It seems that international buyers and investors have been helping the Condo market in Miami, especially the Brickell Avenue corridor and Downtown Miami. Almost 85% of the excess inventory is gone and new projects are being planned around Brickell Ave and the Biscayne Blvd area. Prices per suqre foot have gone up from $200/sq.ft to about $300.00 to $350.00/sq.ft in some cases and new projects are being priced between $325.00 and $380.00/sq.ft.
Inventory of rental units has also decreased putting pressure on the rental market. Rents have gone up an average of 15% for condo units in this area. Looking at all areas in Miami-Dade and Broward Counties, one can see rental inventories down and rental rates going up, making more attarctive residential rental investments. The expansion on the Panama canal is fueling the local economy creating jobs to expand the Port of Miami, Port Everglades and Fort lauderdale and Miami International Airports. The Canal expansion should be done in 2014 when we may see another possitive growth of our local economy and in the meantime who knows if we approve gambling and the projects that will come with it.A positive outlook for rental properties in our area.
