Demand on the Rise for Downtown Living
Downtown Miami’s residential real estate market experienced a rise in property values and occupancy driven by international and domestic demand, found the independent study, The Greater Downtown Miami Real Estate Market Annual Summary. Key findings include:
Average unit sales price is up 21% to $425,498; with per sq-ft prices up 14%.
Over 97% of about 23,000 condominium units built from 2003-2012 are occupied.
93% of new condos have been sold, reducing unsold inventory to just over 1,500 units.
New residential developments underway include a total of 5,514 units, with 65% already approved or under construction.