The real estate market in the Miami area is governed by the following principle: prices tend to be higher the closer to the sea the property is located. The seascape, and in general, the views of bodies of water, is usually a coveted factor by buyers and lessors.
So this will depend on where you can choose an apartment in Miami to buy.
This, therefore, usually gives additional value to the properties that offer them. That commercial logic, which prevails in practically all coastal cities in the world, is much more accentuated in a city like Miami, blessed with majestic views of beaches of clear sand and turquoise waters.
Areas like Key Biscayne and South Beach, located along the waterfront, are usually comparatively more expensive than areas like Kendall and Sunrise, located within 20 to 25 minutes of the beach. Now, to be clear: the fact that an area or city is several miles away from the coast does not mean that they are not places with an excellent quality of life. No way. Sometimes even suburban areas offer the reward of quiet, family life that many are looking for in South Florida. Sometimes, preferring one or another area will depend less on economic value than on a matter of taste and lifestyle that a person or a family wants.
In any case, the price will always be an element that cannot be avoided when looking for a property. That is why in this article we will present a list of some of the most and least expensive areas to buy houses in Miami and its surroundings.
The most expensive
Fisher, Star, Venetian, Palm, Hibiscus and Sunset Islands – You may have heard of the tours offered by some companies through the homes of celebrities in Miami. Well, many of those mansions are located on these small artificial islands located south and east of Key Biscayne. There, singers such as Gloria Estefan and Lenny Kravitz house their residences – or have lived in the past; athletes such as Andre Agassi and Shaquille O’Neal’, and renowned television host Oprah Winfrey. It is one of the most expensive areas in Florida, with properties that can reach up to 29 million dollars.
Key Biscayne – Key Biscayne is another of South Florida’s most exclusive areas. Inhabited predominantly by Latinos of high socioeconomic status, Colombians with properties here include Juanes, Juan Manuel Santos and Silvia Tcherassi. A property here can reach 30 million dollars, although there are also two-bedroom apartments listed for just over five hundred thousand dollars. The biggest attraction of Key Biscayne – in addition to its luxurious atmosphere – are its wide beaches, considered some of the most beautiful in the United States (which also, unlike others in South Florida, have the great advantage that they allow pets). Key Biscayne is also a favorite for bike enthusiasts and home to the world-famous Miami Sea Quarium.
South Beach – South Beach is Miami’s most iconic postcard. Its more than two kilometers of beach border Ocean Drive, a promenade full of restaurants and bars located in Art Deco buildings. Also within the limits of South Beach, is the shopping mall of Lincoln Road, a pedestrian street known as the “Fifth Avenue of the South”, where the great brands of the world have stores. South Beach is the place where Miami shows its residents and visitors its liveliest and most cosmopolitan side. It is not only the most touristic area of the city, but also one of the most expensive to buy a property or to pay a rent. An apartment two blocks from the beach may be around $275,000. Likewise, an apartment with two bedrooms and two bathrooms two blocks from the beach has an average price of $ 460,000.
Bal Harbour – If South Beach seems too lively and hectic for your taste, but you’re still looking to live in a modern property that adjoins the beach, Bal Harbour is for you. Located north of Miami Beach, Bal Harbour offers the right balance between tranquility and sophistication. In other words, it’s residential enough to enjoy a peaceful life (its beaches, for example, are less crowded than those in South Beach), but cosmopolitan enough to feel part of the Miami of sun and shopping. In this last aspect, the Bal Harbour Shops stands out, an open-air mall where celebrities go shopping. Here, a two-bedroom apartment on the beach line costs about 700 thousand dollars.
Sunny Isles – One of the great attractions of Sunny Isles is its international atmosphere, a meeting point for people from different backgrounds and a high socioeconomic level. It is an area with ultra-luxurious buildings, home to some of the most avant-garde buildings in South Florida, mainly on its sea line. For example, the Porsche Tower and the three towers of the Trump International Beach Resort are located there. Although it has some small shopping areas, it is a predominantly residential place, wrapped in a much quieter and more reserved air than South Beach. It is also one of the most expensive areas in all of South Florida. Boxer Floyd Mayweather has his residence there. A two-bedroom apartment along the coast fetches $725,000.
The least expensive
Hallandale Beach – Of the areas adjacent to the beach in the Miami area, perhaps the most affordable in economic terms is Hallandale Beach. Its cost of living is comparatively lower than in areas like South Beach and Key Biscayne. Although strictly not located in Miami-Dade County but within the perimeter of Broward (which has tax benefits), Hallandale is only eight minutes from Sunny Isles and half an hour from Miami Beach. It is an area with a lot of activity in the streets surrounding the beach. It has, throughout the coast, a stage where concerts are held very frequently. It is also home to Gulfstream Park, which is Miami’s racetrack. In Hallandale, the median household income is $45,000 and the median price of a property is $132,000. A two-bedroom apartment a block from the beach can cost $200,000.
Sunrise – Sunrise is one of the cities with the best prospects for investing in South Florida. Its proximity to Sawgrass Mills Mall – the second most visited place in Florida after DisneyWorld – has made it very attractive for owners to rent them for those travelers who visit Miami thinking above all about buying. It is a predominantly residential area, of suburban houses; An ideal place for those looking for a quiet and familiar life. The median price of a home is $117,000. Not bad if you take into account the quality of life it offers:
Kendall – It’s a family-oriented place: peaceful, warm, very residential. It has good schools and shopping centers such as the Dadeland Mall. A thriving Colombian community has settled in this city, located half an hour from South Beach. The median home price in Kendall is $280,000.
Doral – In 2014, Forbes magazine chose Doral as the second best city to live in the United States. It is, like Kendall, a very residential and quiet area, with good schools. Not knowing English is also not a problem here since it is a city predominantly inhabited by Latinos of high socioeconomic status. It also has another advantage and is that it is a neighboring area of Miami International Airport. However, real estate prices are usually a bit higher than in Sunrise and Kendall. The average price per square foot is $222, which is $4 above the Miami average. The median home value is $317,000.
