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Making the Condo Choice | Lotus Miami Real Estate
Tough Decisions Ahead Road Sign

Making the Condo Choice

posted by: Info in Uncategorized

 

Are you trying to make the choice between condo and single-family home?

If you are having a harder time with the decision than you originally thought, it may be because Condominiums are becoming the right choice for more home buyers than previously thought. Condominiums traditionally have been thought of as small apartments that you buy in a major urban center. With changing needs, Condo developers have started changing this dynamic by offering many things you would typically want in a single family home, but with better affordability and sustainability.

Size versus Affordability

One of the real differences in the equation has always been size of a condo in comparison to a home. With Condo’s traditionally catering to retirees, starter families or singles they were often smaller in size than a traditional home. A two or three bedroom home could easily be 2500-3500 square feet whereas traditionally you would have a hard time even finding a 3 bedroom condo.

Yet with the rising price of land values in certain urban centers, like Miami, this trend has been reversing for some time. The sizes of many new luxury condos are offering 1000-2000 square foot condos that are 3-5 bedrooms and when compared in affordability to single family homes of the same bedroom count, the condo is much more affordable. Some urban jurisdictions are also ensuring that certain bedroom sizes are included in plans to ensure a wide range of buyers are enticed by new developments.

In Miami, the price differences between single family homes and condominiums can also be a factor for many. When you can get a condo that is just a bit smaller than a family home, with much better amenities, close to the action and over $50,000 less, buyers are taking notice. In 2015, the average single family home price was $246,140 whereas the average condo price was only $190,000. However, this does not tell the luxury story in these two categories. Large estates can often go for multiple millions of dollars in Miami, whereas penthouse suites in of the most prestigious developments are selling for less than these estates.

Community & Amenities

One thing that many people love about single family homes is getting to know their neighbors and being part of a community. However, with condos this aspect is even more available to owners. With many modern conveniences being offered in condos like fitness centers, retail spaces for daily living like spas and hair boutiques, being neighborly is even easier. This sense of community is fostered often with participation on Condo Associations or just with a number of people that help the best condos function like high-end hotels, from security to the doorman to the concierge. Being part of this community provides its own perks.

Lastly, new Condo projects offer luxury amenities that simply are not available to single family home owners. From the rooftop infinity pool overlooking Biscayne Bay to personal trainers in the fitness center to a Grand Ballroom with chef’s kitchen overlooking the Atlantic Ocean and the Miami skyline. Where else can you soak in the lap of perfection like you are at one of the top resorts in the world? Now you can, in your own home.

 

Condominium developments are becoming not only more affordable, but can offer a life that simply is not available in the suburbs; one filled with excitement and pampering around every corner.

 

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