South Florida’s construction activity for condominiums has been well publicized in the news around the world. Currently there are over 500 new condominium towers in various stages of planning, construction, proposed and completed. Price points of course vary considerable depending on location and the development itself. Paraiso Bay in Edgewater for example has condos in the $500 per sq ft. range. On the other side of the spectrum, there is the Faena House which is now sold out and prices started well into the million dollar range up to the penthouse which sold for $50,000,000.
Not surprising that there is an increase in buyer interest in real estate both condominiums and homes. Houses sold in Miami Dade are up in 2014 from 2013 over 23% according to the Miami Realtor Association
There are some fantastic new developments that are going to change the face of South Florida in Miami such as Edgewater, Wynwood, and the Design District. In Fort Lauderdale there are several new developments as well that are exciting and will bring international buyers and domestic buyers to our exciting area.
The “sleeper” opportunity that is also on the rise are single family homes in the right location. I am delighted to see that many of these older homes that are being sold are not being torn down. More and more buyers are respecting the old Florida charm and style and modernizing the interior. The end result of these wonderful gems are desirable modernized homes each with their own unique style. The demand is on the rise as home sales in Miami are up almost 19%.
The highly demanded South Florida coast continues to develop and change with new construction as well as preservation of the old. As I always maintain, we are the Mediterranean of the U.S.
Tags: Edgewater, Miami Homes, Miami Pre Construction, New Developments, Old Homes, South Florida real estate
