Close on the heels of NBA all stars LeBron James,Dwyane Wade and Chris Bosh signing long term contracts with Miami heat comes another news about an investor going in for three contiguous retail condos in Downtown Miami tower across from the American Airlines arena. According to Miami Dade county records the investor Sergey Novov from Sunny Isles beach has paid $2.1 million for 5100 square feet of ground floor retail space. The price works out to $ 410 per square foot
Much of this new found buyer’s interest is being attributed to the Miami Heat Factor. Miami’s signing off NBA stars is rubbing on to the others as well and each one is vying to get a condo in Downtown Miami. Alan Gabay a licensed real state broker with Bal Harbur, Fla based sell side firm CVR realty says “This is the first definitive example of the Miami Heat’s free agency signing success in the offseason paying dividends for the Greater Downtown Miami real estate market,”
Ever since the signing off this deal, a flurry of sales activity has been reported in 2010.In the first half itself more than 2200 hundred condo units have been sold. Most of these new units are housed in the 82 new projects constructed since 2003 between the Julia Tuttle Causeway south to the Rickenbacker Causeway, Interstate 95 east to Biscayne Bay, according to a recent Condo Vultures® Paper. A close look at the figures reaffirms the fact that Miami Heat is indeed pushing up sales. Have a look at figures below. This data is provided by Real Estate Consultancy Condo Vultures. Of the 82 Greater Downtown Miami projects constructed in the last seven years, 38 condominiums are completely sold out and an additional 23 projects have sold between 50 percent and 99 percent of their units. Most of the remaining 21 new projects have sold between 10 percent and 38 percent of their respective inventory although seven condominium complexes have only been able to sell less than five percent of their units.