A look around Miami-Dade County today is not the same as just a couple of years ago, as the fast pace of development has completely reconfigured how the area looks and feels.
Little remains of the old districts, as more luxurious apartments rise within walking distance of the ocean, as well as the inner parts. The city of Miami Beach has also seen its share of numerous technological and natural changes over the years, including the booming regional economy, the growth of tourism and the booming real estate market.
More investors shed money in apartments
Until recently, individual European and Latin American investors invested their money in rent in Miami, although most institutional buyers did not. According to long-time real estate analyst, “most of the institutions stopped at the Broward County line because they believed that Miami-Dade was a foreign country.”
However, this thinking began to change when AIMCO bought the 533rd part of Morton Towers in Miami Beach and is now called Grand Flamingo, for $ 58 million in 1997. Another investor, Charles E. Smith, bought 1,339 units of Mirador, another residential building in South Beach, in September 1999 and more recently a harbor house in the coastal area of Bal Harbor.
Miami-Dade sees luxury house-boom
Despite the fact that luxury apartment rental is flourishing in Miami-Deida, these days it is much harder for middle-aged people to find a place to live. According to local brokers, as of May 2001, the vacancy rate for all types of apartments was only 2% compared with May 2000, when the vacancy rate was 2.4%.
The difficult middle-income housing market may be due to the fact that some low-cost, mid-level residential units are being exported from the condominium market.
How apartment lodging is located in Central Miami Beach
According to local news sources, Collins Park is one of the areas of Miami Beach and is considered the “liveliest” area. Newspapers here cite the completion of the construction of the new Sanctuary Spa Resort, a renewed public library and several open projects as evidence of its claim.
Currently, the district is in the center of attention, as many of the old apartments of average income, which were built in the 1980s, are being acquired by large developers and are turning into condominiums. This trend is common in many areas of the city, since areas that were once inhabited by low-income families and individuals are acquired by larger developers and are turning into average incomes and high-class housing projects.
What should be done to eliminate the shortage of apartments in the area?
Commercial real estate analysts agree that there is a shortage of apartments in Miami-Deida, and they estimate that approximately 3,000 to 4,000 units per year will be needed in the district. However, it is unlikely that these units will be built on the basis of the last four years.
From 1997 to 2000, an average of 1,449 units were built per year in Miami-Deida. The average market value of a one-bedroom unit for rent in Miami-Deida is $ 790 per month, and is expected to grow by an average of about 3% in 2001, housing analysts say.
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