for units sold in the second quarter of 2010 was up 9% from that of the first quarter of 2010 and the average sales price per square foot for units sold in the first six months of 2010 was up 14% from that of the first six months of 2009.

The inventory of new, unsold condominium units in the downtown area was estimated at approximately 5,400 units as of June 30, 2010. An average of nearly 500 new condos traded per month in Greater Downtown Miami between April and June 2010. At this sales pace, the Greater Downtown Miami remaining inventory of new condos could be absorbed within the next 18 months, according to an article published by the Miami Herald on July 28, 2010.

The current Greater Downtown Miami area population is estimated to total approximately 71,000 persons and is projected to increase to over 81,000 by 2014, according the May 2010 “Population & Demographic Profile” report prepared for the Miami Downtown Development Authority by Goodkin Consulting and Focus Real Estate Advisors. The specific Brickell area had a total population of 13,584 according to the 2,000 Census. For 2010, the same area is estimated to have a total population of 28,500, whereas the 2014 projected population for the Brickell area is 33,500. These statistics point to higher demand that the current housing supply will not be enough to satisfy, which in-turn means that prices will be pushed higher and higher until new projects start and supply increases again.

Based on the input we receive on a daily basis from our own real estate brokerage company, Skyline Realty International, and other real estate brokerage offices that we work closely with, the single most important factor influencing the purchase of a condo in Miami, is that it is viewed by the vast majority of foreign buyers as a very desirable location.

Some of the main reasons behind this desirability are the following:

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  1. Culture, Entertainment and Performing Arts
  2. International City
  3. Global Business Center
  4. Lifestyle and Weather
  5. World Aviation Hub
  6. Cruise Capital of the World
  7. Sports and Recreation
  8. Schools, Universities and Hospitals
  9. Demographics
  10. Top Rankings with the most International Banks in the U.S., one of the most recognizable Skylines of the World, one of the Cleanest Cities of the World, the only US City Surrounded by Two National Parks, one of America’s Best Beaches, one of the Top Cities for Hispanics to Live in the US, one of the Top 15 Cities in the US Most People Would Like to Live in, one of America’s 50 Hottest Cities for Relocations and Expansion, and one of the Best U.S. Metropolitan Areas for Small Businesses.

The Miami mystique has been, is and will continue to be ubiquitous, unyielding and undeniable. This fact in combination with the aforementioned positive news regarding the real estate activity in the Greater Downtown Miami area leads us to the conclusion that the prestigious Brickell real estate market is positioned for a dramatic comeback. Furthermore, without any new residential development projects starting soon, Brickell is bound to have a shortage of housing in approximately 18 months. This is great news for real estate developers in the area and we look forward to closely tracking market activity and updating our readers on where the real estate market is headed during the foreseeable future.