Real Estate - Construstion - Investment - Miami Florida
Miami Preconstruction Investment Real Estate Guide
By Mark Goldberg
With the United States real estate market growing faster then ever before in history everyone seems to be asking “Where are the preconstruction real estate hot spots?”. Now I could just tell you the best places to invest in real estate are Orlando, Las Vegas, and Miami but that doesn’t make an exciting article. The truth is it depends what kind of investor are you. Ask yourself:
- Are you the kind of investor that is willing to take a bigger risk for a chance of bigger profits?
- Are you the kind of investor that focuses on rental income over flipping houses?
- Are you the kind of investor that prefers to visit the property on vacation or are you never going to see the property?
If you’re the kind of investor that is looking for preconstruction investment real estate that you will be sure to sell at a whim’s notice AND bring you high rental income then perhaps you should look in Miami. Miami has long been a upper class vacation hot spot with it’s gorgeous beaches, exciting nightlife, 5 star restaurants and hotels, and interesting mix of cultures. Although out of Las Vegas, Orlando, and Miami - Miami has been growing the longest which means prices have risen greatly over the last few years, but as long as you have preconstruction in mind this is still a great investment. Those of you that know Miami know that it’s a seller’s market to say the least. Desirable properties usually only stay on the market for a few days and the price just keeps going higher and higher. For many Miami residents, the chances of owning a upscale property in Miami is slim to none simply because of the high price tag. This is the very reason why preconstruction investment properties are doing so well there.
Imagine you’re looking at two identical properties, one is three years old and one is just starting to be built. The one that has been around for three years has an overwhelming amount of amenities (gourmet restaurants, spas, high end retail shops, etc) while the new development doesn’t have any amenities yet. Because of this the price on the new condo (The preconstruction development) is significantly lower and thus more affordable for the investor. Now after this condo development is completed amenities will stop popping up around it and it will then be worth as much as the original condo that has been around for three years.
Some people say that the real estate bubble in Miami is going to pop soon but the fact is it just makes preconstruction real estate even more valuable. When real estate hits such a high mark like Miami has it makes every investor desperate for preconstruction. Why? Because they know the real estate will sell because it’s in such high demand AND they know because they’re buying it in the preconstruction phase that they will be getting it at well below market value.
Bottom line is finding preconstruction investment developments in Miami is tough right now but they are out there. These projects are not advertised but if you do your due diligence you should be able to find them. If you have trouble finding them contact your local brokerage and be sure to ask for "Preconstruction" or "Investment" real estate.
Goldberg Executive Realty Group