More affordable neighborhoods than Coconut Grove and Coral Gables | Miami’s Emerging Markets

Alternatives to Coconut Grove and Coral Gables | Where to buy when homes in these primary Markets Become too expensive!

In this article, we identify safe and affordable neighborhoods in Miami which will provide alternatives to Coconut Grove and Coral Gables. Not only do these neighborhoods provide a good alternative but are considered the ’emerging markets’ and provide a great investment opportunity for buyers.

It’s no news that home prices have skyrocketed in some of Miami’s most popular neighborhoods over the last few years. In addition to home prices increasing, current-day buyers are encountering higher interest rates which essentially yields less house for more money. Many homebuyers who are attracted to Coconut Grove and Coral Gables for their charm, centralized location, and proximity to great schools are finding that these neighborhoods have become increasingly unaffordable.

The solution? Explore some of Miami’s hidden gems in the surrounding areas with more upside such as SilverBluff, Shenandoah and The Roads. These neighborhoods have similar charm with tree-lined streets and are centrally located. Developers have been taking these neighborhoods by storm over the years, but there is still a tremendous amount of opportunity for families looking to relocate to a fabulous residential neighborhood at a more affordable cost.

Where are the most popular emerging markets?

1. Shenandoah

• • Shenandoah extends east-west from SW 12th Ave to SW 27th Ave, and north-south from Calle Ocho (8^th street) to Coral Way. This urban neighborhood boasts over 5,000 households thanks to the many multi-families and small low rise buildings peppered throughout the area.
  • Shenandoah sits at 10 feet above sea level which means property owners do not need to acquire flood insurance, thus saving thousands of dollars over the course of the years.

2. Silverbluff

• • Silverbluff runs east-west from 17^th ave to 27^th ave, and north-south from Coral Way to US-1. Silver Bluff is a welcoming community which offers a central location, a variety of businesses and attractions, safety, schools, and affordability.
  • Silverbluff also sits at 10 feet above sea level, with means you do not need flood insurance.

3. The Roads

• • Originally called “Brickell Hammock”, the Roads is a triangular area located south of SW 11th Street, between SW 12th Avenue and SW 15th Road, just west of Brickell. The Roads is known for its old homes, historic private schools, and its tree-covered streets. The Roads is very close to Downtown and Brickell, but is a historically residential neighborhood. It is also off the normal Miami street grid, and thus all the streets in The Roads are named roads, instead of streets and avenues, as is the case in the rest of Miami.
  • 13 feet of elevation- making it one of the highest areas in Miami.

4. Miami Shores

Miami Shores  is a hidden gem that has captured the attention of homebuyers seeking a blend of coastal charm, family-friendly ambiance, and a vibrant community spirit. In this real estate article, we will explore the reasons why Miami Shores has become an enticing destination for prospective homeowners. From its prime location and family-oriented environment to its cultural offerings, and investment potential, we will delve into the allure of Miami Shores as a haven for homebuyers.

Why have they gained traction in recent years?

Simply put, buyers are getting more for their money in these emerging markets while still enjoying the peacefulness of a suburban neighborhood just minutes away from the urban core. The chart below outlines average $/Sq Ft as well as average sale price of Coconut Grove and Coral Gables in comparison to the surrounding emerging markets. There are many similarities to the pricier neighborhoods in terms of lot size and location, but given the fact that they are West of US1, and thus slightly less desirable, the property values are lower.

Public Schools near Shenandoah, Silverbluff and the Roads

Elementary schools

• Silver Bluff Elementary School
• Frances S. Tucker Elementary School
• Coral Way K-8 Center
• Merrick Educational Center

Middle schools

• Coral Way K-8 Center

Adult education

• The English Center

Private Schools near Shenandoah, Silverbluff and the Roads

• José Martí Schools
• La Prima Casa Montessori
• Lincoln Martí School
• Brito Miami Private School

Contact us today to learn more about the opportunities available in Miami’s fastest growing neighborhoods.