How Many Luxury Condominiums are Found Throughout Miami?November 18, 2014
The statistics say that there are 40 condominium buildings with nearly 6,800 units currently under construction in Miami-Dade County. Another 56 condominium projects are in the planning stages with over 10,800 units. Once approvals happen, these projects will move forward. On top of this, another 36 new projects with more than 8,300 units have been proposed to the city.
Most of these new condos are due to the price of land and construction exploding in Miami over the past few years. The price per square foot has gone up by about 50% from 2012 to 2013 and it’s still rising. Some of the luxury projects in Brickell go for as much as $600 per square foot, while others in South Beach go for as much as $2,000 per square foot.
Along with all of these condominium projects, buyers are actually putting larger deposits down for their new condo unit. Many are putting as much as 50% down during the under construction phase to ensure they get the condominium they want. These larger payments are also due to the last boom, which left many purchases skipping out on their agreements.
The condominiums are requiring larger down payments this time around in hopes to ensure purchasers close on their contracts. Most are requiring a 20% down payment, but many are still paying about half the purchase price up front.
With so many new luxury condominium projects, Miami is quickly becoming the hot spot for buyers from all over the world. Many of the buyers are coming from other countries and using the condominium unit as their second home or their get-away when they have business to tend to in Miami.
Others actually stay in Miami most of the year and enjoy the amazing weather and views from their luxury condominiums.