The Situation For Miami Condos Has Taken Yet Another Turn Towards Upward Mobility
There has been a significant moment for Miami in its housing recovery as a block of unoccupied apartments in a foreclosed development project in the city has finally been sold marking another chapter towards the end of the saturation of condos within the region.
Miami has been dealing with thousands of distressed condo properties that exist only to be remnants of the real estate boom but the saturation in properties has been gradually absorbed by investors who have been purchased such properties at excellent discounted prices only to rent them out or resell them on the market.
As of now, Ronald Krongold and his team of real estate investors have closed a deal on what could very well be the only one remaining of these distressed properties. The team had acquired 539 units found in three buildings that used to be a part of the Midtown Miami project.
People find that the price at which the properties were sold to Krongold and his team demonstrates that there really has been an improvement as far as the health of the Miami condo market as the transaction added up to roughly $110 million which translates to approximately $183 per square foot with an additional 75 cents for every dollar of previous debt. Krongold has mentioned that the team certainly did not get a basement price for the deal.
Such activity in the Miami condo market has been showing how much stronger the demand for properties in Florida has been much stronger than those of other regions within the United States. In fact, the average price on condo properties has risen up to approximately $325 per square foot as opposed to the $200 per square foot rate during the worst times of the recession.
The recently closed properties in Midtown Miami are the last of the remaining units in the inventory for South Florida but many feel that the property prices are still not at the rate which many feel that they ought to be which in the $400 to $500 range for every square foot.
Within the upscale district of Brickell, one condo project called the Icon had made an announcement that there were less than 20 available units left and could very well be sold out by the end of November. Property buyers for the project’s remaining condo inventory have been coming from various countries including Argentina, Colombia, Qatar, and Gabon.
The great degree of demand for properties has definitely brought back a good amount of zest to the market. As a matter of fact, many groups of investors have been re-launching their sales in various condo projects and are looking forward to prices which are expected to be almost as good as they have ever been.