The real estate market of Downtown Brickell has experienced consistently high growth figures, for the past several years, these growth figures have consistently hovered around double digit figures. This has also led to an unprecedented boom, in the construction of condominiums in this region. The good news for Brickel Ave real estate investors is that the condominiums continue to sell at the same unprecedented rates, at which they are being constructed. In fact there are frequent instances of condominiums selling out completely within a few days.
The rate at which urban redevelopment and transformation is undergoing currently at Downtown Miami, is going to turn it into an entirely different and maybe unrecognizable city in a few years. Real estate pundits have predicted that over the next ten years, the Greater Miami real estate market would witness the introduction of about 90 new, high-end, Miami condo buildings.
They will come up chiefly in areas such as Downtown Miami, Brickell, the Miami Design District, Brickell Keys, Wynwood, Edgewater, and Coral Gables. Apart from that, there are projects that involve the construction of promenades, shopping centers, offices and condos which are contributing heavily to giving an entirely new look to the Miami Brickel Ave real estate market.
Renting an Apartment in Miami
If you would like to invest in condominiums in Downtown Miami area, then irrespective of the fact, whether you are new in the market or you are an experienced investor, you should consult professionals who have the expertise and background, as well as extensive resources that would help you achieve your real estate goals. However, finding a real estate agent who has the experience and skills, required to help you achieve your goals, can turn out to be as challenging a process, as the buying of your home. You should look for a real estate agent who can offer you a full range of real estate and other associated services, which can be customized to meet varying requirements of individual clients.
A well established real estate agent in Brickel Ave can also help you in selling your property, as they would have a well connected international network of eligible buyers, and they would be able to market your Miami condo to this huge network of willing buyers.
Renting an Apartment in Miami
Finding an apartment for rent in Miami shouldn't be a problem. With so many apartment complexes and individual investors who bought condos in the recent real estate boom, the inventory has remained high.
On the other hand, many apartment buildings were converted to condominiums and sold during the same real estate bonanza of the last 4 years, and the 'rental conversions' were a very popular option for those looking to buy their first home, but mainly with investors looking for a quick flip, and for a long time it was good business. This cut inventory at the other end of the spectrum, balancing the availability of rental units.
Reaching the fall of 2007, the backlog of homes for sale in Miami is at levels not seen for many years, the new condo buildings under construction keep adding more units to the already large inventory. Investors are now reluctantly becoming landlords, since condos are getting harder to sell, and new rental are coming online every month.
-Ask about application fees, and security deposits. Condo associations require an application fee that can be around $150, and many of them require now also a refundable deposit, in case you incur in damages to common areas.
-Landlords in Miami usually require first month's rent and a security deposit (which is not the last month's rent as many people believe) to cover for any damage to the property. Some landlords require 2 month's rent as security deposit plus the 1st month.
-Ask about what is included in the rent: water, electricity, cable TV. Don't be afraid of negotiating, many landlords and management companies in Miami do negotiate the terms of the leases.