Article
Courtesy of The Miami New Times
By Kyle
Munzenrieder
Published December 31, 2015
With shiny new towers popping up all over the place, it's
easy to forget that about four years ago the Miami real-estate market was in
shambles. The market has more than recovered, and prices are back on par
with their previous peak in 2005 and 2006. Real-estate website E Miami
Condos tabulated a chart of the average price of a Miami condo in key
neighborhoods throughout the county.
Key Biscayne survived the slump as the priciest market,
with the average price per square foot now higher than ever.
The real winner of the slump is midtown. E Miami Condos
includes the booming Edgewater neighborhood in that category.
Condos there were among the cheapest
of the major condo markets in 2005, and the area was
particularly hit hard by the slump. The area has now emerged
as the fifth most expensive market in Miami, even overtaking
condo prices in downtown.
That's not a surprise. Several major
developers turned their attention to Edgewater as they
reemerged from the downturn. The neighborhood, once known
for its low-rise historic homes (many of which had been
divided into apartments), is now a construction zone with
several glittering towers either being built or recently
completed. Prices in the area will almost assuredly continue
to rise in the short run, but real-estate market analysts
are patiently awaiting whether buyers can absorb all the new
construction condos in the area that are set to hit the
market over the next few years. |
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Condo prices have jumped across Miami.
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Developers aren't that worried, though. They certainly
remember the 2008 downturn, and this time they required preconstruction
buyers to put down hefty deposits of 50 percent or more before the places
were even built. That priced many Miami locals out of the buildings, but
foreign buyers, looking for a safe investment and an occasional vacation
spot, were quick to swipe them up.
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