Miami FL Condos & Apartments For Sale - 2739 Listings | Zillow (2024)

FAQs

How much is the average condo in Miami? ›

In the second quarter of 2023, the median sales price of a three-bedroom condo in Miami was 2.7 million U.S. dollars. The price of a studio was notably lower at 387,000 U.S. dollars. Miami is one of the most populous metros in Florida and the second most expensive rental market in the state.

To compare other locations to the Miami and U.S. housing market, enter a city, neighborhood, state, or zip code into the search bar. Miami's median sale price is 40% higher than the national average. Overall cost of living in Miami is 18% higher than the national average.

Florida is a diverse destination that offers something for everyone, including those looking for an indulgent holiday with world-class amenities and experiences. You can find apartments and condos with beach access, waterfront views, beautiful balconies, and community features like golf courses and fitness centers.

High Demand Across Property Types

With its growing population and urban development, Miami sees a continuous demand surge for both residential properties and commercial properties. This broad demand spectrum signifies that investing in Miami real estate can yield lucrative rental income and capital appreciation.

Condos, in particular, are highly sought after due to their amenities, security, and often prime locations near beaches or city centers. This high rental demand translates to lower vacancy rates and stable rental income for condo owners. If you're considering buying a rental property in Miami, this is great news.

According to MIT's Living Wage Calculator last updated on Feb. 14, 2024, a living wage for a single adult with no children in Miami-Dade County is $24.26 an hour. That means you should be making $50,460 a year. With a child, that amounts jumps to $39.58 an hour, or about $82,326 annually.

Overall… NOT LIKELY! Will prices comes down in 2024? To be clear we do not expect prices to come down across most markets, but we do expect and are already seeing 'overpriced' listings starting to show big reductions to come in line with the true market prices.

Typically, apartment buildings are owned by a property management company, while condos are individually owned units. In addition to a mortgage payment, condo owners must worry about costs like condo fees, HOA fees, and property taxes.

Do I need a lawyer to buy a condo in Florida? ›

In this situation, you may wonder if there is a way to cut costs – such as by not hiring a lawyer to handle the transaction. In Florida, you are not required to use a lawyer when buying or selling a home.

Notice Requirements: Condo associations must notify unit owners of any material alterations or additions to the master policy. This ensures transparency and allows unit owners to assess their insurance needs accordingly. Florida law doesn't require individual unit owners to buy condo insurance.

Along with significant tax breaks and a robust senior citizen community, Miami also offers excellent medical care, nice weather, and free city services. These alone are just a few of the perks of retiring here.

Median prices of townhouses and condos sold in Florida 2012-2022. In 2022, the median price for a townhouse or condo in the state of Florida was 306,500 U.S. dollars, up from 252,000 U.S. dollars in 2021. Townhouse and condo prices have generally increased since 2012, when the median sale price was 106,620 U.S. dollars ...

According to the National Association of REALTORS^® (NAR), the average sales price for a condo in the U.S. was $357,600 as of July 2023. How much does that same condo cost to own per month? That's $2,026 with a 20% down payment at current mortgage rates (based on an average 7.63%, 30 year fixed rate).

Key Takeaways. ✅ Down payments for condos in Florida can start as low as 3 - 5% with certain loans like FHA and can go up to 35% or more for some jumbo and hard money loans. ✅ Assistance programs in Florida might help you buy a condo without paying a lot upfront.

The Shore Club Residences at 1901 Collins Avenue on Miami Beach has just 49 residences and the crown jewel has gone into contract, with a price of $120 million. The expansive oceanfront penthouse spans 10,500 interior square feet with over 7,500 square feet of terraces that include a private rooftop pool.