They say a picture is worth a thousand words, but exactly how much is that water view worth, and why are property owners willing to pay so much to have it? More than just something pleasant to look at, water views give condo owners the true Miami lifestyle experience.
Ross Milroy RossMiami Ross100 Condo Index
According to a new Ross100™ Condo Report by Ross Milroy, Miami'sluxury condo expert who specializes in properties $2M and above, some condos that feature a direct 'water view' sell for as much as twice that of a comparable unit with a 'city view.'
Not surprising, the biggest price discrepancy was found on South Beach where condos with a direct view of the ocean or bay bring $1,950 per square foot while the same unit that overlooks the city sells for $970 per square foot; a difference of 101%.
"Property owners in South Florida are looking to immerse themselves in everything Miami has to offer," said Milroy, who has worked with luxury condo buyers in Miami for website nearly 20 years. "They are looking to escape the stresses and confines of everyday luxury condos life by living in a home that gives them the open-feeling and vast views that never end. One of the best ways to do this is to come home to the tranquility and dynamism that water views provide."
People's desire to live near the water is nothing new; while we are no longer reliant on the sea to provide life resources, the feeling of well being that views of water provide is long entrenched into our subconscious. More at USHousingblog.net