Downtown Miami Condos Show Increase in Sales Volume and Price in the Second Quarter of 2012
There are a lot of real estate options within Miami that have been increasing in sales
and price. Today, it is clear to see that Downtown Miami condos are definitely one of
Based on data gathered from the second quarter of 2012, the average price for condos
in Downtown Miami has gone up by as much as 9.1 percent to $404,927 compared to
the previous year.
As far as the volume of sales for Downtown Miami condos are concerned, figures
have gone up from 1,671 units to 2,072 which marks an increase of 24 percent from
the previous year.
Clear indicators show that the strong demand for condos within the neighborhood is
pushing the market up by significant amounts. With a limited remaining inventory
supply within the neighborhood, the increase in price is indeed inevitable, and so is
the scuffle among property buyers who are desperate to get their hands on whatever
remains available on the property market.
Given the current situation, the average price per square foot for both new condos
and resale condos within the neighborhood has increased by 7 percent. In the second
quarter of 2011, the average price per square foot was $315. Today, the average price
per square foot is $338.
Aside from the sales volume and price increase, it seems that the rental rates are also
on their way up as the average monthly rent recorded in the second quarter of 2012
was $2,130 which marks an increase of 4.4 percent compared to the previous year.
The vast majority of condos found within the Downtown Miami area were believed
to last for at least ten years. However, we are now seeing quite a different scenario as
most Downtown Miami condos have already been purchased by investors who have
decided to generate a sizeable profit by placing those properties for rent to the public.
As of the end of June 2012, less than 2,900 new condos remain unsold which marks
a drop of over 30 percent from June 2011. Given the current rate of absorption, the
remaining inventory will only last about 18 more months.
With evidence to prove that the value of Downtown Miami condos is clearly on the
rise, it would make perfect sense for people to want to check out today’s available
selection while it lasts. So contact us for more details so that you can get your hands
to the outstanding opportunities that are available on the property market today!
By Selda Kirkan