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Locals - Downtown Condos? What do you think?

Brooklyn, New York
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14 posts
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Locals - Downtown Condos? What do you think?

There seems to be a ton of new condo buildings going up downtown - what do you think of that area as a neighborhood? Does it have potential?

miami,fl
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1. Re: Locals - Downtown Condos? What do you think?

If I were a betting man I would bet against it. Why live on the Miami River in the middle of hell when you can live on the beach, in the Grove or Gables, Brickle, Key Biscayne, ect.?

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Miami
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2. Re: Locals - Downtown Condos? What do you think?

The area has massive potential - living and working in the same area is something Miami has been lacking. It is a must-have-a-car city. This will change everything.

Brickell is downtown so i don't know what the previous poster means!

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miami,fl
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3. Re: Locals - Downtown Condos? What do you think?

Downtown is a nebulous term when talking about Miami. I assumed he is talking about the new projects going up on the river, and not the long established Brickle area (which is also in a building boom) because he specifically asked if the area had "potential" (Brickle clearly has potential-whether or not it can support all the current projects being built is another story). If you are betting on the Miami River-Brickle coridor projects you are taking a huge risk. The over $750,000 market is especially saturated. I wouldn't even touch that. But even on the low end of condos, places like Kendall and other commuter areas are turning over $200,000 units within a month while Downtown is currently averaging 4 (and that is before the glut of new building hits the market). The nice thing about Florida is that growth will continue for the foreseeable future. Plenty of people moving in year after year unlike the dying states of the Northeast. But you have to be careful on exactly where in the market you are investing. Are retired boomers going to want to live in $200,000 lofts in downtown Miami? Or are they more likely to migrate to the planned suburban conmmunites or high rises on the beach?

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Kendall
Kendall
Florida
Florida
Florida
United States