Miami-Dade County is Attracting Diverse Buyers in Popular Neighborhoods

The Miami-area has some of the most amazing real estate options for primary or secondary homebuyers and investors in the world. Along with arguably the most beautiful neighborhoods in South Florida, living in Miami-Dade County offers residents a lifestyle full of year-round golfing, sailing, boating, beach life, nightlife, luxury shopping, dining, and natural parks. Whether you desire to live in a luxury high-rise with an ocean view, or a quiet luxury home in a securely gated community, Miami has the perfect real estate option for every type of homebuyers dream.

International and Domestic Buyers Show Strong Interest in Miami

Recently, Miami has become a strong buyer’s market, making it a solid place to invest with a stable real estate economy. The area is popular for investors from around the world, but specifically from South America, since legislation is more favorable for buyers here in Florida than in some areas where they are coming from. Additionally, Miami-Dade County offers a prime location with a major international airport and close proximity to their home countries.

Canadian buyers are also showing an increase in interest in purchasing homes in South Florida due to several factors. From long, harsh winters, to a strong real estate market in Canada that has encouraged some to sell their primary homes, more “snow birds” are taking up permanent residences in South Florida. In 2017, Canadians made up nine percent of all foreign buyers in the market, up from six percent just a year prior to that.

Domestic buyers are flocking to South Florida now that the new tax bill has made lower-taxed states like Florida more attractive to people coming from higher-taxed areas such as New York and California. With a relatively lower cost of living, an attractive homestead exemption option, and no state income tax, South Florida has become a haven for high-net-worth individuals who want to enjoy a warmer, more luxurious lifestyle.

Neighborhoods Attracting Buyers

Miami has many popular neighborhoods where buyers are most interested in investing in real estate. Each of the most popular areas offers a slightly different type of lifestyle, but all are in close proximity to each other, giving residents flexibility in movement and a change of pace if desired.

Coral Gables/Coconut Grove and Gables Estates

Coral Gables and Coconut Grove offer residents the opportunity to disconnect from the urban core of the city, without being far from vibrant shopping, dining, and entertainment options. From wide, tree-lined streets in the Gables to the tropical “old Florida” landscape leading to the Bay in the Grove, these areas of the county are popular with buyers looking for a close-knit community and primary residence for their families.

Within the Gables and the Grove, buyers find exclusive luxury communities such as Gables Estates, Tahiti Beach, Cocoplum, and the Moorings. Some of the highest-priced houses on the market are in these neighborhoods, and the water views, amenities, and privacy give immense value to these stunning homes.

Miami Beach

Miami Beach and the surrounding islands have recently had some record-breaking deals. In early May of 2018, South Beach had a sale of $26 million for a luxury penthouse in the “South of Fifth” neighborhood. With 360-degree ocean views, five bedrooms, and an outdoor entertainment space for 40 guests, this Ocean Drive penthouse was previously the highest-priced residential transaction in the last 12 months in Miami-Dade and the highest paid on South Beach since 2014. Shortly following that sale, the Star Island mansion of South Beach Investor and former playboy, Thomas Kramer, sold for $33 million, showing that the market is strong, and buyers are paying attention. And adding to the California flight theory, a buyer from California just paid a record-breaking price of $32 million for a La Gorce Island “spec” house.

Miami Beach offers a more beach-chic lifestyle, with beautiful large homes or glamorous luxury condo buildings. Both investors and full-time residents eye this area as a top neighborhood in Miami-Dade.

Brickell

If a buyer is not interested in the tree-lined streets or the beach, perhaps he or she will find a home in the urban city core, which offers some of the most exceptional views of Biscayne Bay and the surrounding area. The Brickell neighborhood is quickly becoming one of the most popular areas in Miami-Dade County. Sometimes referred to as the “Wall Street of the South,” Brickell is home to a large assortment of both domestic and international banks, as well as many large legal and accounting firms, high-end hotels and condo buildings, and fabulous celebrity chef-inspired restaurants. What makes this neighborhood attractive to buyers is its central location in the city and the luxury urban lifestyle offered by most of the high-rise condo buildings that line Brickell Avenue.

In 2017, Brickell was the most active housing market with 500 investment properties available for purchase. With people moving into the area for work and play, investors can easily use their units as second homes or rental property options, making this neighborhood a highly attractive investment for both domestic and international buyers.

For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.

 

 

References:

Baumgard, J. (2017, July 17). Miami’s 21 most expensive homes for sale, mapped. Retrieved from https://miami.curbed.com/maps/miami-most-expensive-homes-map

Brocato, L. (2018, May 22). Record-breaking Miami Beach penthouse sells at $26 million. Retrieved from https://miamiagentmagazine.com/2018/05/22/record-breaking-miami-beach-penthouse-sells-26-million/

(2018, February 20). Canadian buyers loom larger in South Florida’s residential market. Retrieved from https://therealdeal.com/miami/2018/02/18/canadian-buyers-loom-larger-in-south-florida-residential-market/

(2018, May 22). Tax Reform Drives Sales Of Miami Luxury Homes. Retrieved from http://www.globest.com/2018/05/22/tax-reform-drives-sales-of-miami-luxury-homes/

Miami Real Estate Market: Top Neighborhoods – Q4 2017 | Mashvisor. (2017, November 25). Retrieved from https://www.mashvisor.com/blog/miami-real-estate-market-q4-2017/

Rodriguez, R. (n.d.). Former home of South Beach investor and playboy Thomas Kramer sells for $33 million. Retrieved from http://www.miamiherald.com/news/business/real-estate-news/article213002759.html

(2018, June 05). Rob Arnott pays $32M for La Gorce mansion in Miami Beach. Retrieved from https://therealdeal.com/miami/2018/06/04/rob-arnott-closes-on-most-expensive-resi-purchase-in-miami-dade-since-2015/