FAQs About Miami’s Condo Market
July 31, 2017
One River Point has set the new standard for luxury living in the Miami condo market.
That’s a word often used to describe Miami.
The weather…the nightlife…the fashion…the bodies on the beach…
But it also applies to the city’s real estate opportunities and, specifically, the Miami condo market.
Miami is a tropical paradise and, for that reason, it will always be a desirable destination. That makes living in Miami a fabulous experience, but also means owning property in this international hot spot is an incredible investment. There may be no greater investment, in fact, than a luxury condo right in the heart of paradise.
Those in the upscale Miami condo market are well aware of their countless options, but atop that list – second to none – is the magnificent One River Point. Set along the Miami River, One River Point is composed of twin 60-story towers connected by a sky bridge.
Designed by the famed Rafael Viñoly, this waterfront condo is close to all of Miami’s premiere attractions, offers world-class amenities in a resort-like setting, and is pure luxury in every way.
Here are five FAQs about the Miami condo market that should help in your search:
What should an investor expect from the Miami condo market now?
Affordable luxury. There was a huge spike in luxury condo construction in Miami about 10 years ago, but then the economy and real estate market took a turn for the worse. As a result, there is a healthy supply of available upscale condos in Miami, which has helped keep prices reasonable. However, the Miami condo market is steadily trending upward and the area will always be in demand.
Those who buy now or in the near future should expect lofty returns if and when they decide to sell. The Miami condo market has become extremely popular amongst international investors in recent years as well.
What are the benefits of investing in a Miami pre-construction condo?
There are many benefits to buying a pre-construction condo. For starters, this is when you’ll receive the best value. Pre-construction prices are also the lowest prices, and there are usually multiple increases during the construction and post-construction stages.
Purchasing during the pre-construction phase also gives you an opportunity to select which condo unit you want. Most condos offer different floor plans, different lines, different square footages, different views, etc.
One River Point, for example, has 11 different floor plans spread over one-, two-, three- and four-bedroom configurations. While all units at One River Point boast sensational views, there are several options. Buying during the pre-construction stage ensures you get the view you want…at a price you’ll never see again.
What are the risks of investing in a Miami pre-construction condo?
As with any investment, there are risks. However, when it comes to purchasing a pre-construction condo, there are steps you can take to help protect yourself. First and foremost, buy in buildings with well-known and trusted developers. In the Miami condo market, for example, there’s One River Point, which was designed by the world-renowned Rafael Viñoly.
One of the chief concerns is purchasing a unit in a condo that never gets completed, and you lose a deposit. Highly-successful designers, such as Viñoly, tend to not deal with developers who operate in this fashion.
It’s also important to work with agents and advisors who are familiar with the condo market in a specific area (in this case, Miami). They will help direct you toward the most reputable designers and developers, and find the best buildings in the best locations, all of which help secure the smartest, safest and most lucrative investment.
What should you look for when choosing a condo?
Aside from location, price, reputation of designer and developer, floor plan and aesthetics, another thing to strongly consider when purchasing a condo are the amenities. If you’re purchasing an upscale, luxury condo, you should absolutely expect upscale, luxury amenities.
At One River Point, the amenities are what you’d expect to find at a resort. Don’t be fooled, however. Yes, it is part of the Miami condo market, but few – maybe none – offer what One River Point does.
Here is a sampling of the amenities you’ll enjoy at this piece of paradise:
- 130-foot riverfront leisure pool
- 75-foot, half Olympic-sized lap pool
- B&B Italia furnished cabanas
- Poolside food and beverage service
- Waterfront restaurant
- Screening room
- Business center
- Indoor Kids’ Club
- State-of-the-art fitness facility, spa and wellness center
- Pet spa
- Temperature-controlled storage
- Electric car-charging stations
How can international investors benefit from Miami’s condo market?
Miami has been a global destination for decades, and has been popular for international investors for many years. That being said, the interest in the Miami condo market has never been higher among investors from overseas.
Upscale condos, located in a major city that prides itself on being a cultural melting pot and is equipped with an international airport that offers service to all corners of the world, will always be in tremendous demand. Buyers from other countries enjoy the incredible lifestyle that the city offers, as well as the wonderful investment opportunities the Miami condo market provides.