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.
The above prices are a general indication of the lowest and highest sales prices per SF in a certain market. Certain homes or condos might be sold below or above the indicated price ranges.
Some of my notes on Miami’s most important neighborhoods in 2020:
Miami Beach is one of Miami’s most desired and best known luxury markets. The most desired Miami Beach homes for sale are located in the many gated communities. Some of the most desired Miami Beach communities are: The Venetian Islands, Star, Hibiscus and Palm Island, La Gorce Island, the Sunset Islands and Indian Creek Island. Other very desired homes can be found on prestigious streets such as North Bay Road and Pine Tree Drive. Miami Beach is very desired with tax refugees from the northeast and California and during Covid-19 we saw the demand for single-family homes increase considerably while inventory decreased rapidly.
The Miami Beach condo market has slowed down a little bit in 2020, due to Covid-19! This is the time to get good deals in high-end and good quality buildings. Call me for more information at 305.508.0899.
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 much larger than the Grove and offers more diversity. If you are looking for a home on the Golf Course or a waterfront home then the Gables is your best bet. Not that Coconut Grove does not offer spectacular waterfront homes, but the Gables has simply more options. The most desired gated communities in the Grove are: Hughes Cove, Entrada Estates and the Moorings. While the Gables offers desired communities such as: Cocoplum, Gables Estates, and Snapper Creek.
A Look back at the Miami Real Estate Market During the Last 6 Months of Covid-19
Pinecrest is known for its very large homes on large lots. The area is one of Miami’s most desired neighborhoods with families as it is home to an A-rated public school and close to Miami’s best private schools. Compared to the Grove and Gables, Pinecrest is much more affordable. The area has a great sense of community and offers many parks.
Key Biscayne – A Boater’s Paradise with great schools
Key Biscayne is an island community with a very laid back atmosphere and several A-Rated Public and Private schools! For those who want to live near a beach without the abundance of tourists this is a perfect place to live. This island community offers many waterfront homes that are located either on the open ocean or are 5 minutes away from the open ocean. Key Biscayne saw a 280% increase in sales during Covid-19 and 80% decrease in available inventory. Like most of Miami’s luxury home markets, this market is on fire!
Surfside: Surfside is the new place to be for ultra luxury condo buyers. The introduction of several new ultra luxury Condos: Arte Surfside, Fendi, The Surf Club Four Seasons and Eighty Seven Park (officially still in Miami Beach) 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, and 321 Ocean. 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.
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).
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.