Given its allure as one the most valuable markets in the United States, all eyes are on Miami real estate as we head into the 2018 year. Miami real estate is worth a staggering $864.2 billion, rising 4.7% over the past year and surpassed only by LA, NYC, and Washington, DC in terms of overall value.
The general sentiment among S. Florida experts is that condo construction will continue to slow for at least the next year. At the same time, interest in quieter, single family homes as well as neighborhoods featuring new shops, restaurants, etc. will continue to rise. Now more than ever, people want to live, work, and play in one central location.
Our Spectrum team has compiled the data and identified the following four neighborhoods as the top areas we’re watching in 2018.
1) El Portal
Just West of Biscayne Boulevard between 83rd and 91st Streets lies El Portal, a canopied neighborhood with roughly 1,000 single family homes. El Portal is quiet and home to both a nature trail and a Tequesta Indian Mound.
For the price of a small condo Brickell, you can still find beautiful homes with yards, native plants, and peacocks — features people flock to in Coconut Grove but end up spending double the money to obtain.
Similar to El Portal, Shenandoah doesn’t make headlines in the same vein as Brickell and Miami Beach. However, that’s exactly why we like it.
Located between Coral Way and Calle Ocho, Shenandoah was one of the first neighborhoods in Miami. It’s primarily made up of single family homes, though there are some apartment complexes scattered throughout.
One of the main selling points of Shenandoah is its location… It’s right on the cusp of Brickell, Little Havana, and Coconut Grove making it as convenient as it is diverse.
Unlike the previous two neighborhoods, Edgewater is booming with condo development. One major tower, Aria on the Bay, is set to open early 2018 with countless other towers in the works. Two Roads Development recently broke ground on a 57 story ultra-luxury project on 23rd Street, for example.
Edgewater features stunning views of Biscayne Bay, the convenience of two major highways in close proximity, and Margaret Pace Park and its dog-friendly amenities just to name a few.
4) Coral Gables
Coral Gables will always be one of Miami’s most popular neighborhoods. “The Gables” features boutique shopping and dining, beautiful homes, and top-notch schools. Not to mention its upscale Latin flavor and tree-lined streets are some of the most picturesque in S. Florida.
Living in this neighborhood does come with a price. While we expect prices to remain steady, we’ll be watching to see if there are any fluctuations as the year progresses.
Want to Learn More?
At Spectrum, our team is well-versed in all of Miami’s most popular neighborhoods and beyond. To learn how we can support your real estate decisions or schedule a free consult, please drop us a line today: firstname.lastname@example.org / +1 (305) 921-0972