Since 2012, eleven new preconstruction projects have been announced and are selling condos in the Brickell area. Most of these preconstruction projects have already sold over 50% of their units. Four of them have sold out completely!
From a total of nearly 4,000 condos that have come on the market in the past two years, 2,500 are under contract or have sold. The exception is Brickell CityCentre which will start its sales very soon.
Biscayne Corridor Preconstruction
Another area with great movement in sales of preconstruction and new construction is the Biscayne Corridor, which covers:
- Downtown Miami
- and the Design District
Of the 2,800 condos that have been made available since January 2012, 1,400 have sold.
Preconstruction in the Beachfront Area of Miami
Since January of 2012, nearly 1,500 condos have been sold out of the 2,400 preconstruction condos that hit the market.
Average Days on the Market for Resale Condos
Now for condo resales, which encompasses condos that are not Miami preconstruction, the average days on the market before being sold is amazing. In 2011, in the Brickell area, the average number of days a condo spends on the market before being sold was 150 days.
In 2013 that number dropped to 32 days. This is also happening in other areas. In the Biscayne Corridor it went from 180 days in 2011 to 30 days in 2013 . Miami Beach, Sunny Isles and the beaches went from 120 days to 39.
Latin American countries like Venezuela, Argentina, Brazil, and Colombia are responsible for contributing the most to growth of the Miami real estate market over the past two years. Venezuela, pushed by its current political climate of uncertainty and instability, remains the leader in investments in South Florida.
Current Miami Preconstruction Update
We are at a point where we seem to be catching our breath from the breakneck pace of sales of Miami preconstruction that we have had for the past three years.
This is partly attributed to the fact that there are more options out there than there were three years ago. Another factor is the economic situation in the countries where most of the buyers have been coming from has deteriorated. Lastly, selling prices have strengthened over time.
We are now entering into an interesting period where the skill of the Buyer Broker can play an important role.
Now, more than ever, it will be important to select:
- The best condominium; with the best spaces, views, floor, etc.
- A project that will get built from all those that are available
- At a competitive price; trying to get the closest price to the first list
- In the Miami area with the greatest potential
To work with Andres, your experienced luxury realtor, and Constec Realty Services, an established real estate agency that specializes in luxury Miami real estate, contact us now.
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