There’s no doubt about it. The demand for beautiful and high-end properties on Collins Avenue is at an all time high, and it does not show any signs of stopping in the near future. (Click here to view Collins Ave Condos) It is actually a very interesting time to be watching real estate in all of South Florida, as there have been some changes over the past year or so that have started to make big changes through much of the area’s real estate.
Consider the price of homes in the South Beach area. Traditionally, the properties located in the South Beach market are some of the highest priced around. While this is something that buyers and developers know and expect – there is exclusivity in these types of properties after all – they are also starting to push these higher prices in areas that are a bit farther north. This includes all of the new developments and current units along Collins Avenue.
It’s interesting to see that the prices, as well as the demand, for the condominiums in this area and northward are as high as they are. Developers know that much of the area – even that to the north – is something that will interest a large number of potential buyers. They want the boom in interest also to be a boom in prices for them. In the past, the prices north along Collins were generally lower, but during this real estate push, that is not the case.
Prices Keep Rising
In fact, many of the home prices in the area are actually the same or higher than some of the prices in the South Beach area. While it is still certainly possible to find a number of new construction properties in the area that are much less, the prices are on the rise. Look at the prices in some of the popular complexes in the area, and it becomes apparent that the prices are going up. At Oceana Bal Harbour, the current prices are at $1,350 per square foot.
The actual location along the avenue – east or west, is important when determining the prices as well. In Parque Towers, the price is under $500 per square foot. This is on the west side of the avenue, and it faces the Intracoastal Waterway. While Jade Signature is $1,270 per square foot and is on the opposite side of Collins Ave, facing the ocean.
All along the avenue, it’s possible to find new and old complexes with varying prices, often based on their location and the direction they face. Still, the prices do seem to be going up, and this is exciting news for developers. They see that even though they are further from South Beach, that it really is not doing much to dampen the enthusiasm that buyers have for the units.
It’s still unsure just how long this will last though. While the investors do not show any signs of letting up when it comes to buying in the area, it’s important for the developers to pay close attention to the actual demand so they do not build more units than they could sell, which would ultimately damage the real estate market.