There are a lot of condo projects under construction in Miami right now. Most of the construction projects are sprouting up east of interstate 95, and quite a few are in the Brickell area. Many people are concerned that this second wave of Miami pre-construction mania may lead to the same devastating outcome we encountered not too long ago. However, the pace at which Brickell condos are selling appears to paint a different picture. For one thing, the median price in Brickell has increased 44 percent since 2003. And, prices are only 14 percent lower than they were during the peak. This seems to indicate that Brickell condos were and continue to be pretty decent investments.
Fortunately, despite the spate of negativity associated with development projects, Brickell hasn’t lost its appeal. Case in point, the building MyBrickell has sold every single one of its 192 units since it began selling at the end of January. Most of the demand stems from foreign investors with cash on hand who are willing to pay more than half the price of the unit while the buildings are under construction. Many of these individuals reside in countries with volatile economies and view Miami real estate as a fairly safe spot to put their money.
MyBrickell isn’t the only development selling well either. Investors are purchasing condos in many of the other buildings dotted along Brickell Avenue. There are just too many projects to name them all, but the demand is certainly there and the supply of both resales and new construction seems to have created a healthy yet competitive market. In addition to developers adding more condo buildings to the skyline, the Brickell commercial sector is undergoing quite a makeover. The area is expected to see drastic increases in retail and restaurant options, as well as hotels and office space. Brickell already has so much to offer current and prospective residents, and soon it will boast even more variety, making it one of the best places in Miami to live, work, and play.