93% Condo Occupancy in Downtown Miami - What Does this Mean for the Market?

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All throughout the Miami real estate market, and real estate markets throughout the country, everyone is waiting for the rebound.  Investors, owners, buyers, and everyone else want to know when things are going to get better.  For the downtown Miami condo market, including Brickell condos, the answer seems to be that now is that time.  For the past several months, reports have been circulating stating that the market in downtown is back - largely thanks to the major infusions of international buyers buying up condos for sale in downtown Miami with cash deals.  The Miami Downtown Development Authority has published its findings from a survey of occupancy rates in downtown condos.  When the market crashed several years prior, the vacancies in downtown were at an epic high.  Now, according to the report, occupancy rates of condos for sale in downtown Miami are soaring.  These trends are continued in the ultra-popular neighborhood of Brickell condos for sale.  Several years into the slump, in 2009, ICON Brickell condos had an occupancy rate of only 5%.  Today, the occupancy of condos for sale in in ICON Brickell is at 89%.  This can be seen all throughout the downtown area.  According to the Miami Downtown Development Authority, the overall occupancy rate of downtown is currently at 93%.  This represents a huge increase from the past several years.

So, what are the implications for the Miami real estate market?  While any numbers of things can happen as a result of these trends, it is clear that the prices of downtown Miami and Brickell condos for sale will undoubtedly increase.  This is already being seen, as the survey indicates that the average cost of a downtown condo in 2011 was around $370,000, which is nearly 7% higher than in 2010, and a huge 22% increase from 2009.  Also likely to happen is the breaking ground of new condo developments in the downtown area as current buildings reach capacity.  The ripples of this rebound will continue to be felt in downtown for years to come.  The biggest question is whether or not this numbers will spread throughout the rest of the county into markets like Doral real estate or Homestead homes for sale.  These markets, so close to downtown, along with most of the rest of the county, continue to struggle and are desperately hoping that this trend continues into their markets.  Read more on Miami real estate.

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