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Miami Condo Investments | The Importance of Unique Floor Plans
Good Miami condo investments start with selecting a good floor plan. While having lunch with Douglas Elliman colleague Bragi Sigurdsson, we discussed the current condo market and how we noticed that more and more buyers are attracted by the opportunities that exist in the current condo market. As there is lots of inventory at the moment, savvy buyers are looking for great deals. This brought us to the topic of relevancy of investment advice. We discussed what advice we give our clients, what we tell them to focus on and how they should measure condo quality and a good investment.
Watch my video interview with Bragi Sigurdsson on the importance of uniqueness and condo lines / floor plans
The Importance of Unique Residences and Good Floor Plans
Something both Bragi and me agreed on was the importance of investing in non-generic product! With that I mean that you should focus on unique products and condos that offer something that makes them stand out such as: condos in superb locations, condos that offer unique floor plans or buildings with high-end finishes. For specific units you should focus on flow-through units, corner units, units with extra high ceilings, large terraces, the best views and penthouses. These units are normally built for and used by end-users or primary residents.
The Miami market has seen a fair share of generic product, mostly bought by investors and intended for the rental market. These units are often characterized by more affordable finishes that might look expensive for those without much experience. We have been able to follow these generic, rental type of units and they have shown to remain at the same price level without much appreciation. Especially in a bearish market, many investors will offload these generic products leading to a large oversupply of basically the same generic product.
Unique, stand out product will appreciate over time, because what is hard to replicate is most desired and scarce! Therefore it is very important to know that even in good condos there are bad floor plans. When buyers ask me whether condo X is a good investment, my standard answer is: “That depends on the floor plan”. A condo may outperform all other condos with certain lines, but if you own the least performing line this doesn’t give you much of a benefit when selling
The Best Floor Plans for Some of Miami’s Most Desired Condos
We looked at some of Miami’s most desired condos and selected the best floor plans for you. As mentioned above we are looking at units that are most likely to appreciate in value such as waterfacing, which are the east facing (if available) units, corner units, flow-through units, units with extreme large terraces etc.
These do not include the penthouses as it speaks for itself that these are stand out units, nor does it include very small boutique condos or condos with just one or two floor plans which are easily figured out. If your preferred condo is not mentioned, but you still would like to receive feedback on the best lines; call me today.
Our Best Floor Plan Picks for some of Miami’s Most Desired Condos
This list contains some of Miami’s most desired condos. Please note we did not include boutique condos or condos with just one or two floor plans. If your preferred condo is not in this least then please give us a call at +1.305.508.0899 and we will provide you with the best floor plans and more information on your preferred condo
What are Miami’s Highest Appreciating Condos?
What are the best Miami Condo investments? We recently write an article on the top-performing condos in Miami over the last five years. These are the luxury condos that have appreciated value the most. This has been made possible using our Condo Geeks tool which has tracked condo performance over the last 15 years. For this article, we focused on the average price per sqft changes in the buildings between 2018 and 2023. You will see in this blog as well that good floor plans are essential for the success of a condo.
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FAQ
These are the most commonly asked Google Real Estate Related questions
1. What are the Current Best New Condos in Miami?
If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023.
2. What is the best New Construction Condo in Fort Lauderdale?
In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.
3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami?
Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!
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