In an era of convenience, opulence, and excesses, the word “condo” stands for a lifestyle and a point of view that demands the best. Condos are dwelling units in a condominium, and are the symbols of this new luxury culture. Amenities like magnificently decorated party rooms, a library, guest rooms, gym, pool and spa make for luxury in a condo.
Condos can be owned either by individuals or associations. When associations own condos, what the individual buyers get is the right to use the condo for a few months. Busy residents do not have to worry about the day-to-day upkeep that a single-family home requires. Instead, they prefer to pay a monthly fee and defer maintenance decisions to their condo associations.
Beginning in 2005, about 48,000 condominiums were proposed, planned or under construction in Miami-Dade alone. This is apart from the thousands of existing units. Today, Americans as well as foreigners are buying condominiums as a second home. Although the Latin Americans are well known for their taste in Miami condominiums, recent years have seen more and more Europeans buying these, which market analysts feel could be because of the falling dollar.
Big investors have now moved to invest in condos in Miami, and places like Metropolitan Miami and Midtown Miami have emerged as hot spots for investors. The mad rush for condos is evident in the way investors have now started eyeing existing apartments to be turned into condos. This increased popularity of condos in Miami has also seen skyrocketing prices. From a price of $150 to $200 per square foot for a luxury unit about seven years ago, buyers are today paying a price of $350 to $800 per square foot.
An increased demand for condos has witnessed the conversion of apartments to condos. Owners of apartments today are hiring condominium converters for the service. This rush for condos is not without reason. Amenities apart, the most important thing that has driven this condo popularity amongst investors and buyers is location and architecture. Whatever is the reason for the popularity of condos, the fact stands that condos have unleashed a new luxury culture that luxury-hungry humans can hardly resist.