What is the average cost for condos in Miami?
I am often asked the price of condos in Miami. Like in any other city there are many factors that come into play. The often used adage location, location, location is certainly true in the Miami area. An older condo in Sunny Isles off the beach will run less per square foot than a newer condo in Aventura. It all comes down to what your priorities and wants are. Do you want that million dollar view from the top of a luxury penthouse? Or are you willing to put a little money into a condo a short drive from the sun kissed beaches that skirt the Atlantic Ocean?
As of writing this today the price per square foot of condos in the Miami area has fallen by about 2.5%. This is due primarily to less foreign buyers and the boom in new construction. Currency devaluation in Latin America and Russia have a slight impact on prices. Foreign investors generally make up around 40% of condo sales in Miami. This softening has had an impact.
The median rental for a condo in Miami is currently $1900 per month. Median sale for condos in the Miami area fell to $169,000. But don’t get excited if you plan on scooping up a condo with Ocean view for next to nothing. Condos along the beaches are a commodity and in hot demand with new luxury high rises going up all over.
While the price for average priced condos in Miami has fallen slightly, the high end real estate market is booming. Luxury condos along the beaches are selling out at a brisk pace and those with the funds for these luxury units have no qualms going after what they want. Developers for high end units are struggling to keep up with demand.