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Miami, a cosmopolitan hub with a reputation for glamour and sunshine, has seen a meteoric rise in demand for luxury condos. Its thriving economy, favourable tax incentives, and international allure have made it a magnet for high-net-worth individuals seeking upscale living. If you’re considering investing in or purchasing new homes in Miami, this guide will provide valuable insights into the city’s booming real estate market.

Miami Pre-Construction Condo Market Trends 2024

Prices for existing and new condos in Miami average $424,950. This figure represents an increase of 1.2% year-over-year. The average price of old and new homes in Miami is $650,000, making it an attractive option for homebuyers. The rental market in Miami remained stable, with an average rent of $3,350. Despite this, the vacancy rate stayed at a moderate 6.8%. Homes stayed on the market for an average of 73 days. New Miami condos took a bit longer to sell, with a median time on the market of 79 days in the first quarter of 2024.

Pre-Construction Condos Miami

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Reasons to Invest in Miami

Robust Infrastructure Network

Miami’s world-class infrastructure is a major selling point for investors. The city boasts a robust transportation network, including the Miami International Airport, PortMiami, and the high-speed Brightline, making it easy to connect with the rest of the world. Additionally, Miami’s healthcare system is renowned for its top-notch institutions, providing residents with access to excellent medical care.

Booming Housing Market

Luxury home prices in Miami surged by 6.5% in 2023, demonstrating the market’s strength and potential for future growth. This upward trend makes new condos for sale in Miami an appealing investment option for those looking to build wealth and secure a stable asset.

Tech Hub

Miami’s emergence as a tech and finance hub has fueled its real estate boom. Major corporations like Blackstone and Goldman Sachs have established offices in the city, attracting new residents and investors. This influx has driven demand for housing and commercial space, leading to soaring office rents and a thriving market.

Miami Rental and Seller Market 2024

Rental Market 

Miami’s rental market remains strong, with average monthly rents increasing 2% to $3,350. Low vacancy rates of just 6.8% mean landlords should have no trouble finding tenants.

Seller Market 

Detached homes in Miami averaged $650,000 in August 2024. Condos for sale in Miami remained a more affordable option, with an average price of $424,950, making them attractive for first-time homebuyers.

Average Renting and Selling Time in Miami

-New Condos 

Renting Time for Condos: New condos in Miami are highly sought-after by renters, often leasing out within weeks of becoming available.

Selling Time for Condos: As of August 2024, Miami condos continued to sell at a steady pace, typically finding buyers within 79 days of being listed on the market. This timeframe remained relatively consistent with the previous year.

-New Homes 

-Renting Time for Homes: Continuing the trend from last year, Miami’s detached home rental market remains robust, with most listings leasing quickly.

-Selling Time for Homes: Detached homes in Miami sold steadily in 2024, averaging 73 days on the market.

Neighbourhoods

Central Miami

Central Miami, a dynamic and diverse district, encompasses several vibrant neighbourhoods, including Downtown and Brickell. This bustling area offers a mix of modern high-rises, historic architecture, and bustling commercial centres.

1. Brickell

  • Highlights: Brickell pulsates with energy, offering a vibrant array of restaurants, bars, and businesses. This bustling neighbourhood boasts walkability, a plethora of pre-construction projects in Miami, and convenient public transportation.
  • Perfect for: Professionals, families, students, and anyone who enjoys a vibrant lifestyle.

2. Downtown

  • Highlights: A modern and dynamic lifestyle, with new builds in Miami, pedestrian-friendly streets, and world-class cultural attractions. Residents enjoy easy access to nightlife, waterfront parks, and live music venues. 
  • Perfect For: Young families, professionals, Shopaholics, and foodies may like to choose new pre-construction condos in Miami in this area.

3. Little Havana

  • Highlights: Little Havana, a historic neighbourhood brimming with life, showcases Miami’s Cuban heritage. Its lively atmosphere, authentic cuisine, and thriving arts scene make it a sought-after destination for those looking to purchase pre-construction townhouses in Miami.
  • Perfect For: Families, professionals, foodies, students, and culture lovers.

South Miami

South Miami, a charming enclave within Miami, boasts tree-lined streets, historic homes, and a friendly community. Explore the vibrant Coral Gables shopping district just minutes away, or enjoy strolls through Fairchild Tropical Botanic Garden.

1. Coconut Grove

  • Highlights: A historic neighbourhood with a bohemian soul, Coconut Grove has seen a surge of development, featuring some of the most luxurious new builds in Miami. 
  • Perfect For:  A pre-construction home in Miami, in this neighbourhood, is an ideal choice for artists, professionals, culture lovers, and students.

2. Coral Gables

  • Highlights: Coral Gables, also known as The City Beautiful, offers a sophisticated ambiance with stunning architecture, lush parks, and a variety of shopping and dining options. Explore the historic Biltmore Hotel, relax at the Venetian Pool, or discover the natural beauty of the Fairchild Botanical Garden.
  • Perfect For: New developments in Miami in Coral Gables are perfect for professionals, students, foodies, and professionals.

