With Miami single-family home prices on the rise, and Miami’s metro population expected to grow as companies such as Amazon create hundreds of new jobs in the city, many real estate experts see now as the opportune time to buy in Miami.
In downtown Miami, to be precise.
According to a recent report by the Miami Downtown Development Authority, condo supply and demand dynamics are coming into balance in the city’s urban core, with fewer projects under construction and condo prices adjusting to be competitive with rents. According to the DDA’s Greater Downtown Miami Mid-Year Residential Market Study, more than 80 percent of the 5,000-plus completed condo units downtown are already sold, while 70 percent of the under-construction units are pre-sold. And remaining inventory is dwindling.
The report noted that The Arts + Entertainment District and the Central Business District are the two fastest-growing downtown condo markets.
That’s no surprise to Ron Gottesmann with NR Investments, the first developer to break ground in the Arts + Entertainment District with the Filling Station Lofts, and now its signature development, CANVAS Condominiums. CANVAS, which will deliver in Q2 2018, recently lowered its deposit requirement to 20% to make ownership more attainable for Miami-area residents.
“People are flocking to downtown Miami,” he said. “There’s so many fabulous restaurants, shops, nightlife, and world-class museums all clustered in the downtown for the first time ever, making the city truly walkable. Living in the urban core, close to public transit, opens up so many possibilities – and often eliminates car commuting altogether, which is very appealing to the younger generation.”
As Miami’s population continues to grow and its downtown matures, Gottesmann predicts CANVAS will attract more first-time buyers – people who are aging out of renting – along with buyers from places like New York City who want a centrally located seasonal pied-à-terre. “It would be hard to find a better-located condo at such an attainable price anywhere east of I-95 in Miami,” Gottesmann noted.
CANVAS is located close to Brickell and the Health District, and just steps away from Pérez Art Museum Miami, the new Phillip and Patricia Frost Museum of Science, the American Airlines Arena, and the Adrienne Arsht Center. Residences range in price from $345,000 to $690,000.