The prices for new construction in new or relatively new projects in Sunny Isles Beach like Turnberry Ocean Colony, Jade Ocean, Mansions at Acqualina or Regalia are flying through the roof and have appreciated for the last two years almost 18-20% annually.
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News And Blogs Global Realty Partners
The inventories in Miami’s real estate continue to decline with a modest pace. We have already written about Sunny Isles Beach only having 658 condos available for sale at the end of March. This month the inventories for sale were reduced to 624. The same tendency can be seen in Bal Harbour real estate. For example, last month there were 210 units available for sale in Bal Harbour, and now this month the amount was reduced to 207. Now fewer and fewer sellers are deciding to sell their properties and those who decide to usually find something else to buy.
In July of last year, spending for construction purposes increased in Miami, as it continued to rise in Broward County as well. Broward County spent just as much in real estate related costs as in city of Miami. Much of this spending is due to the increase on custom built homes. Areas in which this is occurring are Key Biscayne, Coral Gables, Coconut Grove and Pinecrest. Foreigners are also a major contribution to this spending.
When our country's economy began its downfall the housing industry felt it as well. At this point Miami's real estate was booming. From the year the real estate market started to improve people from all over the world flooded the city of Miami in hopes of snagging a deal. Miami has now become the center of it all for those coming from other countries to operate their businesses here in the United States. These newcomers are now a very important factor in Miami's real estate success.
Real estate trend for next few years in South Florida is obviously going up! We will try to support this statement by two charts taken from the Miami Herald in the January business section and from the web site www.aboutinflation.com. At this point we will just assume that the data provided by those 2 sources are correct. At the end we will provide you data taken from third independent resource.
This week 2 new developers released their prices to their building: Chateau Beach (site on 174th St and Collins) and Oceana at Key Biscayne.
Last week there were 2 new projects for new construction were taken under contract, one on the ocean at Surfside for 50 million and another at Bal Harbour, now Bal Harbour Club for 225 Million.
We do not have any more additional information about the Surfside project, but we want to make a comment on the Bal Harbour side.