Real Estate Prices in Miami Continue to Rise
Miami Real Estate Gurus
Even as new construction continues to go up, so is the cost of real estate prices. This is great news for home and condo owners, as well as realtors but for those looking to buy Miami real estate, the time may be now before prices continue to rise.
In a recent study, prices have shown to be for condos during the boom of 2003-2008, sold for $230 per square foot. Even after a huge influx of new construction, prices are hovering around $400 per square foot.
New condos in Brickell being constructed now are averaging the price range from $450 to $550 per square foot while pre-sale construction is starting to demand prices in the $550 to $675 per square foot. The extravagant residences are even asking $1000 to $1200 per square foot.
When all is said and done, there isn’t much land open to be built on, which hasn’t already been claimed. Another interesting fact is that close to 90% of new buyers of these bigger properties are foreigners.
Miami real estate experts are believing that all of this new construction of rentals will help stabilize the huge increase of prices! Contact me today for an updated list of current Miami real estate properties.
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