Miami is Third in the Nation for Residential Price Gains
[All photos via Quantum2010]Recent data freshly squeezed from the S&P/Case-Shiller Home Price Indexes—the leading measures of U.S. residential real estate prices—tells us that the Miami area residential market experienced price gains totaling 13.2 percent for the period of April 2013 to May 2014. Although the rate of growth has comparatively slowed down, Miami is coming ahead of most metropolitan areas in the nation, only third to Las Vegas (16.9%) and San Francisco (15.4%). According to the Greater Downtown Miami Residential Real Estate Market Study the condo pipeline includes some 23,264 units out of which 1,464 are in the “contracts phase” and 2,557 in the “reservations phase,” meaning Miami is outrunning the US and shows no signs of slowing down anytime soon.
Brickell (27% Expected Growth)
Every organism needs a beating heart and veins to carry the juice, and Brickell’s heart is Swire’s Brickell City Center. The massive development has served as a catalyst for a tsunami of development keeping Brickell as the leading submarket in development. The veins are the transportation options (Metrorail, Metro Mover, Miami Trolley, etc). Though not great, they’re definitely better than nothing. It seems every week a new tower is proposed and once the Center comes to life the growth will only accelerate.
Edgewater (67% Expected Growth)
Edgewater—specifically “East Edgewater,” is a historically underdeveloped submarket that’s currently capitalizing on its most precious asset: Biscayne Bay waterfront land. As a result, developers have achieved strong pricing in the area and given its success it is expected that development continues on non waterfront land in the near future. Although this neighborhood lacks the transportation infrastructure as of today, its growth will highlight the importance of connecting this node in the future.
Miami is currently an awkward teenager trying to figure out what it wants to become, thanks to foreign buyers we have been able to enter a new real estate boom, once the financing options are in place, domestic buyers; the true engine of growth, with the aid of policy makers will be able to shape growing neighborhoods such as the Arts & Entertainment District, Midtown and Wynwood into successful and connected urban centers. – Andy Morales
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