How to Buy a Miami Condo in 2025: Ultimate Guide

 

 

Miami offers so much more than just its famous beaches and endless sunshine — it's a dynamic city bursting with diverse lifestyles, world-class dining and shopping, vibrant cultural experiences, and breathtaking scenery. Whether you're relocating for work, seeking a change of pace, looking for a second home, or drawn to the iconic Miami energy, finding the perfect condo and neighborhood is essential to making this city truly feel like home.

From ultra-luxury high-rises with spectacular views to affordable investment properties ideal for part-time use or renting out, Miami and Miami Beach have condos for every lifestyle and purpose. Whatever your goals, there’s a condo that’s just right for you. All it takes is the right strategy and an expert by your side to guide you through the process—and that’s exactly where we come in.

In this blog, we’ll share insider knowledge, professional tips, and everything you need to know to make buying a Miami condo a seamless and successful experience. Let’s dive in!

 

— First Things First, Is Buying a Condo in Miami a Good Investment in 2025?

Miami's real estate market has always been a hot spot for snowbirds fleeing chilling winters but in the last few years, its appeal has expanded beyond this demographic and now includes international executives and families, high-net-worth individuals (HNI), high-profile celebrities like Messi and Jeff Bezos, tech workers, and international investors.

Some of the things people are most drawn to in Miami in the last few years are its resilient housing market, the many new luxury developments underway, its lifestyle offerings, and the tax benefits which include no state income tax, to name a few. With its growing economy, international appeal, and ever-expanding skyline, Miami offers many reasons to invest in a condo.

And if you like crunching the numbers, we’ve got those too. According to our exclusive quarterly luxury condo market reports, Miami’s appeal hasn’t stopped growing, with record numbers in price per square foot on our last report. Moreover, Miami-Dade Condominium prices have appreciated 123.7% in the last 10 years, according to the Miami Association of Realtors.

— Next Up: Contact a Specialized Condo Agent

 

When buying a condo in Miami, working with a knowledgeable real estate agent specializing in condos from the very start will make all the difference in your buying experience and long-term costs and value. Here's why:

• In-Depth Local Knowledge: A specialized condo agent knows the ins and outs of Miami’s condo buildings, developers, and even units and floor plans. They can help you find the best options based on your preferences, lifestyle, and budget, and often know what construction or assessments may be going on in a specific building.
• Access to Off-Market Listings: Experienced, local agents often have a deep network of clients and owners, and have access to off-market properties or "hidden" opportunities that aren’t listed online, giving you an advantage over other buyers, as well as possibly a deal. 
• Negotiation Expertise: From securing the best price to navigating complex condo association rules and the recent Florida condo laws, a skilled boutique condo realtor knows how to negotiate the best terms for you, ensuring you get value for your investment.
• Guidance Through the Process: Buying a condo in Miami comes with its own set of challenges, such as understanding association fees, building health, and legal paperwork, particularly if you are buying as a foreigner. Our international team of multi-lingual agents is an example of the kind of  help you should look for to navigate these details, from the initial search to moving day.
• Avoid Costly Mistakes: An experienced realtor specialized in condos can help you avoid rookie mistakes, whether it’s a high-fee building going through assessments, getting caught with hidden closing fees, or a developer with a questionable reputation.

By working with a condo expert from the start, you’ll save time, avoid headaches, and increase your chances of finding the perfect Miami home. We know how to help you achieve your goals.

— Now, Have You Set A Budget?

Before starting your condo search, it’s crucial to establish a realistic budget. You can find condos at various price points with the median price of a Miami condo being $424,000, while coastal condos can average $1 million and higher. So, when determining your price range, you’ll have to consider your purchase prices as well as the costs of buying a condo in Miami. These may include condo association fees, property taxes, insurance, and maintenance and utilities costs. Contact us to check your lists of potential expenses - we’ve got plenty of experience and don’t let any financial detail slip.

