Real Estate Booming Miami Style

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Real Estate Booming Miami Style

Statistics are showing that a new real estate boom has hit the city of Miami, Florida. Miami is now in the midst of a major condo boom that’s reaching unprecedented heights. However, this boom is not being fueled by the domestic economy (obviously), but instead by foreign investments. Within just a decade, the Miami skyline has been transformed by funds from foreign investors. These investments have helped Miami continue to grow as an international attraction.

Ending in 2006, Miami’s last condo boom resulted in the addition of more than 20,000 condos in the downtown area. Miami was one of the hardest hit during the real estate crisis but unlike many American cities that suffered in the real estate meltdown, it has not only rebounded, but also furthered its growth. However, alongside the condos, there is also the addition of commercial, entertainment and retail spaces. These investments are helping to reshape entire neighborhoods.

Gentrification has spread like wildfire. Areas like Brickell, The Design District and Wynwood, once cheap and even ghetto, are now home to some of the most expensive real estate in the state.

The next major project that is planned is the Brickell City Centre. This project is estimated to cost around $1 billion dollars and will include residential condos as well as a hotel. As foreign dollars continue to flow into the market, the condo boom is likely to continue for sometime.

However, with all of the developments, there are concerns regarding the affordability of housing for long-term residents. Like New York City a lot of the wealthy buyers that are driving up the price on all this real estate are using it as investments or second homes.

Miami Real Estate
Miami Real Estate
Brikell City Center
Brikell City Center
Brikell City Center
Brikell CIty Center 2

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