It’s true. If you’re in the market for a South Beach Condos, there are a variety of choices. A few years ago, condo purchases were generally limited to first-time buyers and single professionals. But now, as the baby boomer generation is nearing, or at, retirement age, they’re causing a shift in condominium perspective and development.
The baby boomers have driven housing markets for years. And this year is no exception. An unprecedented demand from the Baby Boom generation has sparked a condo craze in Miami’s South Beach area. As the demand for condos has increased, Developers discovered more and more creative ways to meet the demand. Branching out from the standard apartment-style condos, Developers are now offering hotel and/or resort-style living as well.
If you’re thinking about purchasing a South Beach Condo take a look at your options….
Option #1 – Standard South Beach Condo
- Granted, they’re upscale condominiums with many of the same amenities of a resort or hotel. These are properties that were designed to be condos. Prices, of course, vary with location.
Option #2 South Beach Condo Conversions
Condo Conversions are excellent for first-time buyers and single professionals.
- With the rising popularity of condominium living, some Developers have opted for condo conversions rather than build a brand new property. Real Capital Analysts, Inc, a New York-based research firm, estimated that sales of condo conversions more than doubled last year, going from $11 billion in 2004 to approximately $28 billion in 2005.
Option #3 South Beach Condo Hotels
Last but not least, there is the most recent trend in condo living the condo hotel.
Often managed by a well-known, well-respected hotel chain such as Hilton or Ritz-Carlton, condo hotels are popular among those who are looking for either a second home or a vacation home.
- When you purchase a condo hotel, you have the option of participating in a rental program overseen by the in-house management company. If your unit is rented, the management company shares the income earned on your condo unit with you. In addition, the management company cleans and maintains your unit while you’re gone, alleviating the stress of finding someone reliable or having to return and do it yourself.