Miami Beach Condos Need a Facelift?
MIAMI (PRWEB) May 12, 2018 -- Miami’s real estate market has always been one of the top performing markets in the United States. This is why there is a plethora of brand new buildings in Miami’s Downtown and in Brickell. Constructions such as Miami Central, Miami Skyrise, and Miami World Center are set to be the main point of attractions. New condominiums are also constantly being built such as the latest announcement of The UNA condo and The Yotelpad condo, just to name a few.
This brand new inventory of units on the mainland attracts eager buyers from many parts of the world. However, it does create a gap with the older neighborhood of Miami Beach, which encompass buildings from the 20’s to the beginning of the century. Indeed, only a few condos were built in South Beach during the last decade.
The arising question is whether condominiums in South Beach can compete with their neighbor hip state-of-the-art condos and for how long will they be still be in the game?
Is perfect location enough?
South Beach fits the mantra ‘location, location, location’. It’s near to the pristine white beach, amazing nightlife and good restaurants. Investors love South Beach but the properties in this area are losing their competitive edge.
Daniela Pellicciotti, the broker of Condoideas Realty Group explains that, “Investors love the idea of owning a property in South Beach but when I show them the new condos that are just 5 minutes away across the bridge, they start to rethink their idea. After all, for a cheaper price you have a brand new building with new amenities, floor to ceiling windows…”
This is obviously a concern to many property owners in South Beach which is why there is a rise of building renovations and upgrades in this area. In the past 3 years alone, many condominiums such as The Waverly, The Floridian, The Sunset Harbour, and The Continuum have remodeled their lobby. Last week, The Yacht Club at Portofino approved a new lobby redesign after finishing the pool renovation the prior year and the hallways 3 years before.
How much does it cost and how long does it last?
The Floridian condo in Miami Beach which was built in 2000, has recently underwent a lobby and hallways renovation. It took them almost 3 years to complete it but the result was a successful modern fresh upgrade. This trend has also been adopted by ultra-high-end condos such as The Continuum North and South Towers respectively built in 2007 and 2002. The residents voted unanimously for a lobby renovation and the project was completed last winter.
Reasonable renovations and upgrades are essential to keep the buildings competitive. The Portofino Tower approved a few months ago a plan to spend approximately $7 million to redo its lobby, porte cochere and 2 pools. It will take an estimated two years to complete it.
In the South of Fifth neighborhood, the residents of The Yacht Club at Portofino condo have recently voted yes to its $2.28 million lobby renovation. The lobby renovation serves as a perfect facelift to the 19 year old building.
As a conclusion, it is wise to say that a condo is not like a good bottle of wine and it does need some frequent renovations to compete with newer and more vibrant projects such as The Paramount World Center or The Aston Martin Residences.
Daniela Pellicciotti - Aida Yacob, Condoideas Realty Group, +1 (786) 567-1048, [email protected]
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