Here’s How Miami Condo Prices Have Changed Over the Past Ten Years [1-5-16]
Article Courtesy of The Miami New Times
By Kyle Munzenrieder
Published December 31, 2015
With shiny new towers popping up all over the place, it’s easy to forget that about four years ago the Miami real-estate market was in shambles. The market has more than recovered, and prices are back on par with their previous peak in 2005 and 2006. Real-estate website E Miami Condos tabulated a chart of the average price of a Miami condo in key neighborhoods throughout the county.
Key Biscayne survived the slump as the priciest market, with the average price per square foot now higher than ever.
The real winner of the slump is midtown. E Miami Condos includes the booming Edgewater neighborhood in that category.
Condos there were among the cheapest of the major condo markets in 2005, and the area was particularly hit hard by the slump. The area has now emerged as the fifth most expensive market in Miami, even overtaking condo prices in downtown.
That’s not a surprise. Several major developers turned their attention to Edgewater as they reemerged from the downturn. The neighborhood, once known for its low-rise historic homes (many of which had been divided into apartments), is now a construction zone with several glittering towers either being built or recently completed. Prices in the area will almost assuredly continue to rise in the short run, but real-estate market analysts are patiently awaiting whether buyers can absorb all the new construction condos in the area that are set to hit the market over the next few years.
Condo prices have jumped across Miami.
Developers aren’t that worried, though. They certainly remember the 2008 downturn, and this time they required preconstruction buyers to put down hefty deposits of 50 percent or more before the places were even built. That priced many Miami locals out of the buildings, but foreign buyers, looking for a safe investment and an occasional vacation spot, were quick to swipe them up.