Homes that are closer to urban development have more value per square foot than homes that are further away to urban development. It is so in most of the highly desirable neighborhoods of Dade County.
Today’s residents look for areas where they can walk and interact with others at restaurants, art galleries, bars, theaters, small shops, farmer’s markets, coffee shops and ice cream stores. Take a gander at Downtown Doral, Downtown Dadeland, or, Giralda Avenue in Coral Gables to see this developing trend. Pun intended.
Recently, one family of empty nesters traded the “sleepy green” Palmetto Bay for the more active Coral Gables. Their new residence is within a fifteen-minute walk of Miracle Mile and the services available in the environs. There are still some sentimental connections to Palmetto Bay and Pinecrest that bring them back as consumers, but those are likely going to fade because of the time it takes to drive there.
Another such couple is looking to move from the bustling Brickell lifestyle to something less active in Coconut Grove. This couple also considered moving to Ft. Lauderdale but in the end couldn’t quite pull the trigger and lose Miami, lifestyle, friends and culture.
In both cases the property value at their new home is more expensive than the alternative. These are just two of many, I’m sure.
We can probably agree that quality of life includes the ability to have all your activities within a small radius of home. This equates to less time spent in transit. The urban centers are going as far as providing transportation to residents with no out of pocket expense to the consumer, so called Freebees exist in Brickell, Coconut Grove and Coral Gables to name a few. Check out ridefreebee.com and peruse the options available today. You can also look for and find free Trolley services that get you to the urban centers.
Residents in places like Palmetto Bay and Pinecrest are highly desirable consumers for all these centers. I venture to guess that a reasonable percentage of the sales taxes generated in Coconut Grove, Coral Gables, South Miami and even Brickell come right from the 33157, 33158 and 33156 zip codes. The gasoline stations also appreciate the business.
The question that Palmetto Bay wrestles with is how to keep the quiet enjoyment aspect of daily living in the village while also improving the lifestyle of their residents? Another question must be how does the municipality capture more of the sales tax revenues that are hemorrhaging to other communities?
The traffic congestion is the primary complaint at most Village Council meetings. The volume of traffic is driven by the explosion of construction to the south. The pricing of residences is affordable and many people flock to Cutler Bay, Homestead and the surrounding areas. This will be exacerbated when Lennar begins construction on the recently acquired 58 acres in Cutler Bay. There is no stemming this tide until all the land that can be developed is sold.
In the meantime, perhaps we can ask our Village Council to direct the increased traffic to major thoroughfares and out of the small streets and avenues in Palmetto Bay. Also, the council may consider allowing zoning that brings in businesses to the community and allows the residents an improved lifestyle during leisure time.
It’s time to make a decision. Theodore Roosevelt says, “In any moment of decision, the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing.”
Frank DeValdivielso, a member the Miami FL Team and The Keyes Company, is based out of 2423 Le Jeune Road, Coral Gables, FL 33134. For more information you can reach Frank at his office, 786 378 8450, or cell, 786 273 8507. You can also email him at RealEstate@MiamiFLTeam.com and please be sure to visit www.MiamiFLTeam.com for the latest listing and news regarding real estate. Call to sign up for a free monthly market report of your zip code.