The TOP 3 Neighborhoods of Miami
where you can still get a good deal
Miami Real Estate market is unstoppable. In 2015, Prices increased by almost 13% for single family homes. Demand is increasingly outstripping supply.
There are several reasons for this:
- A stable US economy
- Excellent climate, with sun all year around
- The opportunity to finance real estate with low interest rates
So can great opportunities still be found? Absolutely! Let’s look together at three top neighborhoods of Miami where hot real estate deals are still available.
These two neighborhoods are located within walking distance of the beach. Some real estate experts have described them as ‘the Sunny Isles of 10 years ago’. Currently, there are 11 condominiums coming up in Sunny Isles alone and virtually all of the land is already sold or developed. Yet in 2004, there was just one sky rise and a still a lot of available square footage.
- Edgewater – This neighborhood is located only a few minutes from Downtown, alongside Biscayne Bay. Currently, there are several new developments in the area at only a fraction of the cost of real estate in Sunny Isles. Just minutes from the beach, it’s considered a cultural hub of Miami. The area is brand new and close to Downtown and Brickell, the Manhattan of Miami, where renters are flocking due to the fresh and modern architecture, significantly lower prices, stunning water views and close proximity to the beach.
As with Sunny Isles, all of these neighborhoods will reach their potential within a few years, so now is the time to buy and reap the rewards.
In many cases, new developments sell more than half of their units before the construction even starts. As these developers release new units during the build process, prices continue to soar. So if you opt in early, your unit could already be worth one and a half times what you originally paid for it by the time the development is completed.
Just to give you an example:
- Say you decide to purchase a unit for $500,000 with a 10% deposit to reserve a unit and another 10% around 60 days later (this varies from developer to developer)
- 6 months later, the very same unit costs approximately 10% more, with an additional 5%-10% at end of construction
- So technically you just made 20% of the property’s value. After closing you can resell your unit for around 20% more – profiting around $100,000 with minimal risk (since all new developments are strictly controlled by the government)
- As a general rule of thumb, the more expensive the other condominiums in the area are, the more valuable your property will also be