Often I come across buyers that assume that just because there are foreclosures and short-sale condos priced in the $60k’s and $80k’s in the Southern part of Miami they will find the same thing in Brickell. Well there is nothing further from the truth, people that are not familiar with the area tend not to understand and feel that maybe their realtor may not be showing them all that is out there. First of all Brickell is considered a prime location with luxury high-rise condominiums. Downtown Miami has also become a very sought after neighborhood and price per square foot will not compare with properties located further south. Yes you can find foreclosure properties in Brickell and Downtown but the odds are they will have multiple buyers bidding on them and will sell for a price higher than the one listed for by the bank. Yes it is true that many of these condominiums are not easily financed by banks so a buyer will assume that sales will be minimal and thus developers will need give these units away in order to sell them…..however this is not necessarily the case either. The fact is that more than 60% of today’s buyers in Brickell and Downtown are foreigners coming in with cash and taking advantage of the reduced prices by Developers.  These buyers are thinking long term with their investments. A clear example are the Marquis Residences in Downtown Miami where sales have soared in the past three months with prices above $300 sq. ft.

It’s simple, real estate is about location and although the Real Estate market in Miami has been hit hard Brickell and Downtown will always be prime locations with luxury properties that many buyers will be attracted to.  Real Estate prices in these areas will never compare to price drops in areas like Kendall, Homestead, Hialeah, North Miami and other neighborhoods that are further in distance from Miami’s main attractions & hot spots.

So the next time you ask a Brickell Realtor about the Brickell & Downtown market, don’t be surprised to hear that sales are going strong and buildings are filling up faster than expected.