According to the MLS, the home sales year-over-year has fell in May for the Miami-Dade and Broward counties. This is probably due to the increase of median price in properties in these areas. Palm Beach, however, did make an exception with a slight plunge of price which means that their home sales actually increased. Surprisingly, the market which saw an increase of closed sales in April dipped this month.
Downtown Miami has always been overshadowed by its more popular neighbors such as South Beach and Brickell. However, this neighborhood gem is actually one of the fastest growing city in Miami. What was once considered as a strict financial district is gaining huge population increase for families and young professionals. In fact, the population is at an all-time high with an estimated increase of 19% in the next 4 years. In response, the area could potentially have a higher demand for condo accommodation.
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‘ve lived in South Beach for more than a decade now but I am still impressed by the rapid urban renewal of this high-end neighborhood. It’s widely known that this touristic area of luxury high-rise condos has only recently emerged.
Indeed, in the 20’s, the Lummus brothers turned South Beach into an affordable seaside community for the working class. It served as the hub of the city for industry and transportation. No relaxing sunbathing at that time! Then small 3-story Art Deco condos popped up in the neighborhood. Read the rest of this entry »
Miami Real Estate Blog 