Friday, November 21, 2008

Miami's Condo Market Still Strong

Miami’s real estate market continues to thrive in spite of the difficult economic conditions being experienced all around the nation. As reported in The Miami Herald, the closings at downtown Miami condos have continued despite the slow-down in the economy.
The article reads:
“Since 2003, 17,299 condos have been finished and 12,169 have closed at an average price of $405,966 per unit, adding up to total sales of nearly $5 billion in the greater downtown Miami area, which includes the Brickell, central business district and Midtown neighborhoods.”
More than 12,000 units have closed in downtonwn, a large number of units for any local economy to absorb, even in robust economic times. The fact that all of these units have closed despite the current economic climate speaks volumes about the city’s stability and ability to attract buyers. This is a testament that Miami continues to grow and prosper, and will continue to be a source of prosperity for its residents.
It is also a testament to how far the city has come in creating an urban core to live, work and play in. Not too long ago, Miami had no urban core to speak of. Now, downtown has been completely transformed. The residents who will live in these 12,000 that have closed will help create a new urban environment and a brand new sustainable city. These closings also create an opportunity for renters to live in the urban core, renters who are likely to become buyers once the lending market improves.
This is why the City of Miami will continue to invest in projects such as the Miami World Center, and continue to work towards implementing the new zoning code, Miami 21. These investments are necessary to build the city we all want to live in, and create a sustainable home for our children.
- Manny