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The Booming Downtown Miami Real Estate Market

Downtown Miami has been known as the real nerve center of Miami since the early 2000s. The area is known for its offices, shops, restaurants, and entertainment. Despite the pandemic, this neighborhood still continues to attract more and more residents, leading to many new projects being launched by local developers.

By Maryline Lacorre 26 Mar 2021

Why is Downtown Miami so attractive?

Facing the bay and offering a wide array of activities, Downtown Miami is the ideal place for workers and investors and is only minutes away from Brickell and the Financial District. People choose to live in Downtown to be at the heart of Miami, close to museums, parks, and Miami Beach. The area is also close to the airport, Miami Design District, and some of the best restaurants, such as Novikov, Zuma, or Il Gabbiano. Another advantage is the high degree of walkability. In Downtown, you can walk or bike easily along the bay—and if you don’t want to walk, you can take one of the many city buses or the Metromover. The latter is free and serves the area stretching from NE 15th Street (Adrienne Arsht Center) to the Financial District in Brickell. Downtown Miami is also pet-friendly, with many parks where you can relax or jog with your furry friend. 

These are only some of the many reasons why so many people choose to live or invest in Downtown Miami—close to not only all modern conveniences but also stunning views of the bay, the ocean, and the city lights. The results speak for themselves. Indeed, if we compare the Q4 report of 2020 and 2019, the average sales price for condos in Downtown rose by 14.1% and the number of sales increased by 20.3%. This market is so hot that the number of days on the market dropped by 15.2%, passing from 66 to 56 days. This trend is continuing into 2021, which is why developers are setting their sights on new projects that you can invest in now or in the future.

New developments in Downtown Miami

- One Thousand Museum: Designed by Zaha Hadid, One Thousand Museum is a limited collection of museum-quality residences. This prestigious residential tower appears as a continuous piece of contemporary sculpture, instantly recognizable for its curved shape. With stunning views of Biscayne Bay, One Thousand Museum offers luxury amenities in the heart of Miami. Fun fact: Last year, former soccer player David Beckham bought a full-floor penthouse in this building for $19.8 million.

- Waldorf Astoria Residences: Expected to be completed in 2024, Waldorf Astoria Residences will be Miami’s tallest tower and its first super-tall skyscraper. In collaboration with designer Carlos Ott, the 100-story building will offer 360 residences and 205 hotel guest rooms. With an expected launch in March 2021, Waldorf Astoria Miami will offer 5-star amenities. According to Ryan Shear, a managing principal at the developer Property Markets Group, the launch was driven by the strong sales market. Sales are released with a starting price of $1 million.

- Aston Martin Residences: Still under construction, the 66-story glass tower will be completed in 2022. Inspired and designed by the famous automobile brand, Aston Martin Residences sit on the last waterfront parcel available in Downtown Miami. Each unit will offer panoramic views of Biscayne Bay, the ocean, and the iconic Miami skyline. Only the best finishes have been selected for the residences, as well as 5-star amenities on four floors for the residents. At 70% sold, Aston Martin Residences proves that Downtown Miami real estate market is booming. So, if you are interested in this condominium, don’t wait too long!

For more information about the real estate market and new developments in Downtown Miami, feel free to contact us.

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