Condos for Sale in Miami: What to Focus On
What to Focus on When Looking into Miami condos for sale.
Keep these major points in mind when scanning the incredible variance of options online and in your brokers office. Of course, we offer a full service to help you every step of the way to save time but even before contacting us, have these essential points in mind and you will be a step ahead of the game.
1.Find below market rate listings such as this one completed by a regular buyer in San Francisco.
2. Check the previous sales for the condo building you have in mind. We have a full look back for each property for sale in our Miami condo database.
3. Be patient and collect as much data as possible about the actual unit you are interested in.
4. Don’t accept the first offer unless you know the property is really hot.
5. Ask as many “silly” questions as you can think of. Not only will it help make you a better-informed buyer, you might discover there is some hidden risk in the property which can only be known by making the seller nervous.
When you’re looking into Miami condo investments, make sure to follow these guidelines outlined above to help. Researching condos for sale in Miami will definitely pay off in the long run.
It’s no secret that the Miami real estate industry is as hot as the South Florida sun. Just beware of the cloudy areas. That’s where good old fashioned due diligence and research and seeking the services of businesses which focus on trends involved with condos for sale in Miami.
Condos for Sale in Miami, the Old and the New
In the past, Miami enjoyed a unique reputation. In the early 1980s (think the Miami Vice television show) people flocked to Miami for the fun in the sun, beachgoer lifestyle or for that type of vacation.
And it’s always been know as one of the places in the United States that attracts the ‘Snowbirds’, or retirees that want to escape bad weather they have been used to for half a year.
Today, it’s considered one of the top international cities in the world, competing with cities with established international reputations like New York, Tokyo, London, Paris, Geneva, Hong Kong, San Francisco and the like.
Miami has always been known as a hub for its impressive culture and arts communities. Now, it’s fashion scene is exploding, high-end shopping, dining and nightclub districts are beginning to attract those folks that enjoy a cosmopolitan, multinational, multicultural, and true international flare.
Miami and South Florida, a True International Condo Community
Since Miami is a growing international commerce and banking center, Miami is home to the Brickell neighborhood, which is known as the Manhattan of the South, and has the second most international banks, outside of Manhattan.
South American companies are flocking to Miami and South Florida, turning Miami into a city known for a high concentration of international headquarters. Because of the political and societal unrest in their countries, they are finding it nicer to do commerce and live in a city where they don’t have to worry about those issues.
Which leads us back to what you should do when searching for condos for sale in Miami. When thinking of Miami condos investments, because people and many successful business owners from South America, Europe and China are competing with American folks, competition for real estate (especially condos) is intense.
Some of the areas which demand far exceed supply with Miami condos investments include Key Biscayne, Miami Beach, Downtown Miami and Midtown Miami, Coconut Grove, Coral Gables, and Brickell. And make sure to research based on your family situation.
If you have children, for example, some of these neighborhoods are well known for their fine schools. Whereas if you’re looking for a singles lifestyle, some areas are more well known for amenities geared towards that lifestyle.
What Else to Focus On When Researching Miami Condos Investments
Also keep in mind, when looking into condos for sale in Miami, think outside the box, because others are. Many new and existing condos are in high demand in the real estate market, but so are pre-construction condos.
And a pre-construction condo is just like it sounds. You’re buying it before it’s built. The advantage? The price you agree to pay for the condo is set in stone. So if by the time it’s ready condo prices go up, you’ve saved money before moving in.
And in some areas of Miami and South Florida, demand for pre-construction condos is greater than existing condos. The reasons are covered in great detail in our other blog post about new construction branded residences. Condos such as Porsche Design Tower, Fendi Chateau, Aston Martin and Armani Casa will surely lead you in the right direction.