The majority of people who contact me ask me this question. Where should I buy or rent: Brickell, Downtown Miami, Midtown Miami or South Beach? In terms of lifestyle each of these areas are very unique and then throw in what you get for your money and that little factor is actually the “biggie”.
Let’s talk areas first. South Beach is a neighborhood of Miami Beach. It is from (north to south) about 23rd street down to 1st street and (west to east) from Biscayne Bay to the Ocean. The other areas are a little more vague, I am sure there is some definite distinction in a book some where but in terms of where I work and the buildings that I work in, I have drawn them up on the above map. They include Brickell, Downtown Miami and Midtown Miami.
First of all, let’s break through the myths. I would like to touch on a few.
1. When the media and other real estate statistics group all of Miami real estate into one big lump, unfortunately the numbers don’t really tell the entire truth. Miami and Miami Beach are two different areas. South Beach, Brickell, Downtown Miami & Midtown Miami are three different areas within the general “Miami” area and from there each individual building has it’s very own market data.
2. The real estate market that most of the media is referring to is the “sales” market, not necessarily the “rental” market. Often when people contact me to assist with renting and they say, “I know there are tons of empty units just sitting out there so people must be desperate to rent.”
- If the unit is empty and not sold off to anyone it is still “sitting” there as a developer unit and unless the developer has a plan to put it in a rental program, it is not even available to rent.
- The individually owned units are renting pretty quickly, in fact over the last six months in the areas that I specialize there were 2876 rented units. In general when priced right it takes about three months to rent a unit in these areas.
- “I see some of these listings have been available for a few months, aren’t the owners desperate?” Well it depends. Was it really listed empty for months? Many owners list their properties a few months before the current tenants move out. Unfortunately some of the listings are dated and not even available any more.
- Yes, the rental prices have come down and yes they are probably not where most owners had figured them to be but the properties are renting.
The areas…..
South Beach is a very unique neighborhood. It’s jam packed full of different people from all over the world. It’s a destination, a scene, lots of shopping, restaurants and one of the really true pedestrian areas of Miami or really Miami Beach. Plus it features the infamous beach. It’s truly a very mini city within itself. Because it’s located on an island with not a lot of land left to develop, it can be kind of pricey. The more affordable buildings are typically a little older and of course the newer buildings come at a premium. Parking is not a given. If you have a parking space on South Beach, it’s a luxury.
Brief Real Estate snap shot over the last six months in South Beach:
158 1 bedroom units rented with parking the average price was at $1545 ($4500 high)
120 2 bedroom units rented with parking the average price was at $2758
($10,500 high)
58 1 bed units sold w/ park listed up to $300,000 & the average price was at $172,000 ( $290 high)
27 1 bed units sold w/ park listed min $300,000 & the average price was at $458,389
($1.25m high)
50 2 bed units sold w/park listed up to $500,000 & the average price was at $314,345 ($500 high)
42 2 bed units sold w/park listed min $500,000 & the average price was at $788, 472 ($2.15m high)
3. Brickell is often referred to as the financial and business district of Miami. There are a lot of banks, insurance companies and International professional businesses based in Brickell. In terms of the overall environment Brickell feels a little more polished, commercial and planned than the organic feel of South Beach. Brickell is located just south of Downtown Miami on the edge of Biscayne Bay (east). Many of clients really like the Brickell area because in terms of what you get for your money, it’s a lot newer than South Beach. For instance for about the same average price point of a typical affordable one bedroom on South Beach, you can have a brand new unit on Brickell: nice kitchen, stainless steel appliances, washer/dryer, parking and amenities. It also offers a pedestrian lifestyle and features the Mary Brickell Village area that hosts many shops, restaurants and bars.
Real estate data over the last six months in the Brickell:
303 1 bedroom units rented with parking the average price was at $1364 ($2700 the high)
184 2 bedroom units rented with parking the average price was at $1900 ($4200 the high)
66 1 bed units sold w/ park listed up to $300,000 & the average price was at $141,934 ($250 high)
1 1 bed units sold w/ park listed min $300,000 & the price was $387,000.
60 2 bed units sold w/park listed up to $500,000 & the average price was at $248,430 ($540 high)
10 2 bed units sold w/park listed min $500,000 & the average price was at $752,760 ($1.6m high)
4. Downtown/Midtown Miami are located just north of the Brickell area, parallel to the Miami Beach area and just off of the Biscayne Bay. (look at the map for better reference) I grouped these two areas into one because they are both similar to me in terms of development. A few years ago, some of the blocks in these areas were literally grass and fallen down buildings. They are the areas that were booming during our boom time. There are still a lot of projects planned for the future in terms of development but since the market has slowed down, I think some of those plans slowed down too. But damn, (excuse my language) if they didn’t keep their heads to the grind and finish out some of these buildings in STYLE… 900 Biscayne, Marina Blue…. just to name a few. The 1800 Club & Quantum have totally transformed the Pace Park area. For affordable living go to Midtown Miami. In terms of pedestrian friendliness (sorry but that’s how I judge everything), during the day both of these areas are hustle and bustle but at night they are a little slower. If you live in these areas you are probably going to be driving around in a car more than you would in Brickell or South Beach. Don’t worry, they will get there I am sure of it.
Real estate data over the last six months in the Downtown/Midtown Miami:
244 1 bedroom units rented with parking the average price was at $1507 ($2300 the high)
165 2 bedroom units rented with parking the average price was at $1852 ($3400 the high)
39 1 bed units sold w/ park listed up to $300,000 & the average price was at $132,671($264 high)
3 1 bed units sold w/ park listed min $300,000 & the average price was at $496,333 ($745 high)
26 2 bed units sold w/park listed up to $500,000 & the average price was at $245,450 ($437 high)
5 2 bed units sold w/park listed min $500,000 & the average price was at $553,000 ($650 high)
As you can see, each of these areas are very unique. Where you should live depends on your budget, lifestyle and what you expect to get for your money. South Beach, Brickell, Downtown & Midtown Miami are different and each have something special to offer….. drive around, do the comps, preview the buildings and find out which area and building fits you.
I do my best to double check for accuracy, however I am human and errors can occur (especially when my clients call me while I am writing this and sidetrack me). Please contact me if you find something that doesn’t look correct and I will be happy to look into it and correct if necessary. All information provided is deemed reliable but is not guaranteed and should be independently verified. Please see the site disclaimer for more information. The compilation of listing and market data information is provided by MLS of the REALTORS Association of Greater Miami and the Beaches.
{ Comments on this entry are closed }
