Miami Real Estate Investing

miami real estate market

Miami is one of the largest and most diverse cities in the United States. It is also known as one of the most exciting places to live in and to visit among tourists.

With good weather for most of the year and endless miles of white sand beaches, it is an ideal city for people who love the outdoors as well as families with active kids for its warm and friendly atmosphere.

Although the cost of living is high, it has no state taxes hence making it one of the top choices among investors, retirees, and aspiring businessmen. 

Miami Real Estate News and Latest Trends

Based on the key findings of the 2020 Miami Herald Real Estate Survey, Kendall and North Miami rise as two of the best neighborhoods for home investors with Brickell as one of the hottest areas in town to consider yet most undervalued.

On top of that, Miami-Dade’s spiraling real estate costs are actually on the verge of slowing down a bit. 

The study which was conducted by a Miami-based research firm, Bendixen & Amandi International, further states that 100 of Miami-Dade’s top brokers, analysts, and agents from all price points were interviewed to gather their insights with regards to the current real estate and housing market. Here are the highlights of the study;

  • For the 2nd year in a row, Brickell had been identified as the hottest area in Miami-Dade among home renters followed by downtown Miami which places second. Edgewater and Miami Beach are tied at the third spot.
  • Based on the 2019 Greater Downtown Miami Annual Residential Market Study, over 6,300 new rental apartments were added to the downtown area comprising of Brickell, Edgewater, Wynwood, Midtown, Central Business District and the Arts and Entertainment District since the year 2014.

    On top of that, another 1,056 units are about to be completed before 2019 ends while 4,062 more rental units are expected to be due by 2022. 
  • In Miami, hottest areas don’t necessarily mean more affordable. In fact, the highest average rent prices for a 1-bedroom apartment within Miami-Dade were Brickell which is $2,305 and downtown Miami which is $2,211.

    People who love city life are the ones who are most likely to choose these areas. Brickell is also the leading choice of neighborhood among respondents who would buy or rent a condo unit and among young professionals who are driven by their career.
  • Kendall made it list of hottest areas among first-time buyers followed by Miami Beach and Coral Gables. The reason for this is that Kendall is still considered as a relative bargain in comparison to other family-oriented areas in Miami.

    It offers a median sales price of $309,900 for single-family homes according to Zillow. 
  • One of the factors that make Kendall more appealing as a family-oriented neighborhood are the great schools for young children, shops, health care facilities, and commercial establishments.

    It is also much more affordable thus making it a top choice among first-time homebuyers despite being far from everything else. Cost of rent for some single-dwelling homes is sometimes compared with that of Fort Lauderdale real estate market.
  • North Miami which is the fastest-growing city in Miami-Dade based on U.S. Census had been noted as the most undervalued neighborhood. The growing interest from investors is expected to further increase its value which has a median list sales price of $196/square foot.

    North Miami continues to attract investors despite its price points due to its proximity to beaches and premium shopping centers. The schools are also good and the quality of properties has greatly improved.