News
By 2025, Every Downtown Condo Projected to Cost $750,000 or More
Greater Downtown Miami — which encompasses the city’s classic downtown area, plus Wynwood, Overtown, Brickell, Edgewater, and the Design District — houses South Florida’s largest collection of young, hip urbanites. The area is all but engineered for people under 35; it’s crammed with artisan cocktail bars, a never-ending supply of street art, and nightclubs where Diplo spontaneously appears. Without young people, Miami’s downtown would be a drab concrete dystopia.
But thanks to rising real-estate prices, the area might be on its way to dysfunction. According to the City of Miami’s Downtown Development Authority (DDA), condo prices are set to climb until 2025, to the point that every apartment in the area will be selling for a cool $750,000 and up.