Miami Real Estate: With Renters Lined up, Foreign Buyers Snap up Downtown Miami Condos

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By Marilyn Bowden
From the Miami River to Midtown, downtown Miami condos are hot commodities among international buyers, brokers say, not least because renters are lining up to lease them. Gentrification is in full force in the triangle of Midtown, Wynwood and the Design District,” said Rita Regev, broker associate at Optimar International Realty. Carlos Villanueva, district sales manager for The Keyes Co., said the multiple listings service shows 430 resale condos on the market. Over the past six months, 263 units closed, having been on the market an average of 135 days, and 166 closings are pending. That pace yields an absorption rate of 9.8 months, close to a balanced market. Mr. Villanueva quoted an average sales price of around $213,394. In new condo buildings, many of which still have developer units on offer, “sales are very good,” said Jeff Morr, founder and CEO of Majestic Properties. The Marquis is selling at an average of over $300 a square foot. Soon Paramount Bay will hit the market in the high $300s and will set a new bar for the neighborhood.


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