Information for Buyers
Right now is a great time to buy a condo in the Miami area. It’s definitely a buyer’s market, and an unprecedented number of good properties are available at amazing prices. If you’re a first-time buyer or looking for a second home or investment property, the team at Miami Condo Shop is here to make buying a condo an enjoyable, exciting and trouble-free experience.
At Miami Condo Shop, we specialize in condo sales in Downtown Miami / Brickell, Miami Beach, and Sunny Isles Beach. In our opinion, these are the three most desirable areas to purchase a condo. In these areas, you can expect to spend a minimum of $150,000 for a 1 bedroom unit and $200,000 for a 2 bedroom unit, as prices have fallen approximately 50% from their peak levels.
Each area has its own unique characteristics:
Downtown Miami / Brickell- This was the center of the condo boom as over 20,000 new condo units were constructed. Developers are still looking to sell inventory with the cheapest deals being around $200-250 per square foot. Expect to pay $300-$350 per square foot for a unit with water view. Downtown Miami features a hip, urban lifestyle and is home to many young professionals and students. Rental demand is strong here.
- Miami Beach remains one of the most desirable places to live in the country. Great nightlife, wonderful restaurants, shopping, and the beach continue to make it an international hotspot. Condo prices are higher here than what you would find in the Downtown Area or Sunny Isles. A nice 1 bedroom unit in a full service building will cost around $180,000 - $220,000. A lot of the buildings in Miami Beach tend to be older due to the historical nature of the Art Deco District.
- Over the past 15 years, Sunny Isles Beach has been transformed from a sleepy beach town to one full of luxury high rises. If you are looking to purchase a new oceanfront condo that is 2 bedrooms or larger, this is the place to come as developers are currently offering some great deals. Prices for oceanfront property in Sunny Isles are lower than those in Miami Beach as Sunny Isles is located further north.
Currently 75% of all condo sales are all cash closings, as financing condo purchases continues to be challenging. We work very closely with several reputable lenders and have had success closing financed transactions at prices above $300,000. If you are looking for a unit priced under $300,000, be prepared to close with cash. Sellers are currently showing a preference for accepting an all cash offer, given that there is a high probability that a deal requiring financing may fall apart.
We'd love to help you get a great deal on your condo purchase and want you to know that there are many good reasons to have an experienced, professional agent represent you in the buying process:
- First, a well-qualified agent will give you valuable information, support, and advice to help you locate the most desirable properties in the best areas that meet your criteria. While there are many ways to identify homes for sale, an experienced, knowledgeable Realtor can save you a great deal of time and effort sifting through the many properties currently on the market and identifying those that are most likely to interest you.
- Second, a good Realtor can provide crucial background information on neighborhoods, history of property values, planned construction in the area and other data that may significantly affect property values in the future.
- Third, we can help you get the property you want for less money by advising you on the actual market value of the property. There is no automated system that can begin to give you the insight that comes from working through hundreds of transactions involving buying and selling properties in this area, as we have. Knowing the real market value of a property gives you a huge advantage when it’s time to present an effective offer.
- Finally, we will help you negotiate the best possible deal, write the sales contract, manage the risks and avoid the legal pitfalls that go along with a transaction that is in the hundreds of thousands or millions of dollars. Statistically, buyers who work with competent Realtors are much more likely to save money and successfully complete a transaction that does not come back to haunt them later.
