More than ever, the Miami area is welcoming an oversupply of new condos stretching from Brickell to the northernmost tip of Sunny Isles Beach.
But a new product type has emerged: more affordable units that buyers can rent out however and whenever they want, no strings attached. This is the case with these 3 brand new projects: Smart Brickell, YotelPad, Natiivo Miami. Prices start in the $300,000 range and up.
Investors, especially from Latin America, are attracted to Smart Brickell and similar projects because they provide income while the owners are away, as well as a place to stay when they are in town. And they don’t have to worry about short-term rental restrictions that may be found in older buildings – think pre-Airbnb – or in new luxury developments where end-users wouldn’t want to live among daily or weekly renters.
This project is a mixed-use Yotel-branded hotel and residential tower in downtown Miami. The 231 condos and 222 Yotel “cabins,” sold out this month, a year and a half after launching sales. The building is expected to be completed in 2021. More about YotelPad Miami
Natiivo is the first project in Miami that will be “powered by Airbnb,” which means that unit owners will be able to put individual rooms or entire units on the Airbnb platform. Studios start at $330,000 and three-bedrooms go up to $1.2 million.
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