Miami Real Estate was among the hottest in the USA from 2000-2007. If Miami was not THE hottest real estate market, it was certainly a top 5 market. Many people saw yearly gains of 20, 30, even 40% per year on their properties. While those days are over, the Miami Real Estate market sure has a lot to offer. There are many different options in Miami, as it’s a huge metropolis with beach property, downtown condos, waterfront homes, and of course everything in between.
Here are a few of the real estate hotbeds Miami offers…
South Beach Real Estate
South Beach went through an enormous boom, perhaps the biggest boom Miami experienced, during the soaring real estate days. South Beach is on the east side of Miami and borders the Ocean. It’s a hot spot with many high rise condos that come in all sorts of price points. South Beach is home to the hottest clubs, the most posh restaurants, and the most interesting blend of cultures. You can choose to live in one of the many beautiful high rise condos in South Beach, or buck up to the water on one of Miami’s many waterfront spots. North Bay Road features homes to many stars, as does the popular Star Island and other neighboring islands. Pinetree Drive offers luxury homes, some of them on the intercoastal waterway, others on the well-policed strip that connects north and South Miami Beach. No matter where you look for South Beach real estate, there is always an innovative, cultivated property to suit your needs.
The Brickell Avenue area of Miami is another popular Miami real estate destination. More for the business-minded person than South Beach, this area is surrounded by high rise office buildings, more distinguished dining, and of course, the American Airlines arena, home of the Miami Heat. Brickell Key offers several luxury high rise condos with water views and views of South Beach. It’s not too much different in price from South Beach Real Estate, but it’s got a different appeal and attracts people who don’t wan to be associated with being a “beach bum” and want a taste of a more urban scene. Brickell and the downtown Miami real estate saw a HUGE boom in building, yet most of the buildings that were built around 2007 did not sell well, resulting in many vacant units and a lot of luxurious condos not being used to their full extent. The market is continuing to recover as this entry is written in January of 2010, but you can expect it will be a few years until this area is running at expected capacity.
Coral Gables & Coconut Grove Real Estate
If you are interested in living close to the prestigious University of Miami, Coral Gables is the place to be. With many luxurious homes in this area, Coral Gables always remains on Miami Real Estate’s elite list of potential dwellings. Many Latin celebrities choose Coral Gables to settle down, and even the famous “409 Citrus” residence from the movie Scarface was located there.
Doral/Kendall/West Miami Real Estate
Populated by more of a Latin crowd, these areas are further west in Miami. Doral is populated heavily by Colombian and Venezuelan descendants, resulting in many people calling it “Doralzuela.” Doral is also home to the number one Hooters in the World. A must see! It also boasts the Doral Golf Resort & community, and Doral Isles, a very popular gated community in Doral.
The Kendall area is also heavily Latin-populated. It’s more suburban than other parts of Miami, and many Latin restaurants dominate the commercial plazas.
Other Miami Real Estate areas that saw surges in home buying during the real estate boom include Little Havana, Hialeah, and Cutler Ridge.
Miami Real Estate Climate in 2010
You can expect the Miami Real Estate market to continue it’s slow recovery towards stabilizing. You can read reports and listen to people’s spins on the real estate market that have an interest in it, but from someone who invests in it and observes the area – that above statement is about as far as I’ll analzye what’s going to happen in 2010.
A few observations I’ll point out to back up my statement…
Commercial office space is abundant. Nobody is flocking to unleased space like only a few short years ago. In fact, many commercial plaza’s have more than one vacancy – a few years ago if you saw that you may as well have won the lottery.
Condo’s continue to be sold short. This means that people are STILL not making payments on properties bought quite some time ago. Miami area foreclosures are often taking years to happen and completely turn over to a bank or investor. If people aren’t making payments or haven’t sorted out a plan with their mortgage holder, this means they are still having liquidity issues.
While the stock market does climb, many people in the Miami area aren’t profiting from it. Most were left without investment capital because they were instead investing in Miami real estate, which if timed wrong, was a losing play. They then had to turn to their shrunken investment portfolios to survive so they could have money to live on. Sold at such a loss, they got hit from both sides of the financial meltdown that shook investors across the nation.
However, I do remain impressed with the progress Miami is making in other areas and know that when the general Miami economy comes back, it’s going to come roaring back. The Super Bowl is hosted in Miami in 2010, a new Marlins stadium is being built, and people remain interested in visiting a truly magical city. With the strength of fine dining, unsurpassed entertainment, Latin flair, and competitive sports franchises all aided by a tropical climate, Miami remains a true gateway to the United States and a great place to visit frequently.
Keep an eye on our home page to see more news updates on the Miami Real Estate climate.