The Crosby in an all new neighborhood called Miami WolrdCenter, The Nomad in Wynwood and District 225 are the hip new condos with built in authorization for daily AirBnB use.
Developers are eyeing this enormous yet nascent opportunity so this likely is just the very beginning.
District 225 is already sold out, and so is The Crosby however, the multi-step payment model offers potential new buyers of the Crosby a chance to step in if a previous buyer isn’t able to make their next payment deadline.
“There’s so much demand now, I think we’re a little underbuilt, frankly … That’s an underserved market that you’ll see grow.”
Ryan Sheer, Managing Partner, Property Markets Group (NYC)
Prices have also gone through the roof. The Crosby advertised a low price of $325, now, as it’s supposedly “sold out”, updated pricing likely starts at $550K, even for the smallest studio. Will higher interest rates and the ongoing war in Ukraine put a dent in condo demand?
We don’t think so. Miami enjoys both a domestic and international clientele – it’s focus on crypto and the massive migration of financial services into South Florida will ensure this market continues to stay hot, and AirBnB potential can only stoke demand.
