Salute to Brickell-Miami
The average prices of Brickell condos have raised slowly but constantly during the last two years.
Three years ago, the real estate crisis and the inventory rise were two factors that participated in the decline of condos prices in Brickell. These combined elements have attracted lots of buyers, especially foreigners. During the past year, inventory has fallen down from 17 months to 10 months supply. Inventory is lowering quickly; out of the 23 000 last 3 years’ new units, only 1 500 are still unsold.
Since demand stayed high, prices of condos have increased. In Brickell, the average price per sq ft raised by 20% in the last 3 years.
Even if condos prices are going up, foreign buyers still see them as bargains. For those investors, Miami real estate market is still attractive. Buying condos and offering them as rentals is a profitable investment.
If you would like to learn more about Miami’s condo market, visit our website.
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