Black Friday brings out buyers looking for bargains and buyers looking for Miami real estate investment properties are here in droves. While most people are enjoying time with family and friends, Realtors are busy selling properties. Driven by news reports of increasing prices, decreased inventories, and increasing rents both local and foreign buyers continue to purchase Miami real estate for investment.
The top places where my buyers are looking, not in any particular order:
- Brickell: Currently there are 526 condos for sale in the Brickell area. They range from $146, 900 for 580 square feet to $16.8 million for 9080 square feet.
- Downtown Miami: There are 567 condos for sale in Dowtown Miami. Prices start at $124,900 for 400 square feet up to $4.4 million for 5650 square feet.
- Midtown, Wynwood: The new “in” place to be does not have a lot of residential units. There are currently 112 condos for sale in the Midtown/Wynwood area ranging in price from $82,000 for 872 square feet to $2.4 million for 3988 square feet.
- Downtown Dadeland: There are 30 condos for sale in Downtown Dadeland with prices starting at $177,000 for 700 square feet and going up to $400,000 for 1,429 square feet.
- Coconut Grove: Coconut Grove does not have a lot of condos and few were built during the boom. There are currently 120 condos for sale in Coconut Grove that are either condos are town homes. They range in price from $60,000 for 409 square feet up to $14.5 million for a 9110 square foot unit at the Grovenor House.
- Coral Gables: There are only 100 condos for sale in Coral Gables. They range in price from $91, 500 for a 994 square foot foreclosure with extensive fire damage to another foreclosure at $7.9 million for 11,402 square feet at the Gables Club.
- Pinecrest: There are very few condos and town houses in Pinecrest, an area mostly comprised of single family homes, so it is not surprising that there are 13 condos for sale in Pinecrest. The lowest price is $99,900 for a 574 square foot short sale at Monterey Gardens to a 2, 226 square foot unit at the Reserve at Pinecrest for $599,000.
These neighborhoods are all located near public transportation, restaurants, entertainment and shopping, and all of them are in demand with people looking to rent.