ISGWorld Market Report 2019 already came out, as the last Condo development in Key Biscayne has been The Oceana Key Biscayne Condominium for new development we need to focus into Key Biscayne neighbors.
Brickell, the Downtown and Beaches are the main concentration areas for new developments. With futuristic urbanism and expansion, making of Miami the new emergent metropolis for the South East of the United States, Latin America, and the world.
Followed by neighborhoods from Coral Gables, Key Biscayne all the way to Ft. Lauderdale, with an inventory that reached the 19,000+ units to a leftover of 2,101 units remaining from Developer’s Product.
The Luxury Market has also benefited with an average of a median sales price increase from the $10M to 12M and volume sales from $153.4M to $224.6M.
The growth pace of Miami and its tax structure is indeed attracting beyond its usual Latin American natural market, surpassing “The Gateway to the Americas” image. Companies are seeking the international foothold that Miami brings to the table with its multicultural population, geographical location, and weather.
Global corporations and startups are drawn by the low taxes making Miami the true “startup city” with “$25 Mil+ investment in co-working spaces, accelerators and events such as eMerge Americas since 2012” according to the Knight Foundation. Miami has also ranked #1 in the US for startups by The Kauffman Foundation saying, “corporations from all over the world from Goldman Sachs to Cambridge Innovation Center are investing in Miami’s burgeoning startups scene.”
The cultural and economic growth on the Arts with the Art District, haute couture and designers, retail, hospitality, sports, and education are contributing to this new futuristic urban landscape shaping Miami for the next decades.
The new cycle of pre-construction expected for 2020 with pre-sale kick-off on 2022 and full delivery by 2025 is a clear indication that Miami is the city to keep an eye.
All information used in this article and video is based on the ISG World Miami Report 2019.
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