Dowtown Dadeland Resale Market Update

By
Real Estate Agent with EWM Realtors

Downtown Dadeland has remained a bright spot in the Condo Market in Miami-Dade County.  This sub-market has continued to sell and attract buyers from the local market as well as the Northeast and South America.  New owners and tenants alike are attracted to the convenience of the location.  Miami's MetroRail, Dadeland Mall, restaurants, and nightlife are all within a short walk of Dadeland's many new condo residences.

 

Dadeland has long been an international destination for shopping.  In addition to the Mall, which is consistently ranked among the nations top shopping malls, there are the new retailers at the Downtown Dadeland Condominium and Dadeland Station.  Many of these stores boast the top position in their respective chains.

 

So what about all the condos?

 

I am going to give a snap shot of the three major residential communities at Dadeland.  This is something I will update from time to time.  The number of residents at Dadeland increases by the day.  Numerous units close every week.  Owners are moving in and investors are leasing as quickly as we can market the units for rent.  

Take a look at some numbers below.

Downtown Dadeland:  This development carries the name that has been used to describe the entire neighborhood.  Buyers are still closing with the Developer. Downtown Dadeland coined the "Live, Work, Play" motto that fits the Urban Dadeland Lifestyle

 

Total units: 416

 

Units for resale: 13

 

Resale units sold: 3

 

Units for lease: 13

 

Units leased: 16

 

 

Toscano:  This high rise development offers great bay views from the high floors and features a ½ acre pool deck, state of the art fitness center and clubroom.  Buyers are still closing with the Developer.

 

Total units: 396

 

Units for resale:  10

 

Resale units sold:  4

 

Units for lease: 4

 

Units leased: 11

 

 

Metropolis:  This twin tower development was the first to finish closings.  It has the highest resale activity to date at Dadeland.  

 

Total Units: 397

 

Units for resale:  56

 

Resale units sold: 23

 

Units for lease: 17

 

Units leased: 122 !!!  (Metropolis appealed to investors back in the condomania days.....)

 

Overall resale activity and rentals remain strong at Dadeland and I believe this sub-market will outpace the rest of the county for the foreseeable future.....

 

I'll keep you posted.

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Rainer
20,377
Monica Rich
Berkshire Hathaway Florida Realty - Coral Gables, FL
Coral Gables Real Estate

Patrick, I agree....I had the opportunity to list and lease a unit at Toscano recently.  It seems Toscano has become increasingly popular amongst young professionals and grad students. Hopefully they will all buy as it's a great product in a superb location  :-)

p.s Chili's has opened at DD and they are certainly drawing a nice crowd!

Aug 08, 2007 10:54 AM #1
Rainer
3,074
James R. Venney
Gibraltar Private Bank & Trust - Coral Gables, FL
CMP, CMPS
Patrick, given the urban nature of the DD area perhaps what we are seeing is foreshadowing of what is to come in downtown Miami with the completion of The Met and other projects.  The "urban lifestyle" is gaining in popularity around the country and for owners and investors with a buy and hold mindset the down town Miami / Brickell areas hold great promise.  
Aug 08, 2007 01:46 PM #2
Anonymous
Anonymous

Thanks for the comments.  We have only begun to see the retail/restaurant activity at Downtown Dadeland.  There are many more establichements waitng to open. 

Mary Brickell Village off Brickell Avenue has a really hip, urban feel that is also attracting a young professional crowd.  Try going down in the evening and sitting at one of the outdoor cafes.  It is unlike anywhere else in South Florida.  I am optomistic on the future of this area as well.

Aug 09, 2007 12:44 AM #3
Rainer
4,032
Debra Spadafora
EWM - Pinecrest, FL

Thank you for the updates. It great to see DD developing into the urban lifestyle that was featured when DD was only a concept and drawing at the Charette I attend many years ago.  Can't wait until it is completed and to have some nightlife enterntainment close by. 

Aug 09, 2007 03:31 AM #4
Rainer
538
Imari Pozo
Miami, FL

Patrick, I heard some rumors about "Downtown Dadeland Condo" and the developer loosing the right to sell the rest of the units. Do you have any information as to what is happening with this building in particular. Thank you.

Jun 22, 2009 07:04 AM #5
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Rainer
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Patrick O'Connell

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