The population growth is here to grow and grow. Let’s see the good in it. In real estate terms the appreciation of property values has been strong and continues to outpace inflation year over year. Also, with the low interest rates and excellent job market we’re seeing more buyers making decisions to purchase and make Miami their home. No state taxes and the weather also help. Have you enjoyed a walk on the beach recently? It’s a slice of heaven right here in our front yard.
As a community Miami puts on world class events that attract attention to the Magic City, including Super Bowl LIV, The Miami Marathon, Miami International Boat Show, Art Basel, Coconut Grove Art Festival, Miami Open (tennis). These events bring prospective new residents that see our city as a very desirable place to live. We have the benefit of working with prospective buyers from out of town and get to see their faces when they interact with our hometown. They LOVE IT! And we enjoy seeing it through their eyes.
To get to the next level Miami must become a world class education and research center with large endowments and government grants that bring knowledge for the benefit of all. Perhaps, uniquely positioned to study sea level rise and viable solutions. Surely, there are more areas of study that can be enhanced by our geographic location and diversity in population.
Concurrently, our mass transit system must also improve, and with it our willingness to use it, starting with each one of us that live in the suburbs. We’re happy to do so when we go to other towns, as are visitors willing to ride Metro Rail in our city. Do we prefer more cars, roads, bridges and the potential for gridlock? Or, can we develop the infrastructure that allows us all to share in this glorious piece of earth. A change in our behavior as commuters is key in achieving world class mass transit.
In the last few days we’ve worked with prospective buyers from New York, London, Nairobi, New Jersey and Mexico City. Also, with residents that are moving from their home and staying locally. Here are some of the lessons learned.
Coconut Grove and South of Fifth on Miami Beach are very desirable. One buyer described these locations as “having soul.. Both are very walkable — that includes all the services required within a few minutes of home as well as great entertainment with restaurants, shops and theaters and gorgeous views. The prices for these two areas are also reflective of their desirability. A three-bedroom condo built in 2019 with a view in Coconut Grove can start at $1.5 million in Park Grove Residences. South of Fifth on Miami Beach you will find Continuum which is very sought after, beginning at $3.5 million. You can also live in these areas with a lower budget and walk to all the great places they offer.
There are great buildings around Museum Park and on Biscayne Boulevard all the way to where it meets Brickell Avenue. The crown jewel is 1000 Museum starting at $4.8 million, while next door at The Grand Marquis prices are below $1 million. Both offer spectacular views where you can see The Blue and Green Diamond to the north on Miami Beach and Deering Bay to the south. One Miami nearby the Inter-Continental Hotel offers great values with condos ranging from $400,000-$1,000,000. This part of town is active with many service offerings and the new Miami World Center coming soon.
The growth of our city is accelerated by great job offerings from various industries including the Cruise Ship industry, Financial Institutions, Law Firms, Hospitality, Universities, Construction of residential and commercial properties, redevelopment of parks and recreation facilities, including Inter Miami’s stadium (soccer) and more.
So many newcomers and more of us are aging in place by staying in the not-so-secret paradise we call home. Your real estate market allows you so many options and the conditions are ripe for making the best of it.
March brings some very special holidays; my favorite is the Annunciation of the Lord on the 25th. Wish you a happy holiday on your favorite March Holiday.