Downtown Real Estate Market Report 2016 - 2017
It's time to look at the real estate market in one of the most popular neighborhood of Miami, the Downtown area. Condoideas Realty Group took 8 different condos and evaluated their sales in 2017 compared to 2016. Two things are taken into consideration, number one the sales volume and number two the evolution of prices.
Based on the graph, we can see that there is a slight decrease of sales in the Downtown Miami area. This is a contrast with the sales volume on South Beach which has increased. It can be explained by the surge in preconstruction sales which is stealing a lot from the existing buildings. For example, sales at the Marina Blue condo which is located right in front of American Airlines Arena, have decreased by 24%. However, not all condos saw a drop in sales volume. 900 Biscayne condo proved that they were popular among buyers. 36 condos were sold in 2017, an increase of 15 condos from 2016. The 1800 Club condo also saw a surge of 25% condo sales from the period of 2016 and 2017.
The price per square feet in Downtown Miami, on the other hand, increased ever so slightly. In condominiums such as Paramount Bay, there was a 4% increase from the year 2016 and 2017. The Marquis however, saw the biggest increase from $469/sqft in 2016 to $584/sqft in 2017. This trend is likely to continue because investors are seeing an increase of value in this Downtown Miami neighborhood. After all, the MiamiCentral project has seen some major progress. This multi-million project includes two residences, a train station and six blocks of retail and commercial spaces. To add even further, the Skyrise Miami, an observation tower and vertical entertainment center is scheduled to start this spring and it will be an additional major tourist attraction to the Downtown Miami area. Finally the Miami Worldcenter development is in progress. The area will include retail, commercial and residential with its main component as the Paramount World Center
REAL ESTATE AROUND THE WORLD
Miami is not the only city which offers luxury real estate. This month, I thought it would be interesting to analyze the luxury residential market across continents. The data used is based on the Knight Frank's Prime International Residential Index (PIRI) ranking report which evaluates the world's leading prime second home and city residential markets.
In China, there is a no doubt of a slowdown. According to the report, Beijing and Shanghai's real estate market fell due to China's macro prudential regulations. These regulations have successfully curbed price inflation and deterred the speculative activities in China. Guangzhou is the only city in China that remained in the Top 10 PIRI ranking.
In Europe, the market is seeing a positive growth after almost a decade of less than favorable results. Amsterdam, Frankfurt, Paris and Madrid topped the list with impressive growth of more than 10%. Madrid is seeing a huge investments from Latin American buyers who are on a mission to transfer their capitals away from their turbulent market.
In North America, Aspen is the prime city where 19% of growth is recorded. This is followed by Seattle at 12.2% and Toronto at 8.7%, The United State's cities such as San Francisco and Boston are at a similar growth of approximately 6%.
In South America, Buenos Aires remained at the same ranking as last year. Interestingly, another city inside this continent appeared to be the best value city if you have $1 million to spend. According to the Knight Frank report, an investor can buy a 1730 sqft property for $1 million in Sao Paulo. This is in contrast with area such as Miami where you could buy on average only 900 sqft and New York (250 sqft).
TOP 5 EVENTS IN APRIL
Miami has exciting events happening this month. Here are some that you should look out!
Home Design and Remodeling Show: April 6 - 8
Thinking of grand renovations to your home? The biggest home remodeling exposition in Miami is coming where you will be exposed to the best products and solutions to the Florida housing market
The Longines Global Champions Tour: April 5 - 7
The best show jumping event will be happening in Miami Beach. Event will be located on the beach behind The Setai Hotel and it is free for spectators!
South Beach Triathlon: April 15
Are you up for the challenge? Come join the swimming, cycling and running triathlon and you will be impressed on what your body can do. Ticket starts at $140
Miami International Jazz Festival: April 26 - 28
Do you enjoy the soothing music of live jazz? Miami is turning into a city of music where you can hear jazz anywhere you go especially throughout Downtown and Bayfront Park.
SoFlo Cake & Candy Expo: April 27 - 29
Calling all sweet tooths out there! This is the event where you will meet professional and creative bakers. Event will be held at Miami Airport Convention Center
Sherwoods Bistro - A Hidden Gem
This quaint bistro is tucked inside the quiet El Portal neighborhood, just 15 minutes drive from South Beach. They serve family-style dishes from around the world and you will be amazed by the unique choice of foods and drinks they serve here.
The ambiance here is simply the best. The cafe attracts good crowd and the dish that I highly recommend to you are the Sherwoods Gnocchi with Oxtail Ragu. The sauce is simply divine! The Butchers Wife is another classic dish that serves top-notch steaks! And if you want some simple appetizers, the Beef Tartare Slider is your best choice! They also have a great brunch and you can enjoy some delicious chocolate french toast.
DEAL OF THE MONTH: VILLA REGINA #TH-2
Listed at $1,355,000
4 Bedrooms / 3 Baths
2 Parking spaces