February 11th, 2019 at 5:38 pm Pin It

What are Miami’s Best Neighborhoods to Live in 2019?

This blog is about recognizing value and opportunity as well as quality of life for the different neighborhoods in Miami in 2019. In this blog for the first time, we are integrating our Neighborhood Economic Health Index (as it appears in the 2019 Forecast).

The neighborhood you personally will prefer is going to be subjective. All of the information below is underpinned by the fact that most buyers are working with financial constraints. I feel there was no point telling home buyers how great a neighborhood is if they cannot afford to buy there.

I expect many who will read this have already decided which neighborhood they prefer to buy into, they are just seeing how well it ranks! However, you may have not decided what is the best type of property, price point, or specific part of that neighborhood for YOU to focus on. Hopefully this will help you do that a bit better.

 

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David Siddons | Siddons.d@ewm.com | +1.305.508.0899

 

What are Miami's Best Neighborhoods to Live in 2019?

⇒ Coral Gables and the Grove are the best neighborhoods for Families
⇒ 
Wynwood is the most up and coming neighborhood
⇒ 
Downtown is best for that busy, Manhattan-like lifestyle
⇒ 
Aventura and Sunny Isle are best for some great deals

Some of my notes on Miami’s most important neighborhoods:

 


Miami Beach – Most Well-Known Neighborhood.

 

For those that don’t know Miami, Miami Beach is the first thing people think of, but this big stretch of beach can deceive and lead to misconceptions about the Miami Market. Miami Beach is going through an identity crisis right now, socially it’s starting to be overtaken as a place to go out second to Brickell, family buyers are move-focused on Coconut Grove and Coral Gables.

If you want waterfront, then the Islands are a big focus as is North Bay Rd for Homes. Sky high prices have lead to corrections and more motivated sellers means some solid deals for those looking to negotiate. Surprisingly, some incredible waterfront (canal) deals and new constructions have presented themselves in 2019 already.

Price per Sqft Range

Homes: $233 – $2,320 per SF
Condos: $273 – $3,311 per SF

 

Neighborhood Economic Health Score

 

 

 


Coconut Grove and Coral Gables – Best Family neighborhoods

 

The Grove and Gables are the fundamental robust primary markets for home owners, having outperformed every neighborhood in Miami over the last 10 years. These two neighboring areas are brimming with great schools, cool but local restaurants, and an abundance of parks and beauty. It won’t necessarily come cheap although Coral Gables is a little cheaper than the Grove.

Coral Gables is outperforming Coconut Grove for value, so this area gets the number one spot. The price per SF across the home market is lower in the Gables. It also has more options. The sub $1M is still very strong, so you are going to struggle to get into these markets for less than $1M. Options are certainly more plentiful over the $2M range and more negations are possible.

Price per Sqft Range

Coconut Grove $297 – $1,440 per SF
Coral Gables: $236 – $1,561 per SF

 

Neighborhood Economic Health Score:

 


Surfside and South of Fifth – The best two beach condo neighborhoods to live in. 

 

 

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David Siddons | Siddons.d@ewm.com | +1.305.508.0899

 

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