Downtown Condo Market to Cool Down

Investing in real estate requires recognizing trends and FUTURE trends in financial market, foreign currency, supply of condos vs. demand, income to housing ratio, crime rate, etc.  Purchasing on the moment can lead to financial loss.  Here is an article from the Miami Herald alerting a softening of the condo market impacting the downtown Miami area.

Miami Herald, March 5, 2015

Report: Downtown condo market to cool down

A new study confirms the latest chatter from real estate watchers: Miami’s sizzling downtown condo market is cooling down.

Skyrocketing construction costs, overheated land prices and falling foreign currencies have finally caught up with a housing market that boomed after the lean years of the recession.[CLICK HERE to continue reading.]

Read more here: http://www.miamiherald.com/news/business/article11956703.html#storylink=cpy

Condos Will Lose Views once Construction Begins on Empty Lots Sold

It's official. All three empty lots on the land of Riverfront Condos were sold and highrise construction is planned. This is not a surprise given ambitious plans to develop north downtown.  Any empty lot could potentially house a highrise.

On the northwest lot (formerly the dog field), construction has been delayed due to water testing results. 

The southeast grassy lot closest to the bridge and Miami River was mentioned in the news where developers originally wanted to build a 90+ story building--the tallest in Miami.  But FAA regulations prohibit such a tall building in the air path of airplane jets.  The airport is less than 10 miles directly west of these condominiums.

Construction will create significant noise during the daytime, dust for vehicles and windows.  Construction will take two years to complete once commenced but there are no scheduled ground breaking dates yet.

Also the former parking lot for Florida Power & Light (FP&L), was sold and another highrise is scheduled for construction.  The units of the Mint and Ivy facing north and northwest will lose half or more of their view.

In summary, all three condos will lose views on all sides.  Welcome to the Manhattan of Miami.

UPDATE 2018: Good news, the FPL parking lot is now used a parking lot for cruise ship passengers. No highrise. So Ivy Residents facing west still have the best views.
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