Miami real estate is beginning to gain momentum again. Next time you take a drive around Downtown take a moment to look up. The chances are some type of construction is back on the rise. Downtown Miami has the 3rd largest skyline in the United States. It appears the growth will continue as to what many are calling the “New Miami”. The cranes are back to the Downtown district as South Florida’s condo market officially enters a growth phase. Construction of 45 high rise towers and 7,600 condominium units have been proposed to State and local government officials for approval. The construction of 5 developments is already underway in South Florida. Miami-Dade County alone has 35 of the proposed high rise towers. Fueled by an influx of foreign investors and cash buyers, Miami is in the brink of another real estate surge. Condominium prices have recently soared a substantial 22% backed by strong demand as Miami continues its highly anticipated come-back. Miami real estate looks to have turned the corner and has once again become the place buy. The “Magic City” continues to grow and gain momentum. The “New Miami” continues to build.
Sources: Miami Herald, Wikipedia, The Real Deal
By: Fermin Bergouingnan for Sydney Server Real Estate
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