Miami’s Aston Martin Residences announced recently the 391-unit building has surpassed 90% in sales, beating its own records for both January and February closings with prices continuing to see an upward trend.
Prices have shown a steady increase in the past year as is common when supply is low. This chart from theAljanati comments there has been a shift in the overall buyer profile from when sales first started a few years ago compared to the past few months, saying there has been an increase in U.S. residents purchasing the units, whereas it had generated strong international interest when it was initially announced. “The pandemic brought a change in lifestyle.
The Miami housing market has such huge pent-up demand that this momentum will likely carry it through the rise in interest rates. The limited amount of land presents an ever-present limit to how much housing stock will be viable in desirable locations and the ongoing battle for better and better amenities will continue to attract interest. Even though prices have already seen large increases, the combination of all these forces means prices are likely to keep rising without much of a slowdown...
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