Median Price of New Construction in Miami:
The median price of new construction in Miami is $860 per ft, according to real estate journalist Peter Zalewski in his presentation at the Tower Club this week. Although prices have gone up considerably they are still way below the level of other large cities in the US and there is still room for increase. Construction cost is going up 1% per month. This time around most experts and analysts do not foresee a bubble because buyers are putting 50% deposits. The majority of buyers in Miami come from Latin America (according to Miami Downtown Development Authority 85% of new construction in Miami buyers are foreigners, most from Latin America). They are looking for preservation of their capital, trying to protect themselves from the volatile situation in their countries.
There is a total of 334 towers in new construction in Miami. Of those, 89 are proposed (meaning they have not been approved yet), 124 are planned (already approved and ready to start), 99 are under construction and 22 are finished.
Even when the median price of new construction in Miami is $860 per ft you can still find opportunities which escape this general panorama. In Fort Lauderdale the median is below $500 per ft and even in Miami where prices and demand are so much higher you can find great deals. Take for example Aventura Place, a new development in the Aventura area where you can buy a brand new townhouse or condo for $250 to $290 per ft, completely finished with porcelain floors, stainless steel appliances, high ceilings and 2 car garage. Hard to believe, but true! Right across from Aventura and one block away from new Waterways school. It does not have all the amenities of other new construction in Miami like gym, or meeting rooms but the fact that maintenance will be below $200 a month including insurance makes it an amazing option considering that it does have a pool and sundeck and most people never use the gym at their building. Even if you do, you can always get a membership at a nearby gym and save a lot of money. Want more info? Contact us now, we’ll be happy to help you find the right property for your personal goals.