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Wednesday, 19 February 2020
Agent Resource Center
Agent Resource Center

Your Guide to Miami Neighborhoods

Written by Jaymi Naciri Posted On Monday, 20 January 2020 05:00

With the Super Bowl coming up in Miami this year, you might be thinking about a move to The Magic City. After all, those miles of graceful coastline, soaring palm trees, and year-round warm weather can be enticing. 

It’s understandable to think “beach” given the city’s location along the Atlantic Ocean—not to mention the 35-mile-long Biscayne Bay. But there’s more to Miami than sand and sea and magnificent manses with eight digits in the price. 

In fact, despite the glut of multi-million-dollar waterfront estates owned by superstars and titans of industry, the median home price In Miami is just over $367,000. For comparison’s sake, Los Angeles’ median home price is more than $717,000, Seattle is over $740,000 and Manhattan is more than $1 million. We’re laying out some of the best options for Miami real estate.

If you’ve got the money

If you’re on a budget, you want to stay away from Miami neighborhoods with the word “Island” in them. Like Fisher Island. 

“The richest people in America live on Fisher Island, a tiny barrier island between Miami Beach and Key Biscayne,” said the Washington Examiner. “Fisher Island's 33109 zip code was ranked the wealthiest in the country, topping glitzy neighborhoods in Los Angeles, New York City, and downtown Miami.”

This private, manmade island features condos with an average listing price upwards of $3 million and boat slips that can cost nearly that much, imported sand from the Bahamas, and a $2.2 million average income among its high-rolling residents, who have included everyone from Oprah Winfrey to Mel Brooks to Boris Becker.

Star Island is another celebrity haunt, attracting the likes of Gloria Estefan, Don Johnson, Rosie O'Donnell, and Shaquille O'Neal to its sprawling waterfront homes. Just to give you an idea of the exclusivity, the LEAST expensive home currently for sale on Star Island is $15 million. 

For urban, waterfront living

If you want to be in the center of it all—and the center of the downtown Miami boom—head to Brickell. “Miami's downtown core is one of the fastest-growing destinations in the country,” said Forbes. “Florida's population is growing at a rate of 900 people per day, second in the country only behind Texas. Within Florida, Brickell is the hotspot, with the most new construction condos.

New upscale hotels, restaurants, bars, and spas are concentrated here, as well as a bustling financial district, and an “explosion of new build condominiums, including Brickell Heights1010 Brickell1100 Millecento, and Brickell Flatiron. You can find a one-bedroom, one-bath attached residence in the low $200,000s in Brickell, but expect to pay in the multiple millions for sprawling view penthouses like this one, listed for $4,900,000. 

Best bargains

According to the Miami Herald, “Miami-Dade is the most expensive city in the U.S.” for renters, but homebuyers have it better”…if they know where to look. Hollywood is a good place to start.

“Known for its abundance of one-story single family homes, Hollywood remains a draw for middle-class first-time home buyers, Realtor Ed Goldfarb told MSN. “Of the around 1,200 Hollywood homes that sold in the last six months, 678 were single family homes, and around half sold for under $300,000. The median home value has increased seven percent in the last year.”

According to the Herald, Tamarac is another good option. “The city that used to be snowbirds and grannies” is now a growing spot among families and bargain-seekers, offering a mix of older homes and new construction.

A place for artists

Wynwood brings a decidedly different flavor to the real estate market. Once best-known for its warehouses and industrial businesses, the neighborhood today is “the arts hub of South Florida,” said TimeOut, bursting with galleries, open-air art installations, hot restaurants, bars, and breweries attracting both tourists and buyers. While there’s not currently a ton of inventory, there are a number of new developments on the way, like these condos and fashion company Diesel’s first residential offering.

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