MIAMI (CBSMiami) — It’s great news for the lucky few who own a downtown Miami condo, and bad news for those looking to buy.
According to CBS4 news partner The Miami Herald, a new report cites the average price of a downtown Miami condo unit rose 9.1 percent to $404,927 in the second quarter from $371,205 a year earlier.
The study by Focus Real Estate Advisors and Goodkin Consulting for the Miami Downtown Development Authority was brimming with bullish data on the rebounding downtown housing market, where the volume of sales jumped 24 percent in the first half of this year to 2,072 units from 1,671 during the first half of 2011.
The report said the sales data reflect “strong demand for the limited remaining inventory of new units in major buildings,” citing several projects: Mint, Infinity on Brickell, Axis, Vizcayne and Paramount Bay.
“As inventory becomes increasingly scarce, we’re seeing the traditional case of grab it before it’s gone,” said Craig A. Werley, president of Coral Gables-based Focus.
The average price per square foot for new and resold condo units in the downtown area rose about 7 percent to $338 in the second quarter from $315 a year earlier.
The study defines greater downtown Miami as Brickell, the central business and arts and entertainment districts, Overtown and Wynwood/Edgewater.
So, it’s bad news for buyers in downtown Miami. What about those looking to rent a condo downtown? Find out how rental rates are trending in the Miami Herald’s full article.