Miami condo real estate has been on the track for the past few years although right now it is on the shaky state it is still not a bad market to invest in. As we know the market can change in a heartbeat. It is always good to see your money’s worth. Like everybody else in the market we all are expecting that it would pan out. We all know that condo hotel prices rise quickly; prices continue to rise on condo hotel units. Most condo hotels are sold out in pre-construction. There are usually 3-5 price increases between the times when selling begins and final closeout. For those of you who get in early, that may translate into a 10%-plus increase in your property’s value, even before you close. The possibilities can be endless in my opinion.
Another interesting take is that buyers come from all over U.S. Buyers are a mix of real estate investors and vacationers who want an upscale second home. The buyers are from all over the U.S, especially the Northeast and Midwest. We’re also seeing a lot of buyers coming from Canada, Great Britain, Mexico and South America. This is nothing new as South Florida has always had international appeal. The reason is because Miami is always a big market for real estate plus have you ever heard that location is the key for real estate, guess how good Miami’s location is? Pretty darn good, in my opinion.
What surprises me is that the condo hotel concept is getting attention, the concept of condo hotels is dramatically growing in popularity nationwide and internationally. Right now people understand how the condo market is and is willing to make changes. Internationally Miami condo real estate market is getting good reviews. They now know the reputation of the area is great and because of the success of Miami in tourism they are always getting the interest from investors.
The biggest thing for me possibly is that the condo market growing rapidly. In summary, these are exciting times for those of us involved in the condo-hotel market. The future holds lots of promise as the condo-hotel concept, still in its infancy, begins to take hold across the nation and the world at large. Investors and developers see it so they opt on getting the headstart on it with building new buildings to accommodate the potential investors. Miami condo real estate is always on the top of its game so I think that investing to it is not a bad idea after all.
Jron Magcale
Tags: article, blog, business, condo, economy, Florida, housing, market, Miami, real estate
June 21, 2008 at 7:20 am |
I’ve read your article with great attention, and I am not so sure about all condo-hotels prices rising.
I think that as every real estate investment you have to do your due diligences and really check the market.
Just my opinion. Thanks. Best regards.
FD @ Condo Hotel South Beach