Miami real estate is booming. No matter where you go there are revitalization projects and new construction going up all around the city and in nearby communities. About 96% of Miami’s economic growth is in housing, and in the current Miami real estate market, it is not unusual for sellers to receive offers days after the property goes on the market.
Whether you’re a golfer or a young urbanite, the metropolitan Miami area offers a diverse inventory of homes. A typical single-family home can start between $150,000 and $190,000. Depending on the area, townhouses and condos can start in the low $100,000 range.
The downtown area in particular is experiencing a major explosion as rehabilitation and new construction continue to transform older neighborhoods and create new in-town residential districts . In the financial district of Brickell Avenue, luxury condominium towers and hotels are changing the skyline and the daily patterns. Just west of Brickell Avenue, the Little Havana neighborhood, also known as Calle Ocho, is going through a redevelopment phase and a number of homes are being rehabbed.
One hot spot right now is Biscayne Boulevard in downtown Miami. This 25-block
stretch between the Performing Arts Center and the Design District is considered
the “heart of the arts”. There are many cafes, galleries and
boutiques opening up to serve the influx of residents that are making their
home in this chic part of town. Over 6,000 condos, lofts and apartments
have gone up or are in the planning stages. An 800,000 square foot shopping
mall is on the horizon. One of
the most sought-after locations is a condo community called Blue. Sitting
at the mouth of the Design District, this innovative structure with its
gleaming blue faÁade is a 330-unit complex. Prices so far have topped
at $308 per square foot.
The Miami Beach real estate market is segmented into several different markets which we will explore in detail later on.
Miami is a condo-friendly city. From low-rise modest structures to towering high-rises along the water, Miami condos offer settings and designs to please just about anyone seeking amenity-rich living.
Here are a few of the newer and planned Miami condo choices.
The condo community of One Miami in collaboration with Hotel Intercontinental is enhancing its property to make room for 300 additional condo units, 1,200 apartments, office space, retail space and parking space. Residents will be able to enjoy extra amenities in the hotel’s facilities. In addition, One Miami is building a river walk complete with art, landscaping, seating and an open cafÈ. Completion is scheduled for 2005.
Brickell on the River is one of the first new residential communities situated on the Miami River. It will consist of two 42-story towers. Each residence will have views of Biscayne Bay, the Miami River or the skyline. There are plans for indoor and outdoor restaurants, retail space and office space.
The 52-story Infinity at Brickell downtown is offering apartments it calls
sky-lofts.
There are one and two-story versions with open space and glass walls.
Onyx On The Bay is located in uptown Miami at N.E. 25th Street and Biscayne Bay.† Every unit has a bay view and the building itself is right at the water’s edge. DirecTV is standard.
Metropolitan Miami, a mixed-use project in downtown Miami, is in the initial phase with Met 1, its luxury condo community. Met 1 will feature 447 units in a 40-story, L-shaped structure offering views of the city and Biscayne Bay. Available residences will include lofts, tower suites and penthouses.