Remaining Midtown Miami Condo Units From 2008 Are Being Sold Off With Much Success
Almost 500 condo units from the Midtown Miami complex which still remain on
the property market after having been launched in 2008 — during the collapse of the
housing market — are currently being marketed to the public.
One particular investment group was reported to have paid a total of $110 million for
538 condo units within three towers from the lender of the development project. Now,
after having sold 50 of the condo units, the group believes that the opportunity to take
advantage of the market crash is now in its final stages.
Of course, such a statement is sure to create an impact among sellers as the inventory
supply from the bust are almost gone and real estate developers are eager to get back
into the Miami real estate market now that it is showing signs of good health.
According to reports, at least 90 percent of the 22,000 newly built condos within the
Miami region have already been sold. One study claims that an estimated 2,200 condo
units still remain on the property market.
Within the Downtown Miami area, more development projects are being sold as the
demand coming in from investors seems to be fuelling the activity among builders in
the community, especially now that the demand remains strong despite the fact that
rental rates are also increasing.
One factor which seems to be quite remarkable is the fact that foreign property buyers
remain to be among the biggest source of activity on the Miami real estate market.
With a myriad of new condo developments on the rise across the region, many are in
the process of figuring out to how to successfully sell the leftover condo units from
the collapse of the housing market, especially since we are seeing significant changes
in architectural as well as further advancements in modern luxury living.
Nevertheless, existing condos as well as future developments projects remain set on
selling to a similar market audience which is comprised mostly of people who seek
the best rental units within the region today, especially now that people have become
more reluctant about making real estate purchases.
Given the current situation, people who seek rental properties within Miami are now
one of the strongest forces on today’s property market as proven by the fact that the
demand remains high despite increasing rental rates across the region.
As for the investment group who is looking to sell off the condo units located within
the three towers of the Midtown Miami complex, there is definitely a market — most
of which involve urban professionals and young individuals — to cater to within the
newest retail district of the region.
If you would like to find out more information regarding existing condo units that are
available within the Midtown Miami complex, you may contact our team of agents for