How Condo Conversions Are Changing The Miami Beach Condo Market

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Condominiums are today viewed as alternative living options for people who have varying lifestyles. These housing units are made wherein individual unit buyers get the rights to the interior units, and own the building's other facilities on a coop basis, wherein they share this with the other residents of the complex.

Those who consider themselves too busy need not have to worry about the day-to-day upkeep, which is the norm when owning a standard single-family home. Instead, they are given the preference to pay a monthly fee and defer other maintenance decisions to their specific condo homeowner associations. These types of homes are now the hottest-selling forms of property in cities like Miami Beach, where the lifestyle is so vibrant, eclectic, and fast-paced at times.

How The Condo Market Is Faring These Days In Miami Beach

Many home buyers and investors have now moved to invest in condos in the Miami metropolitan area, particularly in the sunny, all-year round vacation destination that is Miami Beach. In laces like Metropolitan Miami and Midtown Miami too, large new developments have been gobbled up by buyers and speculators alike, sometimes creating an artificial vacuum in the market, and further escalating prices.

The mad rush for condos is evident in the way investors are now beginning to take sharp notice on apartments which are being converted into condos. This increasing popularity of these housing units in the Miami-Dade area has also seen roof-breaking prices. Before, from simply seeing unit price of $150 to $200 per square foot for a luxury unit just five to seven years ago, buyers are coughing up to about $350 to $800 per square foot.

Condo Conversions Are On The Rise

These times have seen a surging demand for condos, with the resulting factor being the mad rush into converting apartments to thes ehousing types. Apartment owners today are hiring property developers for the main purpose of efficiently converting these pieces of real estate into condos. This rush for condo conversions is purely not without reason.

Apart from the amenities, the most vital factor that has driven the demand for this trend among investors and buyers is location and architecture. For whatever reason is given to the rising allure of getting condos, one major fact that stands is, that these home options have unleashed a new culture that is quite adaptable to the fast-paced realities that most individuals and families are experiencing.

How Much Has The Condo Market Risen Lately?

Real estate's big news this year is condominiums, particularly in the upper spectrum. Condos have seen a 33.3 percent rise in the last decade, now accounting for 12.8 percent of the housing market. Most of this can be credited to the concentration of condos in expensive coastal areas like Miami Beach. However, the wealthy are not the only ones buying a Miami Beach condo. Both ends of the market are buying.

While the affordability of a Miami Beach condo is motivation enough to purchase, dual income professionals and empty nesters opt for a condo as a lifestyle choice. The Miami Beach condo market is very diverse and offers a large number of different solutions for those interested in purchasing or renting a condo. People from all over the world are attracted to the vibrant Miami area and its supreme climate for relocation.

Location is a key factor in selling real estate. In places like Miami Beach, South Beach is one of the most popular areas, and this is located on the southernmost 20 blocks of the city. This district was the nation's original vacation destination, and boasts of having a collection historic and lovely Art Deco hotels and apartment buildings.

In addition, because of the fact that this area is one of the most prestigious addresses in the US, and property there is in great demand , it is also viewed as a wonderful investment option. Surrounded by world-class restaurants, vibrant entertainment venues and night life, along with the fact that the city has been named as one of the top 10 beaches in the world.

 

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