Miami Property Market
Understand the Miami Real Estate Market and Browse Properties for Sale
Miami Beach, Florida
- Population: 413,000
- Condo: $300,000-$27M
- Family Home: $300,000 – $25M
- Waterfront: $600,000 – $25M
- Investment Potential Rating: ****
- Nearest International Airport: Miami International Airport
The Miami property market could really fill an entire book itself. The vast metropolis has pretty much everything to offer buyers from sprawling residential areas, to vast oceanfront mansions, to uber-hip city apartments. Miami also ranks as a professional sports hub, with one American football team, one baseball team, one hockey team, and one basketball team. It’s also known as a destination for the arts, and has several major concert venues.
Miami Property Market Summary
The Miami property market fared badly during the crash, with prices falling low and hard. However it has bounced back with a vengeance, and now seems to be on a much firmer footing as a world-class destination with an urban, hip vibe similar to Barcelona, Istanbul, or Medellin.
Miami saw an explosion of foreign investment at its lowest point, which did help to re-invigorate and recover the market. Now as prices have risen the bargain-hunter money is looking elsewhere, and Miami prices are tighter, with little opportunity left. The better opportunities require greater patience and resolve to find.
This market, according to our colleagues, is seeing shortage of properties for sale and rising prices, though huge new construction is under way. Miami has always been a very multi cultural city, and has huge South American communities. In recent years this has included large influxes of international buyers from Brazil and Venezuela.
The city’s nightclubs, celebrities, party scene, art scene and yachting scene are world-renowned. Add to that, cutting-edge restaurants, a thriving economy, and some of the liveliest city beaches in the world, and you have the heady mix which is Miami.
What Can I Buy in Miami?
Inventory under $200k is 60 percent less now than it was in 2012. Really to get into this market buyers need to be willing to spend at least $300k. At the top end of the market condos on the waterfront in the hottest neighborhoods get up to a staggering $27 million, while there are stunning single family homes available waterfront for $20 million. If you’re looking for beachfront luxury, you can snap up a condo on Fisher Island for $11 million or so.
At the lower price points, $300,000 will get you a one bedroom apartment in a desirable neighborhood in the heart of the city, or a three bedroom home in a managed community away from the buzz of the downtown center. There are well appointed single family pool homes available for around $600,000 though if you want to be where the action is, the same price will get you a one bedroom luxury waterfront condo. At the $1 million mark there are five bed lakefront homes available, otherwise, if you want to be waterfront in a single family home you’re looking at spending at the very least $3.5 million.
Miami as an Investment
Miami is a super competitive market, but also a sound long-term investment if you can get in. Again, it all comes back to whether you want a vacation home, or a long-term rental and what kind of return you’re looking for. Either way, make no mistake, the Miami market is hot.