Miami investors are curious to see what effect the highly anticipated Miami retail development in the Design District will have on demand for luxury condos in the area.
The $1.4 billion mixed-use project is being developed by Dacra and LVMH, and is set to include big names such as Louis Vuitton, Hermes and Prada, which will undoubtedly attract very high-end real estate buyers as a result. The development is scheduled to be completed in about 14 months and according to the Miami Herald will be comprised of “over 120 luxury-brand stores, a boutique hotel, 15 to 20 restaurants, luxury residential condos and lofts, galleries, furniture showrooms and numerous large-scale public art, design and graphic art installations.” The inspiration behind the project is a combination between South Beach’s Lincoln Road and Beverly Hills Rodeo Drive, and it is expected to generate a lot of interest in the area’s luxury real estate.
Regardless of the development, demand is not a problem for the area, there are currently less than 75 condos on the resale market, with an average asking price of $465 per square foot. However, this project is expected to evaluate the property value of this area enormously and investors are already clamoring to get a hold of one of the new units before they are all bought up.
This newest Miami retail development, combined with the increasingly large amount of interest in South Florida real estate and the renewed health of the market, make Miami’s real estate market one of the most prosperous in the country. And now is the time to buy, because with interest rates about to rise purchasing now gives you the opportunity to lock in a low rate while they are still available. So, if you are interested in a commercial or residential property in South Florida don’t wait, contact a RE/MAX agent today!