SoFi
South of Fifth (SoFi)
When it comes to South Florida Real Estate, you must know that "IT DEPENDS" . Although the South Florida Real Estate market has suffered along with the rest of the nation and is now number 1 in foreclosures, when you zoom in on the area, you'll find that it depends on which part of South Florida you're looking at. You must understand that Miami is inherantly different from Miami Beach; culturaly, geographically and economically. Miami Beach is a barrier island connected to the mainland by four causeways, and that the economy is entirely different from that of the City of Miami. Even within Miami Beach, you'll find the exclusive neighborhood separated from the rest of the beach by 5th Street, thus appropriately named SoFi or South of Fifth.
While many people did make a fortune buying and selling condos during Miami's condo boom, today's market is a far cry from what it once was. In fact, it's not uncommon to find buyers who own speculative condos with carrying costs higher than their incomes. Experts estimate that it will take at least 5 years to absorb the inventory available in Miami's Downtown, Brickell and Biscayne area. This hasn't happened to such a large degree in SoFi.
Today we see many buyers defaulting on their contracts, fearing a surplus of inventory and a lack of buyers, many of the buyers are closing on their condos and quickly turning them into rental properties, often earning a fraction of their carrying costs. Some of these new condo owners cannot afford to carry the condos that they have closed on.
SoFi is surrounded by 9 luxury highrises along the southern most coast of Miami Beach. In the middle you'll find an eclectic selection of lowrises that range from art deco buildings from the 30's to new state of the art high-end buildings designed by world renowed designers and architects built sinse 1998. For the most part, the luxury highrises have maintained their value and thus have helped to keep the prices of the other smaller buildings afloat. What makes SoFi so desirable is that it is a neighbohood not just an area. There are great restaurants, such as Prime 112, Prime Italian, Joes Stonecrabs, Clarke's Irish Pub, Nemo, Big Pink, Red Steak House, Cozy Lounge, but no huge clubs to bring in the crowds/parking issues that the rest of the beach gets. The neighborhood has recently reopened the beautiful South Pointe Park, a multimillion dollar project where you can relax and enjoy the sunrise or sunset views, run under the splashing water fountains, enjoy a picnic by the bay, or even exercise you butt off. Yes there are great deals to be had in Miami and Miami Beach, and SoFi, but don't expect to walk away with too many steals from SoFi unless you are willing to part with a large amount of cash.
For a list of properties available through a short sale in Miami Beach or for more infomation on our neighborhood, contact me.