What Constitutes a Good Luxury Condo Investment?
Good market statistics indicate that the prices of luxury condos are increasing year-on-year and this is indicative that the demand for luxury condominiums is not going down anytime soon.
Luxury apartments like Park Grove are experiencing high demand as the population of high-net-worth individuals continues to grow. So for an investor in real estate, the potential market for luxury condominiums is larger than ever because the people who can afford this steep price tag are also increasing.
It is important to have a definition of Park Grove luxury condos. The price tag of a luxury apartment is only one attribute. The other key elements associated with luxury are exclusivity, uniqueness, desirability, amenities, the neighborhood, workmanship, accessibility, and architecture.
So good luxury condo investment takes more into account than just the price. Investors are willing to pay a premium for these other attributes that we have mentioned that give them a higher perceived value of the luxury condominium they want to invest in.
The architecture of luxury condos has to be unique, functional, and very desirable. Always do due diligence on who the developer of the property is and their reputation in the market. Luxury condominiums demand the highest levels of finishes and top quality appliances. Park Grove condominiums are designed to blend in with nature and allow residents to absorb the panoramic view of Miami. This is done through the use of a lot of glass in the architecture of the condos
A discerning investor will insist on a property that has state-of-the-art amenities and facilities. The amenities at Park Grove are at par with those of a luxury resort. Many investors will be impressed by the rooftop pool deck which offers a panoramic view of the bay.
The property consists of 5 acres of private gardens designed by Enzo Enea. Residents will also have access to aromatherapy, sauna, and steam rooms.
The property also has a wine tasting room with private wine storage for residence collections.
In the drive for healthy living, we also have a whole body fitness center fully equipped with both machines and free weights. We also have Studios for indoor and outdoor yoga.
A savvy real estate investor will want to live in a high-end neighborhood that is also established. They want to be close to other luxury homeowners and wants to reside in an address that is highly desirable. Park Grove apartments are located at coconut grove which is Miami’s most established neighborhood. It is a culturally rich area where families can set up roots.
Coconut grove boosts of 16 parks and an 11-acre tropical garden.
The school district in which a potential real estate investment is located is also another crucial Factor to consider. Investors who are raising families want to be close to world-class educational facilities. Park Grove condominiums are in close proximity to some of the world’s finest private schools including Ransom Everglades School and St. Stephen’s Episcopal Day School.
Access to luxury activities
Investors In luxury condominiums are very conscious of the experience they will derive from the neighborhood. This includes access to high-end shopping, arts and Culture, and fine dining. Residents of Park Grove will have access to alfresco dining experiences with the numerous high-end restaurants that line the streets. Residents will also have access to some of Miami’s best shopping experience.
The Park Grove neighborhood is also home to open-air malls, Cocowalk and the Streets of Mayfair.
Weather and location
When considering the viability of a potential luxury condo investment, it is important to think about the aspects of the real estate that you cannot change. Some of these aspects include the weather and the location of the property. It is important to make sure that your property does not lie on a flight path or in the constant glare of the sun because these are things that you will not be able to change later.
Park Grove is waterfront property consisting of the natural scenery of leafy forests and palm trees. It promises great all year round weather. Residents can be sure of enjoying the outdoors whether it is picnicking or taking walks on the sidewalks or simply sitting on the docks of the bay.
Management and HOA
Another big advantage of investing in luxury condominiums is that a lot of the maintenance work is delegated to the Homeownership Association. Members will be required to pay a certain fee which will be utilized to maintain the property.