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.
According to a new Ross100™ Condo Report by Ross Milroy, Miami’s luxury 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 nearly 20 years. “They are looking to escape the stresses and confines of everyday 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.
Water view premiums can be found throughout Miami at buildings adjacent to the ocean, Biscayne Bay and even the Miami River. Buildings in downtown Miami including The Epic, 50 Biscayne and 900 Biscayne all show a wide price gap between condos with views and those without. At Ten Museum Park, the 50-story luxury downtown condo development, comparable condos are listed for sale at $1.1M for water view, and $759k for city view, a 49% difference to overlook the bay.
Although the water is not for everyone’s taste or budget, the majority of those buying in Miami seek to immerse themselves into what is quintessentially Miami, a tropical beach paradise. “Buyers want to see the ocean, hear the water, feel the ocean breeze, and have a seamless experience of bringing the outdoors in and the indoors out,” said Milroy.
Some want to take daily walks on the beach while others rest easy knowing their view will never be interrupted by new developments, but overwhelmingly, buyers seek water views for a better quality of life. They are drawn to, and are willing to pay for, views of the water that eases everyday stress and allows them to immerse themselves in the Miami lifestyle.
It was once a common saying about waterfront real estate: “when it’s gone, it’s gone.” But new feats of engineering and ever-creative developers are breathing new life into the insatiable appetite for man to be near the water. In addition to man-made barrier islands in places like Dubai, ambitious projects are currently underway to offer custom floating man-made private islands in the UAE, Maldives and yes, even in Miami.