Luxury Rental Apartments, Homes Reshaping Coral Gables, Coconut Grove, Miami Residential Landscape

on Wednesday, 11 September 2013. Posted in forte related

Luxury Rental Apartments, Homes Reshaping Coral Gables, Coconut Grove, Miami Residential Landscape

Miami Beach, Coral Gables and Coconut Grove have been in the news of late for their stratospheric luxury home sales – some reaching $25 million or more. But for some residents in the South Florida market, buying isn’t on the agenda. Rentals are becoming the residence of choice.

In fact, across the region – high rises and townhomes from Coral Gables and Coconut Grove through Miami Beach and into Edgewater, north to Hollywood, Fort Lauderdale and even Boca Raton represent a new type of luxury rental property. And they promise to reshape the residential marketplace.

According to one report, more than a dozen new rental apartment projects recently have been completed in Miami-Dade and Broward counties, bringing on line more than 3,500 units. Another 31 projects with almost 9,900 units currently are being built, notes Hunter Group of Institutional Property Advisors in Fort Lauderdale. Thousands more units are in being planned.

Miami Beach, Coral Gables and Coconut Grove have been in the news of late for their stratospheric luxury home sales – some reaching $25 million or more. But for some residents in the South Florida market, buying isn’t on the agenda. Rentals are becoming the residence of choice.

In fact, across the region – high rises and townhomes from Coral Gables and Coconut Grove through Miami Beach and into Edgewater, north to Hollywood, Fort Lauderdale and even Boca Raton represent a new type of luxury rental property. And they promise to reshape the residential marketplace.

According to one report, more than a dozen new rental apartment projects recently have been completed in Miami-Dade and Broward counties, bringing on line more than 3,500 units. Another 31 projects with almost 9,900 units currently are being built, notes Hunter Group of Institutional Property Advisors in Fort Lauderdale. Thousands more units are in being planned.

In Coral Gables, several new luxury apartment buildings are rising or planned to serve affluent or upstart consumers who either aren’t ready to buy, can’t qualify for mortgages under new, stringent policies that may shut out even the middleclass  – or who simply don’t want the hassles of homeownership.

Rental residences also include townhomes and lower-density multi-family properties, which bring a more residential feel to the living experience, without high density of the high rise.

But don’t get the wrong idea: today’s rentals aren’t the Spartan dwellings they once were. Nor are they a cheap alternative to home ownership. Rents can top $1,000 or more. For the investment, residents get a lifestyle brimming with perks and amenities. Many feature gyms and workout facilities – with personal trainers available, business centers, lushly landscaped patios and pool decks, and even concierge and valet service. Some have restaurants or dining service.

Located near business hubs like Coral Gables, downtown Miami or Brickell Avenue, they allow residents to leave the cars behind and walk, bike ride or take local mass transit to work.

The lesson is clear: never underestimate South Florida’s constantly changing real estate market. Less than a decade ago, real estate watchers across South Florida wondered what we would do with tens of thousands of vacant condo units. Today, they’ve been reabsorbed – many by renters.

Now, rental towers have arrived. South Florida is a dynamic real estate market – regardless of whether you own, or rent.

 

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