It can be difficult to understand the real estate market and the various fluctuations it goes through, even for those who are in the business. One of the interesting trends that realtors have seen in the area of Brickell lately is a sudden growth in demand for properties. While this is certainly welcome news, the desire for properties in the area grew quickly, and with the demand came higher prices for properties. The increased prices and demand are certainly huge changes from the recession that rocked the area a few years ago.
Just a few years ago, no one was looking to buy in the area, simply because no one could afford to buy, thanks to the recession. The entire real estate industry was in a shambles, and it hit Miami and the Brickell area quite hard. Today, investors from the United States and from many other parts of the world are scooping up properties in Brickell almost as fast as they can find them. Naturally, the increase in demand pushes those prices higher and higher. (view all Brickell condos here)
Even though the prices are already as high, or higher, than their pre-recession counterparts were in some instances, many feel that the high prices will not last forever. They will likely hit their peak soon and will not go up from there, simply because the market, even the luxury market, will not bear it. The market is strong right now, and there are a number of foreign cash buyers, which help to keep it strong.
Though the newer units are selling quickly, experts also feel that there is quite a bit to explore and enjoy in the realm of resale units. Condominium owners who already have their unit and who are looking to sell – perhaps to buy a new property – can do quite well right now. Since the demand for units is on the upswing again, and the prices are going up, it means that those sellers who have exceptional units in buildings already up could see a nice advantage.
Buying Now With Resale Properties
One of the problems that some buyers have with buying presale units is the fact that it could take a year or more before they are actually able to move into or rent out their unit in those new construction towers. While the properties are certainly nice, many buyers are impatient. They want to move to the Brickell area right now. They also know that the area is popular, which makes renting fast and easy most of the time. The best way to do that is to start looking into the current properties for sale.
Buyers certainly have a larger number of options when it comes to what they choose to buy in the Brickell area, but they need to realize that right now the buys come at a premium. The prices are high, but they will likely be peaking soon. Now is a good time to look into what Brickell offers in terms of new and resale units. For more information please click here to view all Miami downtown condos for sale.