The Miami Herald’s “Miami Real Estate Survey” provides essential insight into the area’s current housing market. Here’s a snapshot of what research firm Bendixen & Amandi International found from 100 of Miami-Dade’s top brokers, agents, analysts, and experts.
Brickell: The Hottest Area for Renters
Brickell was hottest for renters and condo buyers. It has the hustle of the city with a hip neighborhood that checks all the boxes for young professionals. Of course, because it is the hottest, it is also the most expensive, with the average rent in July of this year for a one-bedroom apartment sitting at $2,305.
The area is attractive to more well-educated, upwardly mobile young professionals, which has had a positive effect on the commercial market. As a result, more new offices and top-tier retailers are moving to the area.
From a buyer’s standpoint, Brickell is noted as one of the most overvalued areas. In fact, condos are so expensive that landlords are helping pay the monthly costs for their tenants, thanks to an oversupply in the area.
Kendall: The Hottest Area for Buyers
Kendall still offers some bargains when looking at other family-centric areas of Miami. The median sales price is $309,900 for a single-family home. It has all the things other family hot spots have, including good schools, shops, restaurants, and healthcare centers, but at a more attractive price tag. However, it is a bit further out.
North Miami is the fastest-growing city while also being voted the most undervalued. It has a good price point, is close to the beach and shopping, and is conveniently located to the I-95. The schools are good, although not top-notch, and more quality homes are becoming available. It is the perfect place for families and first-time buyers to get into the market.
Values are expected to remain flat, based on the comments of 63% of respondents, although home prices have risen for 91 consecutive months. For homes priced under $1 million, 65% of respondents felt the current inventory was a good value, while 52% of respondents felt houses above the $1-million mark were of good value.
Exodus to Florida
With the 2017 tax reform plan, wealthy New Yorkers were attracted to Florida where there are no state or local taxes. The survey showed about 68% of respondents saw an increase in Northeastern U.S. buyers for luxury real estate in the $10 million-plus price point range. Of those purchases, about 70% are single-family homes, and 30% are condos. Popular areas include Miami Beach, Surfside, and Bal Harbor.
There are more purchases for a primary residence, which shows North Easterners want to benefit from the tax breaks. This has proven to be great for sellers as there is limited inventory to meet the needs of this group. Agents can benefit from working with New Home National Title as we can offer our Elite Closings experience that helps simplify the process for new Florida residents.
A Few Variables
Global climate change was a concern for 61% of respondents, but only 34% of buyers have listed this as a concern. That is down 2% from 2017. Although sea levels are rising, buyers still want Miami property.
Another variable was traffic, with 83% of respondents saying this had a “big influence” regarding Miami-Dade County real estate decisions.
New Home National Title is a client-focused title company that provides new and veteran investors, attorneys, developers, and agents across Florida with an Elite Closings experience. If you are selling homes in the Miami-Dade area, we are here to help navigate the market, including assisting your wealthy New York clients make a move to warmer climes.