Should you buy waterfront or non-waterfront condos?

By
Real Estate Broker/Owner with Condoideas Realty Group

There is a strong appeal to buy waterfront condos especially when you are buying in Miami. However, non-waterfront condos might be a better choice of investment in certain cases. In this article, we will analyze three popular neighborhoods in Miami which are Brickell, Downtown and South Beach.

  1.       Brickell

Brickell’s glorious days were back in 2014 where all the condos saw an increase on sales and price per square foot. However, the sales has been dwindling these past few years. In this area, the waterfront condos are faring well compared to non-waterfront condos. Granted, waterfront condos in Brickell decreased by 4% in between 2016 and 2017 but the figure is better than non-waterfront condos that decreased by 7% in the same duration.

 

  1.        Downtown

This is actually where the surprise comes. The non-waterfront condos are actually a better investment in this area. In 2017, the average price per square foot in Downtown increased by 9%. This is a stark contrast to the waterfront condo prices that fell down by 8% in the year 2016 - 2017. In fact, the average sales price for non-waterfront condos in Downtown is approximately $537,000 and this is more than the average sales of waterfront condos ($503,000).

 

  1.        South Beach

For this area, it’s predictable to know the winner: the waterfront condos. Sandy white beach and amazing clear blue skyline? Yes please. The waterfront condos had an average sales price of $3.03 million. This does not even come close to average sales price of non-waterfront condos which is at $1.23M. Afterall, the average price per square foot of condos in this area has consistently gone up (except for a small dip in 2016).

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Tags:
real estate market
miami condos
miami real estate
condo market
real estate
real estate market in miami
miami beach condo
miami beach trends
miami best locations
condo market in miami
condoideas

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
41,034

Daniela Pellicciotti

The Miami condo specialist
Ask me, I don't bite !
*
*
*
*
Spam prevention