Blog | Miami Real Estate is Booming!

24

Jan
2013

Miami Real Estate is Booming!

MIAMI TODAY – WEEK OF THURSDAY, JAN. 17, 2013 – BY LAURA STACE

“Residential real estate in downtown [Miami] and Brickell is touted to reach pre-dowturn price highs, while experts predict office and retail markets will continue their recovery as 2012 unfolds.  Condominium inventory hasreal-estate-miami2 gone from a glut to a very tight market in terms of supply, said Craig Studnicky, principal of Related ISG.  Because of the tightness in the market, he said, he is expecting prices to climb to the 2006 water mark high.  Two years ago Brickell and downtown had close to 10,000 units of standing inventory, he said.  Now, in Brickell most new condos have been sold, and downtown has fewer that 1,000 remaining units.  Related’s projects in Brickell – My Brickell and Millicento – are sold out, he said, with the group’s BrickellHouse 95% sold.  [...]  He said Swire’s Brickell CityCentre project will make Brickell even more attractive upon completion.  [...]  Howard Taft, senior managing director of Aztec Group, said retail in Brickell and downtown [Miami] remains strong, with many new tenants – including Trader Joes, Dick’s Sporting Goods and Kohl’s among others – entering the area.  [...]  Last year rental rates increased over 3%.  With the residential market recovering, Mr. Taft said, “Health retail will follow rooftops.”  Population growth and job creation in the metro area are fueling the demand for more retail, he said.  Mr. Taft predicts 2013 will be a strong year for investment sales in the area, as interest rates are to remain low.  He said banks are making construction loans based on return on cost.  This, he said, has changed dramatically over the past year, when banks were focused on loan to cost and loan per square foot.”

 

THE BRICKELL REPORTER – JAN. 2013, EDITION 19 – BY ROBERT WAGENSEIL

“Situated off the main strip of Biscayne Boulevard and neighboring the Design District and Wynwood is Midtown – Miami’s latest frontier in the real estate market that is about to explode.  With the latest announcements of the new Zaha tower, Miami Worldcenter, and the All Aboard Florida train station, Midtown Miami is experiencing a new wave of sales while preparing for new projects.  Recently, Gold Krown Fidelity purchased the remaining unsold residential inventory of Midtown Miami, consisting of a 538-unit block of condominium and rental apartments.  Those remaining units from the condo boom are now selling very quickly, signaling that it is the last of its kind by boasting a large inventory.  Two months after announcing the launch of sales of 304 units in 4 Midtown, Gold Krown Financial sold 113 condominium residences, which equates to $40 million.  Analysts estimate that of the 22,000 new condos built in Miami during the boom, at least 90% have been sold, making Midtown Miami one of the last of its kind in the market.  Midtown Miami has become an instant micro-city, and its retail and residential properties have been met with success.  Midtown has also gained popularity among locals, as more than 70% of sales have come from buyers in Florida.  With the influx of luxury retailers in the neighboring Design District, the booming art scene in neighboring Wynwood, and the proximity to both highways and pedestrian-friendly avenues, Midtown Miami boasts central proximity and easy accessibility to the vibrant urban lifestyle.”