Sales of condos in Miami are up 24 per cent in the first half of 2012, along with prices, which have risen by 9.1 per cent, according to findings from a Study by Focus Real Estate Advisors and Gookin Consulting for the Miami Downtown Development Authority.
However, local property developers are keen to point out that there are still a huge variety of reasonably priced condos on the Miami property market, with waterfront condos with access to concierge services, spa, tennis courts and a pool priced at $250,000.
Those in the know say that investors should look to downtown Miami, especially the Brickell area, where a new $1.05 billion dollar mixed use development is about to start work, with the aim of creating a Manhattan feel in downtown Miami.
The 5 million square feet project will have restaurants, luxury shops, a hotel, condos and a department store. With an expected completion date of 2015, experts say that the project will not only increase property values but bring in 1700 new jobs, further increasing the demand for housing in the area.
For more information about the development visit www.coreluxuryhomes.com
Search for property in Miami