Buying A Miami Beach Condominium

Condominiums technically refer to the whole collection of individual home units along with the land upon which they are built in.

Individual home ownership encompasses only the air-space within the boundaries of the home, and anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condo's creation. Today, these housing units represent a whole new housing and fashion statement, and many condo units sold in the US are mostly marketed to middle and upper income individuals or families.

The city of Miami Beach in Florida is seeing a property-building boom these days, and although the market is currently reeling from the effects of the nation's worst mortgage and credit slump, the future still looks promising for the condo property sector.

South Beach: The Most Famous Miami Beach Location For Buying Condos

South Beach is one of the most popular areas of the city. This historical district was the original 'vacation' area of the nation, and has a unique collection of lovely Art Deco hotels and apartment buildings.

The upscale high-rise condo units located in the Fifth Street area are, are no doubt, the most acclaimed in this area. For investors, its owners may rent them out specifically to expatriates, businessmen or tourists who prefer living in a quite luxurious setting.

The South Beach district has plenty to offer its residents, as the whole area provides a unique mix elegant shops & boutiques, fine dining, entertainment and offers dazzling views of The Art Deco district, Ocean Drive, Biscayne Bay and Downtown Miami. South Beach is popularly known as "So Be" or "The Beach" for its proximity to the crystal waters of Biscayne Bay, its long stretch of white sand beaches, and warm weather.

The Area Has Seen A Hike In Condo Conversions

The heightened demand for condos has given way to the conversion of apartments into condos. Many apartment owners here are hiring developers, or the developers themselves are scooping up every available property, and converting them into middle and upper income condo units.

This rush for building these units is not without reason. Apart from the many amenities they offer, the major factor driving the condo boom among investors and buyers is location, and architecture. Condos have seen a 33.3 percent rise in the last decade, and they now account for around 12.8 percent of the housing market.

A lot of this can be credited to the concentration of condos in expensive coastal areas like Miami Beach. However, the wealthy are not the only ones buying a Miami Beach condo, as both ends of the middle and upper income markets are buying. While the affordability of getting these types of housing units these days is enough motivation to buy, retirees, empty nesters, dual income professionals and individuals have now been rushing to buy or rent condos as a lifestyle choice.

AT the start of 2005, around 48,000 condominiums were proposed, planned or were undergoing construction in the Miami-Dade metro area alone, and this is apart from the thousands of existing units. Today, many Americans as well as foreigners are investing in condos as a second home. Although Latin Americans are known for preferring to buy condos in this predominantly Hispanic city, the influx of more Europeans lured by the strong Euro, has greatly improved the fortunes of the real estate sector here.


Vanessa Arellano Doctor
http://miamirealestateinc.org