Local real estate industry leaders recently gathered in Miami to discuss the real estate market in South Florida. Interest in South Florida real estate from both the United States and abroad has made the real estate market attractive for developers. Due to the increased interest in real estate development in Miami, the luxury market has followed suite and thrived along with the increasing real estate costs. Commercial real estate prices have skyrocketed, as they have doubled over these last six years.
Although the real estate market is looking great in Miami, as buyers are making 50% down payments on condos, experts still believe that there will be volatility. As Miami is becoming a hot bed for real estate, and prices are soaring, developers are turning their focus on under developed neighborhoods with potential expansion. Developer’s favorite so far is the Biscayne Boulevard corridor. The area is right on the bay, close to the beach, has a major road, and there is plenty of empty land for real estate development.
There have also been discussions to create public green spaces in the Miami-Dade area. One potential project in the rumor mill is a 10-mile bike path under the Metrorail line that goes from Dadeland to Brickell Station. There is plenty of unused space in the area, and public officials are interested in re-purposing that land to give back to their community and increase the allure of living in South Florida. Other proposals have been put forth to convert unused railway tracks into lush pedestrian walkways as seen from the skyline in New York City.
Traffic is an issue in Miami, so city officials and real estate professionals agree that some major additions need to take place in the transportation sector if Miami wants to compete on an international level. To read more about the foreign interest in the real estate market in Miami, please refer to this blogpost from Raanan Katz.