What are Miami’s Best Neighborhoods to Live in 2020?
This blog is about recognizing value and opportunity as well as quality of life for the different neighborhoods in Miami in 2020. In this blog for the first time, we are integrating our Neighborhood Economic Health Index (as it appears in the 2019/2020 Forecast). Please join us to explore “What are Miami’s Best Neighborhoods to Live in 2020?”
The neighborhood you personally will prefer is going to be subjective. All of the information below is underpinned by the fact that most buyers are working with financial constraints. I feel there was no point telling home buyers how great a neighborhood is if they cannot afford to buy there.
I expect many who will read this, have already decided which neighborhood they prefer to buy into, they are just seeing how well it ranks! However, you may have not decided what is the best type of property, price point or specific part of that neighborhood for YOU to focus on. Hopefully this will help you do that a bit better.
⇒ Coral Gables and the Grove are the best neighborhoods for Families
⇒ Wynwood is the most up and coming neighborhood
⇒ Downtown is best for that busy, Manhattan-like lifestyle
⇒ Aventura and Sunny Isle are best for some great deals
Some of my notes on Miami’s most important neighborhoods in 2020:
Miami Beach – Most Well-Known Neighborhood.
For those that don’t know Miami, Miami Beach is the first thing people think of, but this big stretch of beach can deceive and lead to misconceptions about the Miami Market. Miami Beach is going through an identity crisis right now, socially it’s starting to be overtaken as a place to go out second to Brickell, Family buyers are move focused on Coconut Grove and Coral Gables.
If you want waterfront then the Islands are a big focus as is North Bay Rd for Homes. Sky high prices have lead to corrections and more motivated sellers means some solid deals for those looking to negotiate. Surprisingly some incredible waterfront (canal) deals and new constructions have presented themselves in 2019 already.
Price per Sqft Range
Homes: $233 – $2,320 per SF
Condos: $273 – $3,311 per SF
Coconut Grove and Coral Gables – Best Family neighborhoods
The Grove and Gables are the fundamental robust primary markets for home owners, having outperformed every neighborhood in Miami over the last 10 years these two neighboring areas are brimming with great schools, cool but local restaurants and an abundance of parks and beauty. It won’t necessarily come cheap although Coral Gables is a little cheaper than the Grove.
Coral Gables is out performing Coconut Grove for value so this area gets the number one spot. The price per SF across the home market is lower in the Gables. It also has more options. The sub $1M is still very strong so you are going to struggle to get into these markets for less than $1M. Options are certainly more plentiful over the $2M range and more negations are possible.
Price per Sqft Range
Coconut Grove $297 – $1,440 per SF
Coral Gables: $236 – $1,561 per SF
Pinecrest – Best for investment value. ‘Safe bet’ investors.
Best place to transfer your 1031 exchange investment to; invest in a single family home here to rent out. $1M homes can comfortably reach $6,000 per month in rent if not more. Solid market appreciation due to extremely low levels of inventory. Definitely over saturated in the luxury home range.
Surfside and South of Fifth – The best two beach condo neighborhoods to live in.
Surfside: The introduction of several new ultra luxury Condos: 87 Park, Fendi and Four Seasons Surf Club has not only raised the profile of the neighborhood but is ushering in a new era of retail for the area: The new Tracey Anderson Gym, new coffee bars and fashion stores planned for the next 12-24 months.
South of Fifth: Home to some of truly the best Condos in Miami: Continuum, Apogee, Ocean House. This market much like the rest of the beach market is going through a price correction, particularly in the high end. With strong evidence of motivated sellers we are seeing some true quality Condo units that are selling at 2013/2014 prices – in short as much as 30% off previous highs.
Price per Sqft Range
Surfside: $335 – $2,500 per SF
South of Fifth: $530 – $3,500 per SF
Aventura and Sunny Isles – Best to vulture a deal
Aventura and Sunny Isles are the best neighborhoods to vulture a low low deal in. Too much supply and ripe to low ball with some very new Condos with excellent water views trading at numbers as low as $400 per SF, which is crazy low compared to previous prices for waterfront Condos (Marina Palms in Aventura).
Price per Sqft Range
Sunny Isles: $238 – $1,555 per SF
Aventura: $215 – $870 per SF
Brickell is the best neighborhood to have fun; so many shops and restaurants. Brickell is the life of the party – just watch out for the heavy traffic. This is Manhattan style living so drop the car and grab an Uber in getting around. A complete over abundance of product, but with many investors having come from the South American markets where there is economics and social volatility, there are some very motivated sellers, so opportunities coming a plenty.
Price per Sqft Range:
Brickell: $247 – $1,080
Downtown Miami: $238 – $858
Wynwood – Best upcoming neighborhood
Wynwood proposes the most opportunity for growth; sandwiched between downtown and design district there is lots of new tech business coming in. Wynwood stands for hipsters and the tech crowd along with ultra cool new restaurants: think cool galleries, gourmet taco trucks, craft brew beers and some of the newest and swankiest Miami fine dining experiences. A focus on open lofts, shared living, open space ‘Weworks’ office style environments, ground breaking fashion groups and their model crowd plus the hyper cool ‘Box’ gym scene;Yoga, boxing, cross-fit etc. This neighborhood is now merging through with some of the more underdeveloped neighborhoods, which will be gradually absorbed as the area grows. This is for grass root and pioneer investors. What are Miami’s Best Neighborhoods to Live in 2020?
Price per Sqft Range: $280 – $436 per SF