By defining a clear budget upfront, as well as getting pre-approval if you are not buying in cash, you'll avoid surprises later on and ensure you're looking at condos that fit your financial capabilities.

— How to Choose the Best Miami Neighborhood

 

Choosing the right neighborhood is key to finding a condo that fits your lifestyle. Miami’s diverse areas offer something for everyone, so take time to consider what’s most important to you. 

Here are some of the questions that help our clients, and may help you to narrow down your options:

• What lifestyle do you want? Beachfront, waterfront, urban, artsy, sports-centered, or family-oriented? You don’t need to choose just one but setting your priorities will help guide you in the right direction.
• What do you want to be close to? Work, school, or favorite activities? Miami’s heavy traffic makes your neighborhood choice crucial for a good quality of life.
• Do you regularly use public transportation? If so, consider living near a Metrorail, Metromover, Metrobus, or Brightline station.
• Are you looking for action or a quieter area? Do you prefer being in the heart of the city or just close enough?
• How walkable do you want your neighborhood to be? Do you prefer driving, or is walking to shops and dining a must?

Here’s something else to think about: location drives prices. Living in an area that offers the maximum conveniences and amenities gives you the best of everything, but also pushes up prices. 

For example, to name a few Miami condo prices: the average price per square foot for a condo in South Beach was $568 (as of October 2024), compared to Coconut Grove’s $893. Again, while a condo in Bal Harbour would set you back $2,309,149 on average, an Edgewater condo would cost about $837,122 - $1,600,000 for a two-bedroom condo. 

As you can see, a Miami condo buyer has to observe the property from multiple points of view. Feel free to contact us via email, call, or text, and we can discuss your options (or find them for you). 

— Miami Neighborhoods by Lifestyle

 

Here are some of the best areas in Miami to buy a condo that our clients often choose based on their lifestyle preferences. 

Beach Living: 

• Miami Beach (South Beach, Mid-Beach, North Beach)
• Bal Harbour
• Surfside
• Sunny Isles Beach
• Key Biscayne

City, Art, and Culture Hubs: 

• Downtown Miami
• Edgewater
• Arts & Entertainment District
• Wynwood
• Design District
• Midtown

Commercial & Financial Centers: 

• Brickell
• Downtown Miami
• Miami River

Suburban/Village Feel:

• Coconut Grove
• Coral Gables
• Upper East Side

Exclusive Island Living:

• Brickell Key
• Venetian Islands
• Bay Harbor Islands
• Fisher Island
• Key Biscayne

Each neighborhood has its own unique vibe, so take the time to explore what fits your lifestyle best, and reach out to us for all the Miami local secrets.

— Start Your Condo Search: Here’s What You Should Review

Once you have a budget and a neighborhood in mind, it’s time you take the next step. You can start your hunt by using our exclusive search engine to find Miami condos for sale, setting filters to give you narrower results. Simply click on “Buy” in the main menu, and choose “Condos for Sale” to take you to all available condos in Miami and Miami Beach. From here, you can set up multiple filters to enhance your search and help you find perfect condos faster.

Here are some of the key areas you want to consider when searching:

1. Comforts Within Your Residence

Your condo should offer the features that make your day-to-day life comfortable and enjoyable. Consider these essentials:

• Floor plans: One of the most important features for your next move is your living space and does the floor plan meet your needs. Is it big enough, do you need split bedrooms with en-suite bathrooms? Which direction does the condo face?
• Views: Miami is known for its stunning views, from oceanfront to cityscapes. Decide whether you want an ocean, bay, or skyline view (or both), and consider these might change day and night.
• Balconies: To take on the wonderful weather, most Miami condos come with balconies, but sizes vary, and in correlation so does the price. Larger balconies offer extra outdoor living space, often at a premium.
• Hurricane Impact Windows: one of the most important tips for buying a Miami condo: hurricanes in Miami are a real thing, so be prepared. For safety and peace of mind, condos built after 2001 usually come with hurricane-proof windows, which also help with noise insulation. Older condos might have been upgraded, and will need to be if not already done. 
• In-Unit Washer/Dryer: Most newer condos feature in-unit laundry, but we always confirm—especially with older buildings.
• Ceiling Height: Higher ceilings create a spacious feel, with luxury condos often boasting ceilings of 10 feet or more and regular ones around 9 feet.
• Private Foyer vs Shared Hallway: Luxury units will most likely have the elevator open up to your very own private foyer, while regular condos will have standard hallway access with more units on the same floor.

