Due to unforeseen issues brought by the COVID19 pandemic, the Miami residential real estate experienced a boom last year. Thousands of buyers from all over the country began to look for real estate opportunities in South Florida. Although the overall real estate market in Miami experienced a surge, buyers showed more interest in purchasing single-family homes than condos. However, due to the high demand, the inventory for single-family homes in Miami has dramatically shrunk. This has turned the attention of out of state buyers to all of the amazing condos that Miami has to offer. According to the Miami Herald, the numbers indicate growing momentum of condo sales in the opening weeks of 2021. Here are some of the reasons why buyers should consider purchasing condos in Miami:
1 – Condos could be a cheaper alternative to the sought-after Miami lifestyle
Many out-of-state buyers are looking to move to Miami because of its amazing weather, breathtaking beaches, outdoor activities, and overall quality of life. This type of laid-back lifestyle can be enjoyed regardless of which type of home you choose. Even though there are many determining factors such as location, and size many Miami condos are more affordable than single-family homes. This gives buyers a lot of options when looking for the perfect home for them.
2 – Living costs could be lower
When choosing a home, many buyers might be turned off by the monthly fees required in condo ownership. However, many people fail to realize that a lot of times the services these fees provide can come at a higher cost in single-family homes. For example, pool maintenance and landscaping are usually included in the condo fees. This could run into hundreds of dollars per month for single-family owners. Condo owners could also save on insurance, according to the Miami Herald.
3 – Condos offer incredible amenities and outdoor recreation
Most condos in Miami offer great amenities. In a lot of Miami condos, residents can enjoy fitness centers, club rooms, swimming pools, lounge areas, and other recreational outdoor spaces. In addition, many also include services and security.
4 – Many condos have come up with efficient COVID19 guidelines
At the beginning of the Covid19 pandemic, many homebuyers were hesitant to invest in condos because of certain challenges that they presented. Similarly, many condo boards and managers struggled to adjust to the new lifestyle, and were forced to close many amenities. Although the pandemic is still affecting the lifestyle, there is much more understanding of how to manage. Because of this, now many condos have created guidelines that allow its residents to enjoy the facilities safely. Some of these guidelines include mandatory mask wearing, social distancing, limited space in amenities, etc.
5 – Miami condos provide a lot of choices
Due to the high demand of single-family homes in Miami, the market has a lot more condo options for buyers. Now the inventory a lot more diverse, and buyers are more likely to find the best option with less competition.
About AMG International Realty
AMG International Realty is a full-service brokerage firm in Florida. We are your one-stop-shop realty. If you plan to move to Florida, give us a call today and be aware of the great opportunities Florida Real Estate market has to offer: +1 (305) 318 6968 (Heloisa Arazi).