Part of the appeal of investing in real estate, both residential and commercial, is the patience that is involved. Real estate, unlike the stock market or other investments, doesn’t usually fluctuate as quickly – or as wildly. And, if an investor has a good eye for when and how a particular area may develop or change in the future, getting in on the “ground floor” can pay big dividends in the long run.
According to a recent report, several investors with an eye on the Omni area of Miami are taking just such a long-term view of the area. That particular area of Miami, not known in the past few years for its vibrant commercial real estate market or residential population, may complete quite a turnaround over the next several years. The report indicates that investors are planning on developing condos, office buildings and retail locations throughout the Omni area. For a couple of investors profiled in the article, it all started when they purchased an unfinished condo tower in 2012 – and now it has been completed and the 81 units in the building are being rented out at approximately $2.60 per square foot.
The owners of this particular condo tower aren’t alone in seeing the potential for development in this particular area of Miami. The report indicates that several other developers are also eyeing pieces of property in order to build restaurants and night clubs.
The report pointed to the fact that the price for land in this area has increased over the last few years. However, it appears that investors believe that it is not too late to get into this area early and reap the rewards as development continues.
Source: Miami Herald, “Developers see a rebirth for Miami’s Omni area,” David Smiley, Feb. 1, 2015