The population rate in Florida has the second-fastest rate among the rest of the country. Brickell has shown a special rise of the population since 2000, and there is no sign that the growth is going to stop.
Residents are replacing the beach, for a neighborhood as Brickell that is offering a large list of advantages. Let’s go into detail to explain the 5 reasons why this neighborhood is the trendiest area in Miami right now:
It is not a surprise that the Florida’s real estate market isn’t in its best shape today. The market has been facing different barriers that haven’t allowed it to grow as the some years before. In this week’s article I will explain some of the biggest problems that the industry is trying to bear.
1. Climate Change
We have all heard rumors saying that Miami is going to flood under water in a few years. Unfortunately, we have to say, somehow it is not false.
Are you planning to buy your first house and don’t know what price range to search for? Or are you only curious about how much is your price-to-income guideline? Well, this was the main questions the study of Hosing Markets and Finance made by the American Enterprise Institute’s Center (A.E.I.) was trying to solve.
If you were trying to find a magical equation that gave you the specific amount you can spend on buying a new home, I am sorry to tell you that it is a bit more difficult than that.
Whoever tells you that the real estate market is like a roller coaster ride, is obviously not referring to Miami! The Miami Association of Realtor and the Multiple Listing Service (MLS) system, had announced the third quarter (Q3) 2018 sales report for Miami’s real-estate. It seems that nothing can stop their winning streak!
For the 27th consecutive quarter, Miami’s houses, condos and single family homes sales surged. Not even Hurricane Irma was able to slowdown the real estate sales growth in Miami.
It is not a secret that the down peak of the Miami Real Estate’s cycle is here. But even if it sounds like bad news, it is not at all!
Miami real estate has been following a sequence since the early industry boom in the 2000. This means that if we have arrived at the bottom line, it will have a fast bounce soon.
The whole industry has followed the same pattern, but the ultra-luxury houses’ had shown the most drastic impact.
According to Miami Association of Realtors, the foreign investment in South Florida climbed up to $7.1 billion dollars in 2017. That is a significant increase of approximately 15% compared to 2016 where the number was only $6.2 billion dollars. Unsurprisingly, most of the foreign buyers are coming from South America. In fact, the political and economic crisis in the area are pushing the wealthy to park their money into a safer environment.
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.
There is a huge confusion whether the western Venetian island belongs to Miami or the Miami Beach. After all, the zip code seems to apply to Miami Beach but the city belongs to Miami. The western venetian island (which makes up San Marco and Biscayne Island) seems to leaning towards Miami Beach. In fact, the residents themselves are taking action in their own hands by holding petition and collecting signature door-to-door.
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.
The simple answer is: South Beach. South Beach is a popular destination that attracts local and international buyers. The white beaches and pristine waters are a favorite among those who has been here. The popular condos in this area are: The Apogee, The Continuum South, The Continuum North, The Murano Portofino, The Portofino Tower, The Murano Grande and The Icon South Beach.
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