Are you moving to Miami in 2021? Or buying a home or real estate investment property in Miami? Then you need to watch this video!
The Miami-Fort Lauderdale real estate market has a turbulent history. Back in the last Housing Crash values went down by over 50%! That means many home owners and investors lost everything!
Fortunately, Miami’s real estate fundamentals are on much firmer footing in 2021. Home prices are cheaper than they were in 2006, indicating that there’s still room to grow. Miami is also building significantly fewer new homes and multifamily apartments these days compared to the mid-2000s. Lower supply means that there will be more upward pressure on prices into the future!
But first-time home buyers and investors want to know one thing: where are the best locations to buy in Miami? Should you look in established areas like Miami Beach, South Beach, and Coral Gables? Or more up and coming neighborhoods like Wynwood?
Over the last 5 years the neighborhoods with the most growth are dense, poorer areas north of Downtown Miami. These neighborhoods have seen 50%+ appreciation in just the last five years. They include Wynwood, West Little River, and Brownsville.
The areas with the lowest appreciation? Those would be the wealthy, coastal neighborhoods like South Beach, Miami Beach, Aventura, and Coral Gables. These areas have actually experienced value DECLINES over the last five years.
But home buyers and investors interested in price growth will want to avoid both of these location profiles going forward. Instead, you want to target ZIP codes with strong economic growth, decent income levels, affordable prices, and walkability. These neighborhoods are likely to provide the best balance of security and growth potential into the future!
1:53 Miami’s Volatile Past
4:44 Housing Glut? Shortage?
8:05 Best Growth ZIPs
11:15 Poverty v. Appreciation
13:40 Best ZIPs for the Future
#Miami #MiamiBeach #MovingtoMiami #RealEstate
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Originally published at https://www.youtube.com/watch?v=dNE73Uqm9oE
This news story originally appeared at Real Estate - Miami County Post on 15 September 2022