2. Amenities in the Building

We love the fact that Miami condos often come with a wide array of hotel quality amenities that could be considered luxury in other cities, but it’s important to find out which ones matter most to you:

• Swimming Pools: Most buildings will have a pool in Miami, that’s just a fact. Newer luxury buildings will often have two or more pools, sometimes called sunrise and sunset pools to capture the most sun. Some are also even heated! But not all pools get sunlight all day, so check their positioning.
• Fitness Centers: Many buildings have excellent gyms, including saunas and steam rooms, but their quality and size vary. 
• Cable and Internet: Many units include these two as part of the association fees. 
• Parking: Parking is becoming more scarce in Miami. Newer buildings are often allowing one to two spots per unit, as valet only. Older buildings will have more parking, and usually that you can park yourself. Ask about the number of spots included and whether they are valet-only, deeded/assigned self-parking, or unassigned self-parking. Also, confirm the location of your parking space for convenience. If you need more than one space, you can ask if there are any rentals available.
• Over-the-Top Amenities: If you’re craving for more, we can tell you that developers have answered. Depending on the building, you can have resort-style pool decks with cabanas and barbecue pits to full-fledged spas, yoga and spinning studios, pet spas, mini-golf, kids’ playrooms, tennis and padel courts, wine vaults, golf simulators, private marinas, helipads, and more! 

3. Condo Association Policies

Every condo has its own set of rules, and it’s important to ask the right questions to your condo association upfront. Will you need to notify your association each time guests stay overnight? How many pets can you have on the property? How many modifications can you make to your kitchen?

• Pet Policies: Many buildings are pet-friendly, but some have restrictions on size, number, or breed. These rules do not apply, however, if your pet is an Emotional Support Animal. 
• Guest and Rental Rules: Some buildings limit rentals or require advance notice for overnight guests. If you plan to rent your condo, be sure to check the leasing policies, as minimum rental periods and restrictions on short-term rentals vary widely.

4. Condo Association Fees

Monthly fees cover building maintenance, amenities, and sometimes utilities. Miami’s condo association fees have risen in the past couple of years due to the need for hurricane insurance and a recent law that requires all buildings to have proper reserve funds for repairs and maintenance.

Standard Fees are around $1 per square foot, with luxury buildings typically at the higher end because of all the exceptional amenities. Also, make sure you check what these fees include. Cable, internet, and building insurance are often included, but not always.

5. Do an Association Health Check

No matter where you choose to live, you will need to check on the building’s health and occupancy rate. Look up the specifics on:

• Delinquent Dues: Too many owners behind on fees could indicate trouble.
• 30-Year Recertification: Older buildings are required to undergo structural inspections after 30 years of being built and every 10 years after that. The recent law aims to avoid these special assessment fees by building out a robust repair fund. 
• Renter vs Owner Occupancy: Buildings that have more owners than renters tend to be better taken care of due to pride of ownership. They also have more financing options available to prospective buyers, which adds to the value of the property.

6. Property Taxes

Buying a condo in Miami and paying taxes - these are two topics that require serious real estate knowledge. When trying to figure out which condo to buy, don’t be fooled if one similar unit has lower taxes than the other. In Florida, Homestead and Save Our Home programs allow long-time owners to keep taxes low.  

 

7. Think About the Resale Value

Even if you plan to stay for the long term, considering resale value is crucial. Condos with exceptional views, that are waterfront or beachfront, are corner units, or high ceilings often appreciate faster. The same goes for properties in areas with planned developments or new amenities, as these can increase property values over time.

