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.
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.
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).
- 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).