High hopes for Miami Commercial Real Estate - In not so distant past, day by day, a huge part of Old Miami kept disappearing amid clouds of dust. Day by day, in its place, rising from the rubble, is the image of the New Miami – “a dense, steel-and-glass forest of condo towers.
The transformation of the Old Miami will take your breath away. Imagine the scope, the scale, and the speed with which towering commercial buildings kept sprouting along the neighborhood was unimaginable. More than a hundred big projects, mostly high-rise condos were built, or being built, along the Biscayne Bay. Major districts were not able to escape from these developments, such as up the Miami River and down to the Coral Way. Still, a lot more are coming.
Real estate developers are in a frenzy in their development projects.
According to ex-Portland Councilman Charles Hales, the wave of development in Miami is unprecedented, bigger than Hongkong. The boom was unexpected because of the sluggish beginning of the real estate market. But suddenly, investors came in from Latin America, New York, and Europe. The world became infatuated with Miami as it became as one of the most highly desired real estate center.
Miami is endowed with a sunny climate, waterfront location, a hip international culture, and increasing commercial and residential development which made it as one of the first rank of world cities.
Government officials have high hopes that the boom will turn its sleeping neighborhoods into a “scintillating, working urban hub with a vibrant street life.” When all these are done, the rapid transformation of Miami will be considered the most significant in the history of American real estate industry.
The surge of real estate developments has remade not just Miami’s skyline, but its neighborhoods and population, too. If this continues, Miami will become more urban, more cosmopolitan, and probably wealthier.
Miami, with New York and Los Angeles, became one of the three cities in the U.S. where people want to be. Buyers from different parts of the world come to Miami hoping to ride with the trend. Sales and resales in mid-six figures and even higher come in handy.
To address the inflow of residents, thousands of moderately priced condos and rental apartments were built by private developers in Overtown, Little Havana, Allapattah, and other neighboring districts. These were intended for residents who cannot afford waterfront condos.
The city government had taken measures to strengthen infrastructure by forming an attractive and livable downtown. Buildings were required to install indoor parking garages. Sidewalks were lined with shops, offices, dwellings and restaurants.
As people from other parts of the world continue to move to Miami, there is high hope for its commercial real estate industry to maintain its strength in the midst of the cooling off in the housing sector.
Ma. Roma C. Agsalud http://miamirealestateinc.org |
