Miami is one of the world’s most compelling cities to buy in, offering sun, sand, and easy living. Famous for its white-sand beaches and exciting nightlife, the city offers attractions, galleries, concerts, and sporting events galore. The real estate market in Miami is made up of many distinct localities, some more intriguing than others for purchasing property. Here are just a few that top the list.
Median Home Value: $394,909
Median Rent: $1,972
Even Forbes magazine has covered the current craze of the Brickell area, listing off six reasons everyone is moving to the neighborhood in February 2019. In Florida, Brickell is the new hotspot, with luxury construction condos essentially tripling its population from 2000-2016. According to a release by the Miami Herald and Miami Downtown Development Authority in 2018, the city center now has a population of 92,000 people and is forecasted to rise to more than 109,000 residents by 2021.
This growth is thanks to the new builds, trendy bars and restaurants, new business opportunities, and the nearly perfect weather year-round. There’s also been an uptick of residents from Central and South America escaping the cold and higher taxes.
Median Home Value: $626,505
Median Rent: $1,367
This walkable, friendly, neighborhood is all that and easy access to the beach! Famous for the Lovin’ Spoonful Song “Coconut Grove,” the 1967 tune sums up the vibe of this area even today, “nothin’ matters/No mad, mad world and no mad hatters.” Though this kind of lifestyle comes with a hefty price tag, for $650,000-$750,000, hopeful buyers can score a single-family home.
“This will get you a newer construction townhome or an older, smaller cottage or bungalow that’s about 1,500 square feet and that could be a teardown,” says Jill Penman, a global real estate adviser for ONE Sotheby’s International Realty. “There’s a piece of waterfront land that just sold for $10 million,” she added.
Luxury amenities such as an open-air shopping center, an array of restaurants, and easy access to both Key Biscayne and the Miami International airport are another reason the area is so sought after. This “small town with a big-city vibe” area will undoubtedly continue to prosper!
Median Home Value: $243,914
Median Rent: $1,596
Edgewater pioneer Melo Group has developed four condo projects in the Edgewater neighborhood, but the fourth will be its most infamous. The pair of towers that will become the highest in the area, located oceanside. “As far as private development and completing their responsibility, it is exactly what we want to see,” explained Miami Commissioner Ken Russell. “As we are seeing threats from sea level rise and storm surge, we are realizing that the Baywalk and the sea wall itself is our front line in the war against sea level rise and storm surge.”
“Island Bay will significantly enhance the lifestyle appeal and pedestrian experience in the neighborhood,” said Carlos Melo and Martin Melo, assuring the community that this build will be for the good of everyone. As a heightened seawall around the perimeter of the development will be constructed, it will lower insurance rates for buildings within the neighborhood.
Median Home Value: $325,208
Median Rent: $1,841
Known more commonly as the arts and entertainment district of Miami, Omini is a neighborhood within the greater downtown district, just south of Edgewater. As it’s nestled in many other highly sought after area, this urban, residential spot has become more than just a place for shopping. In the 2000s, there was a boom of residential high rise builds that ultimately revitalized the neighbourhood. With consistent residential and retail construction, there’s no stopping this unique area in the city of Miami!