While Miami condos with deluxe amenities can command millions of dollars, there are more affordable units available—albeit ones without car elevators. However, even affordable condos will eventually be impossible to come by in Miami’s downtown neighborhoods—which include:
This is according to new data from the City of Miami's Downtown Development Authority (DDA).
The DDA predicts that downtown condo prices will continue to rise, and by 2025 finding units for under $750,000 will be “unprecedented.”
The report—and Miami condo developers—maintains a sunny outlook despite metrics that signal a cooling condo market. The Miami New Times says, “in the last four years, 3,000 condo units have been built, and sellers have been taking losses trying to buy or flip those homes.” Regardless, by 2018 the city is projected to add 11,000 new condo units on top of that number.
The DDA’s report does predict a small dip in condo costs this year. However, by the end of 2017, analysts predict the market will rebound.