We all know that the previous real estate crash has left thousands of unsold units in downtown MIAMI unsold. Another side effect is that the prices for Downtown MIAMI condos have fallen almost a full 50% from the 2007 peak, although the recovering market is seeing prices rise more than 15-20% from the bottoming point.
What do we see in the industry? We see that banks are little by little starting to ease its monetary policy (correct me if it is the Federal Reserve). With that, more and more foreign buyers are choosing MIAMI as their ultimate place to live as development of infrastructure brings MIAMI close and closer to international cities like London, New York, and Los Angeles. Not only that, but Miami is attracted tons of businesses like banking, which is creating an almost “Latin American” financial capital for South America that can compete with other financial cities from around the world. Will downtown MIAMI become the second Manhattan?
I honestly think that it would not be up to such a standard, but being close to Coral Gables, Key Biscayne, South Beach, and the MIAMI international airport bring important development straight to downtown Miami. We are seeing that Brickell (the Wall Street equivalent for Miami) is becoming a big center for hotels and secondary homes, which shows that an influx of employees working in the financial district are flooding to downtown Miami. With the influx of new people to downtown, many luxury condos that provide the best of service like Icon Brickell, St. Luis Brickell condo or Bristol Tower at Brickell are becoming very desirable places to live.