Miami Florida is a city with a ton of character. The city is in a constant state of change which is a big part as to why it attracts people from all over the world. The condominium Market in Miami Florida has undoubtedly gone through its paces. The city has seen considerable economic booms and even some significant downturns. Despite all this, the cities condominium Market continues to move forward. Many people wonder what the statistics are that surround this crazy Condominium Market. Let ‘s take a closer look and see what we can find out.
The average value of a condominium in Miami Florida has almost tripled in value since 2000. The estimated median condo value in 2000 was $116,400. Today in Miami, the average cost is in the range of $300,000. Naturally, these numbers have fluctuated quite a bit between 2000 and 2018. However, if you’re in the game for a long haul, the numbers do not lie. You can find a mentor and really come out ahead. The market value continues to increase making Miami a gem for long-term prospects.
One of the more exciting facts about Miami is almost 70% of the population is in a position of renting, and housing density of condos is approximately 5,597 per square mile. These numbers open up a massive opportunity for people to take advantage of a buy and hold strategy. The vast majority of the people who rent in Miami look for either one-bedroom or two-bedroom condos. For instance, bedrooms in renter-occupied condos in Miami breakdown to 44,819 people renting just a one-bedroom, while 47,638 are renting two- bedroom condos and only 13,000 people are renting three-bedroom apartments.
It’s difficult to discuss the topic of condos in any City without bringing up the issue of parking. The majority of people in rented, occupied Condominiums only have one car. However, That is not to say a second spot isn’t always needed. Of the people renting 28,256 do not have a vehicle. 60,745 do have only one vehicle, and 27,260 have two. These costs can add up quickly especially in a city with a higher cost of living. It’s a good idea to team up with a mentor to take things to the next level.
The price and value of these Condominiums can vary a great deal based on the year the condos built. Many other variables play a part such as location and the condition, but for now, let’s look at the values of condos based on their age. Interestingly, condos built in 1939 or earlier are approximately $280,000. Condos constructed between 1940 and 1949 drop to about $250,000. Condos in the date range of 1950 to 1959 come in at roughly $230,000. Both condos between 1960 to 1969 as well as 1970 to 1979 carrier value of approximately $220,000. 1980 and 1989 the value significantly increases upwards to $400,000. Additionally, condos built between 1990 and 1999 average roughly $420,000. There was a slight dip in value for condos between 2000 2009 and come in at $300,000. 2010 to 2013 the numbers bounce back up to approximately $420,000, and Condominiums built in 2014 or later on average are $500,000 or more.
To conclude this should give you an excellent baseline of information if you’re looking to pursue the Condo Market in Miami. Almost 70% of the population is in a position of renting. The prices for the condos vary in value based on many reasons including location, condition, and age.