3. South Beach

  • Highlights: South Beach boasts iconic Art Deco architecture and a vibrant atmosphere with a wide range of condos for sale in Miami, the area caters to various preferences and budgets.
  • Perfect For:  Investors, Families, young professionals, and those who enjoy an upscale lifestyle.

 

North Miami

North Miami offers a more suburban setting compared to the bustling downtown areas. Neighborhoods like Little River and Miami Shores provide a peaceful and family-friendly atmosphere, with tree-lined streets, parks, and a sense of community. 

1. Little River

  • Highlights: A historic neighbourhood undergoing revitalization, known as a hub for arts, culture, and culinary delights. Its growing foodie scene adds to the unique and exciting experience it offers.
  • Perfect For: Townhouses for sale in Miami, in Little River, are perfect for growing families, first-time home-buyers, and young professionals.

2. Miami Shores

  • Highlights: Miami Shores is a charming village north of Downtown Miami, offering a serene and family-friendly atmosphere. With beautiful architecture, greenery, and easy access to the city, it’s the perfect blend of suburban tranquillity and urban convenience.
  • Perfect For: Families, nature lovers, and downsizers.

3. Liberty City

  • Highlights: Liberty City is a family-friendly neighbourhood with numerous parks, a strong sense of community, and above-average public schools. The area offers a rich history and is experiencing economic revitalization.
  • Perfect For:  Families, professionals, outdoor enthusiasts.

Pros of Living in Miami

  • Tax Benefits: Miami’s favourable tax climate provides substantial financial benefits, especially for high-income earners. Without state or local income taxes, individuals can save thousands of dollars annually compared to states with higher tax rates.
  • A Health Haven: Miami’s enviable quality of life is evident in its ranking as the second Healthiest City in the U.S. Its year-round sunshine and abundance of outdoor activities create an ideal environment for promoting overall well-being. 
  • Thriving Nightlife Scene: The city’s nightlife is legendary, offering a diverse range of bars and clubs to suit any preference. With its 24-hour venues and exciting events like Miami Music Week, Miami’s nightlife scene is a major draw for both visitors and locals.
  • An Outdoor Paradice: Miami offers a wealth of outdoor recreational opportunities, from pristine beaches and national parks to vibrant green spaces. Enjoy water sports like sailing, surfing, and diving, or explore the diverse landscapes by hiking, biking, and golfing. 

Cons of Living in Miami

  • High Costs of Living: Miami’s vibrant atmosphere and stunning beaches come at a premium, with a cost of living significantly higher than the national average due to expenses like housing, food, and utilities. 
  • Traffic Troubles: Heavy traffic can be a significant drawback for residents of new homes in Miami, with congested freeways and tourist congestion making commuting challenging. Strategies like early departures, late arrivals, and avoiding event-filled neighbourhoods can help alleviate this issue.
  • Tropical Climate: Miami’s tropical climate offers both advantages and disadvantages. While the warm weather is enticing, the high humidity can be uncomfortable. Additionally, the region’s vulnerability to tropical storms and hurricanes poses a risk of flooding and disruptions during severe weather events.

FAQs about new condos and new homes in Miami

How much does it typically cost to purchase a condo or new home in Miami in 2024?

Average condo prices are $424,950, while detached homes in Miami typically cost $650,000.

What are the average rental prices for new condos in Miami?

As of August 2024, the average cost of renting a new Miami condo was around $3,350 per month.

Is the Miami condo market seller-friendly?

In August 2024, Miami’s real estate market tilted in favour of buyers. The supply of homes on the market significantly outpaced demand, giving buyers a wider range of options and greater negotiating power.

What are the typical closing costs when buying a new condo in Miami?

In Florida, closing costs for a residence typically range from 2% to 5% of the purchase price, with financed purchases incurring higher costs. For example, a $250,000 home could have closing costs between $5,000 and $12,500.

How much down payment is typically required for pre-construction condos in Miami?

Expect to pay 10-30% down for a condo or new home in Miami, but this can vary.

What amenities can I expect in pre-construction projects in Miami?

Many new developments in Miami offer a range of on-site amenities to enhance the living experience including gyms, swimming pools, community centers, and outdoor recreational spaces.

What are the benefits of investing in new pre-construction condos in Miami in 2024?

Lower purchase prices, customization options, and potential for higher returns make pre-construction condos in Miami attractive investments.

What are the top neighbourhoods for investments in Miami Condos for sale?

Miami’s Downtown and Brickell offer urban living, while Wynwood, Edgewater, and Miami Beach provide a more relaxed atmosphere.

How reliable is Miami's public transportation?

For longer distances or frequent travel, renting a car might be a better option. However, for shorter trips within specific areas, Miami’s bus and rail systems can be a convenient choice.

Are there any prestigious universities in Miami?

The University of Miami and Florida International University are two of the most prominent institutions.

Are townhome developments in Miami a good option for families?

Townhomes for sale in Miami can be a great option for families. They offer a blend of privacy and community living, often with amenities like pools and playgrounds.

How can I stay up-to-date on listings of new homes in Miami?

Stay informed about new Miami condo developments by subscribing to Platinum Condo Deals newsletters.

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