Greater choice and better opportunities with new downtown Miami condos for sale
on the market
The recently concluded 23 Biscayne Bay Condos and almost 45 new towers that have
been proposed for construction along the coast give consumers eyeing the downtown
Miami condos for sale market reason to rejoice.
An architectural masterpiece of a high-rise that offers breathtaking views of the Bay,
Beach and Downtown areas, while offering the best of contemporary living; the 23
Biscayne Bay condo building is just one of the many residences that has the downtown
Miami condos for sale market abuzz. This new construction that stands two miles
from the dynamic Miami downtown area comes designed by the internationally
celebrated Melo Group and features a variety of floor plans, expansive terraces, state-of-
the-art fitness centers, a resident’s social room, sky pool deck along with a host of other
amenities, hallmark Miami.
Selling out 46 of its 96 residential units shortly after its conclusion, this 18-story tower
is just a preview to what the downtown Miami condos for sale market holds for
buyers over the next couple of months. You can look forward to at least 45 new towers
offering more than 7,600 units to come up along the coast, of which 5 have already
begun construction in counties including the Miami-Dade, Broward and Palm Beach.
These new constructions have come up and are being proposed in spite of the fact that
3,900 developer units still remained unsold as of March 31 from the pool of 49,000
condos that were created during the last housing boom in South Florida.
Ask us why this sudden confidence? We reckon it’s mostly due to the sizeable
investments being brought over by our cash-rich neighbors. Foreign investors from
Brazil, Argentina and Mexico have been showing a keen interest in Miami’s real estate
market since the latter half of the previous year. Whether their motives are to create
safer second homes or investments with a view that eventually end up on the rental
market, in either case a booming economy for our neighbors coupled with new, more
ambitious living spaces in Miami are making for a housing boom that might just last.
Also, this special attention from cash-ready foreign investors has given developers the
confidence to go ahead and tweak the deposit structure on pre-construction condos.
While 10% of purchase price was the norm during the previous South Florida boom,
this time around there have been requirements that range anywhere between a
staggering 30 to 80 percent of the contracted purchase price to be deposited pre-
construction. And, we have also seen investors comply happily, especially in the case of
unique condos such as the Porsche Design Tower in Sunny Isles Beach where you can be
expected to be taken up to your condo without ever stepping out of your ride.
With new downtown Miami condos for sale on the market, foreign buyers being cash-
ready with investments, and deposit structures taking a bolder approach, it would be
interesting to see whether this just ends up making the high-end condo rental market
top-heavy, or it actually has the potential to take the whole market up with it and raise
the overall level of the downtown Miami area a notch.
Watch this space for more information on new and upcoming constructions!