The cranes over Biscayne Bay auger well for South Florida’s real estate market, according to the Miami Downtown Development Authority.
“Downtown Miami’s condo boom has been a catalyst for the entire region, putting it back on the map as a thriving real estate market,” Miami DDA Executive Director Alyce Robertson said in a release.
The approximately 5,500 condo units planned for >Downtown Miami should help relieve the city’s inventory crunch. With construction on the way on 1100 Millecento Residences, Brickell Citycentre (two towers), BrickellHouse, Habitat II, ICON Bay, and MyBrickell projects, developers have just recently announced five additional projects in Greater Downtown Miami.
Crimson Residences, Le Parc At Brickell, and three unnamed projects on the former sites of Element, ICE and Platinum II condos come at a time when developers are now proposing at least 25 new towers with more than 8,300 condo units in Greater Downtown Miami.
With 93 percent of the 23,000 condo units built between 2003 and 2012 sold, the values and sales price of what remains in downtown Miami has skyrocketed, the Miami DDA said in a report released today.
The average sales per square foot jumped 14 percent and the average price per unit reached $425,498 in the first quarter of 2013 compared to the same time a year ago. Assessed property values were up 6.4 percent, according to the Miami-Dade County property appraiser’s office.