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22 Jun 101 Things You Need to Know About the Miami Real Estate Market

They call Miami “The Gateway to the Americas” – it’s that, and so much more. Located on the tip of the southeastern state of Florida, Miami is a major port city and an impressive urban hub with a metro population of over 6 million people. It’s a cultural center with Cuban and other influences and a major real estate market in the region.

The Miami real estate market is also amazingly diverse. On the coast, there’s Little Haiti and the Upper East Side, all of the way down to the Coconut Beach area in the south. Then there’s the Miami Beach market, including such far-flung spots as North Beach, Virginia Key, and Key Biscayne.

 

All of it is part of a vibrant city, a city known for its night-life and unique urban economy, with abundant tourism and travel industries, and significant economic growth. In that context, there are many people looking to get a piece of the Miami real estate market with REI investments--whether that’s condos, single family homes, vacation properties, intentional-living facilities, or other types of properties.

miami real estate market

 

Best Brokerage Firms

 

Are you looking for the best real estate brokers in Miami? When it’s time to make a deal, these firms are some of the best places to get help with a successful real estate strategy.

Best Real Estate Investing Clubs - REIAs

 

The following real estate investment clubs are excellent places to find good information on real estate management services and real estate agents with the professional acumen to help you navigate the Miami markets.

 

Best Real Estate Investing Meetups

 

Real estate meetups can be a rich source of networking potential and a place to hear more about what’s going on with local real estate - connect with agents and investors and keep an ear to the ground as you pursue your property strategy.

Miami Investor-Friendly Title Companies

 

These title companies like to work with investors. Get hooked up with the right local partners to make a splash in the Miami real estate market.

Hard Money Lenders

 

When you need real estate loans fast, talk to these reputable hard money real estate companies in Florida helping investors in the Miami area and elsewhere in the state.

 

miami real estate

 

Traditional Lenders

 

Some of these traditional money lenders in Florida can assist you with a “vanilla” real estate deal such as buying a home in the Miami area. Working with a trusted firm gets you a speedier and better overall process.

Top Wholesalers

 

Here are some wholesaler resources for real estate agents and investors focusing on properties in the Miami area, from apartments and single-family homes and townhouses to larger and more expensive properties.


Download: Comparison Guide - What to Look for in Evaluating REI Tools

 

Miami Rehab Supplies

 

Need the best construction materials and supplies in the Miami-Dade area? Talk to these rehab suppliers who have years of experience in offering quality commercial and residential construction supplies.

miami real estate tips

 

Miami Real Estate Market Status

 

In Miami, the average value of a home is $470,000. In the past year, residents have witnessed over 5.3% growth in home values. According to Zillow, the home values will rise up to 3.6% by next year. The average list price in Miami is $426 per sq. ft. Currently, the average home price which is sold is $480,000. The average rent price is $1669.

 

Factors Affecting the Miami Real Estate Market

 

Foreclosures are one of the major factors which may affect home values in Miami in the near future. The Miami market has several thousand properties currently in some stage of foreclosure, although foreclosure rates have been going down recently.

 

Another hot-button issue in Miami real estate is climate change projections: although experts point out that sea level trends will hurt some market areas and help others, the general effect on Miami is going to be an extremely negative one as some of the most elegant properties will find their values greatly reduced. Already, homes in the Miami area are increasingly experiencing value changes according to their elevation, and that is going to continue.  

 

Hottest Real Estate Investment Cities in Miami

  • Little Haiti
  • Coconut Grove
  • Little Havana
  • Wynwood
  • Miami Beach
  • Key Biscayne
  • Coral Gables

miami real estate neighborhoodsEconomy (according to BLS)

  • GDP – $281 billion
  • Per capita income – $29,535
  • Median household income – $46,036

Top Real Estate Schools to Get Licensed

  • South Florida Real Estate School – Backed by the Miami Association of Realtors, this one is a favorite.
  • Premiere Real Estate School - Get step by step instructions from great instructors at this central real estate school and get hooked up through the school’s Facebook page.
  • Gold Coast Schools – this Florida school which has graduated a million students has a diverse set of course offerings and is instrumental for those interested in Miami Real Estate.

Famous Historical Homes in Maryland

  • Coconut Grove Cottage – this little home built in 1914 is one of the oldest ones in the area at 3714 Matheson Avenue.
  • 842 NW 1st Street House – This unnamed property has a long history in terms of the Miami area – built in 1915, it has a decent historic character and prominence in the neighborhood.
  • Coral Gables home – At $12.5 million, this historic Miami house is a significant investment – but with access to the Biltmore and a real luxury build, it’s one of the most attractive homes around.

Fun facts about Miami

  • Miami was founded by a woman named Julia Tuttle who promoted the expansion of the railroads there near the end of the nineteenth century.
  • A Miami pharmacist named Benjamin Green invented suntan lotion.
  • The waters around Miami have over 50 wrecked ships down in Davy Jones’ locker for divers to explore.
  • Key Miami agricultural exports include avocados and mangoes.
  • The first Burger King opened in Miami in 1954.
  • Miami is the “international banking capital” of the country with the largest collection of international banks downtown.
  • Miami gets 14 million tourists annually, and 22,000 New Yorkers move there each year.
  • NBA’s Miami Heat plays at home in the American Airlines Arena.
  • The Everglades National Park and the Grossman Hammock State Park are just two examples of the many open spaces that the city of Miami offers to visitors and residents.
  • Several wildlife refuges give visitors a chance to view some Miami fauna.

Take the next step to find an REI tool that helps you find better properties, faster. It's all here in this free guide:

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