Bendixen & Amandi International along with the Miami Herald conducted a survey of 100 real estate professionals in the Miami area to learned quite a bit about the real estate market in Miami-Dade and the outlook the professionals have for the city. The results are quite telling, and they are quite promising. Let’s take a quick look at some of the most important information gleaned from the survey.
What Miami Neighborhood Is the Hottest?
This was naturally one of the most important questions for many who looked at the results of the survey, and the answer wasn’t really much of a surprise. Far and away, Miami Beach was the hottest area of the city, and also the most overvalued. Consider the sheer number of different neighborhoods in the Miami Beach area. There are islands, single family homes and estates, brand new and preconstruction towers – (View list of pre-construction properties in Miami), and older remodeled towers. All of these areas in Miami Beach are popular and the homes in those locations tend to sell out quickly.
They agree that those who are retiring, as well as the empty nest couples, might want to move to Miami Beach. This is especially true if you are looking for a condominium.
Little Havana Could Surprise You
Another one of the things learned from the survey is the fact that Little Havana is undervalued. However, this could change soon. The community is close to the hottest urban areas, as well as public transportation and plenty of things to do for residents. Many of the real estate professionals feel it is ripe for gentrification, and it could be where developments and real estate pros start to push next.
More Lessons Learned from the Survey
In addition, the survey has helped to shine a light on some other important facts about the area’s real estate market. For starters, the inventory is higher than it has been, and many of the real estate pros consider the current market to have a “high inventory”. What does this mean? It means that right now is actually a good time to buy, but it is not a great time to sell.
Even though the inventory is high, the majority of the available properties are higher than the $200,000 range. They feel that it would be nice if there were some more homes that were in this range and lower, as it means more people could buy. Right now, the trend is toward renting rather than buying for many who simply don’t have the budget.
Coral Gables is doing quite well, which is to be expected for one of the top communities in Miami Beach. Those who are looking for single-family homes in the Miami Beach area will certainly want to check out what Coral Gables has to offer.
These are some of the most important pieces of information from the report. It’s an interesting survey that can help not only real estate agents who are working in the area, but those who want to buy as well.