Last Thursday September 24, a panel of real estate professionals discussed Miami’s hottest neighborhoods for real estate development right now. The neighborhoods they decided on not only were those right on the beach, but also some in downtown, urban Miami.
According to The Real Deal, the event on Thursday was a packed luncheon sponsored by the Miami Beach Chamber of Commerce and the Miami Association of Realtors.
Five panelists spoke, including Louis Birdman, principal of Birdman Real Estate Development, who said, “The area that I am the most excited about in the future is Wynwood and the [Miami] Design District.”
Inland development is inevitable as beachfront becomes more and more developed.
“As developers, we have to look at what we can do to pull people away from the beach,” Birdman said.
Other panelists had all sorts of ideas of who would make the next list of Miami’s hottest neighborhoods: from downtown Miami to Surfside and North Beach area to Brickell Avenue.
The panelists also acknowledged some financial aspects of Miami’s real estate, including the value of the dollar. The decline in dollar value of many foreign currencies makes Miami relatively more expensive for potential foreign buyers. However, many foreign economies are tumultuous for a broad variety of reasons, pushing foreigners to the United States.
“The instability in these markets is driving people to the United States,” said Jay P. Parker, CEO of Douglas Elliman Real Estate Florida LLC.
However, in comparison to other world class, developing cities like Miami, Miami is relatively inexpensive.
“The smart money always goes to safety, stability and security,” Birdman said. Real estate prices in New York have “gotten very top heavy … Miami clearly is the best value.”
Clearly, Miami has a lot going for it. As a city that is now offering so much more than just beautiful beaches, the real estate opportunities to come are bountiful. Reach out to us at RE/MAX Paradise to experience this happening city.