Up and Coming Areas in Miami for Real Estate
The city of Miami is among the world’s most famous cities known for its warm weather, great shopping hubs, and fabulous beaches. There is a reason for everyone to live there with its trending real estate market, deciding a place to live in the city might be a challenge for some individuals. The city and other surrounding neighborhoods are a combination of up and coming neighborhoods with established historic homes with other areas highly in need of renovation.
If you are a real estate investor in the city of Miami and would like to invest in a neighborhood with potential of growing home values, we’ll show you where and why you should invest in those areas.
Miami’s top neighborhoods for real estate appreciation
Downtown Miami: When it comes to investing in real estate properties, the Miami Central Business District always comes first even when rental values are dropping in other areas, this area is still seen at $2,000 higher per bedroom. This implies a healthy profit if you invest in this area. This was at first reserved only for office buildings and the recent changes in building codes have made it possible to construct and renovate crumbling offices into mixed-use facilities and posh condo complexes.
Midtown: Over the last decade, this area just seen as an extension of the port of Miami. The introduction of mixed use development has brought the neighborhood among the top. along the neighborhood center, you find the Midtown Equities high-density development, known to be home of over 56 acres of pedestrian friendly structures with green spaces, 600,000 square feet of retail space and over 1,000 residences. The reputation of this building has encouraged other similar constructions around the area. This has brought is among the most expensive neighborhoods in Miami.
Miami Beach: The Miami Beach is seen as of the best for real estate investors. now is the right time for every real estate investor to make a move in this neighborhood since property prices seem to face downward, but yet rental prices are stable at an average of $3,200 per bedroom. However, this rate is known to be lower than that of 2016 but it is predicted to go up in the near future.
Little Haiti: One more rising Miami neighborhood in terms of real estate values is Little Haiti. This neighborhood has witnessed changes in price per square foot as well as median sales price in last year. Rental rates were seen to drop in a half of 2017 which has once again be seen on the rise this year putting the neighborhood among the best for real estate investors.
Miami Modern (MiMo): This area witnessed a large fall after the World War II construction boom, but lately enjoyed a resurrection of interest. The neighborhood has a reputation of its modern era architecture but no one had interest in purchasing properties this would be a perfect move for every real estate investor.