But also keep in mind that that empty lot of land next door will turn into a high rise that will take your view away and your property value with it. So think two steps ahead when looking for your dream condo. Of course, we are in tune with the Miami real estate market’s movements and it’s easier for us to predict what changes are coming to the area in the next two, five, or ten years.

If you have a condo you would like to sell to get started on another condo journey, use our exclusive tool to get a valuation of your property. That should give you a great starting point.

— Should You Buy a Pre-Construction Condo?

 

There is a huge list of Miami pre-construction projects in the pipeline and buying one certainly comes with advantages depending on your timeline and needs. On one hand, you get the thrill of being the first owner, choosing your ideal floor plan and finishes, with the latest amenities, modern layouts, and state-of-the-art technology, and potentially buying at a lower price before the building is fully completed. 

However, buying a preconstruction condo can have its intricacies if you have never purchased a condo before completion. Pre-construction projects can face delays, and what you see in renderings may not always match the final result, including sizes and floor plans. There’s also a lot of fine print to navigate, from developer contracts to negotiation points. That’s why having a knowledgeable real estate brokerage experienced in preconstruction by your side is crucial. An expert in pre-construction condos will help you with every question you may have.

If you prefer certainty and immediate availability, buying an existing condo might be the better route. You can physically tour the unit, assess the views, and move in as soon as the transaction is complete.

At the end of the day, we’re here to help you compare and review both options.

— Getting a Loan for Your Miami Condo

When it’s time to finance your Miami condo, your financial records and the condo’s value aren’t the only factors lenders consider. The building’s overall financial stability and management are just as important. Here’s what lenders typically look for when approving a condo loan and mortgage, if you are not paying in cash:

• Owner Delinquency Rates: Ideally, no more than 15% of the building's owners should be behind on their condo association fees.
• Reserves for Replacements: Your condo association will have to be compliant with the new regulations regarding reserve funds.
• Rental Ratios: Buildings with fewer than 50% of the units being rented are preferred by lenders, as more rentals (i.e. investors) means a higher risk of defaults in the eyes of the bank, so some banks add overlays and/or hike interest rates slightly to cover that risk.
• Litigation: Lenders tend to avoid buildings involved in legal disputes, so ask your realtor to check for any ongoing litigation against the condo association.
• Developer Turnover: Lenders prefer buildings where the developer has handed control to a board of owners, which usually happens after the majority of units have been sold.

If the building meets these criteria, you’ll likely qualify for the best loan rates and programs. However, if the building doesn’t meet all the lender’s requirements, there are still options. 

Many lenders offer more flexible loans, and some have limited review programs that focus primarily on whether there’s any litigation. Additionally, new construction condos may have special financing options available.

Certain buildings may also be on the list of FHA or Fannie Mae-approved condos, making the financing process more streamlined. As a real estate brokerage specializing in condos for over 20 years, we can guide you in the lending process.

Financing for Condo-Hotels

If you’re an investor, and looking for an investment property, condo-hotels, where units are available for both personal use and short-term rentals, come with unique financing challenges. Since they’re seen as higher risk, lenders are more cautious. 

Typically, you’ll need to put down 40-50% to secure a loan, and only a handful of lenders offer financing for these types of properties. Be sure to work with a lender experienced in this niche market. Check out our guide to buying into a condo hotel for more details. 

— How We Can Help You Buy a Miami Condo

Now that you know the basics of how to buy a condo in Miami, let us help you! We have over 20 years of experience in Miami's diverse and competitive condo market. Our dedicated team consists of real estate agents, financial experts, and a marketing department, offering full support to our clients. Whether you're a first-time buyer or an expert investor, our experienced team will provide you with insider knowledge, access to off-market listings, and expert guidance every step of the way. 

From selecting the perfect neighborhood to negotiating the best deal and securing financing, we’ll ensure your condo-buying experience is a pleasure. Contact us today by email, phone, or text, and let us help you find your desired property.