Real estate in Miami has been red hot since the start of the COVID-19 pandemic as favorable business and tax legislation have served as a release valve for pent-up demand for luxurious South Florida living.
While the resulting migration has certainly brought transplants to the already popular areas of the city, such as South Beach and Brickell - many other neighborhoods and areas in particular are experiencing particular growth. Below, we highlight four of those neighborhoods that we are particularly looking forward to watching evolve.
“The Grove,” as many locals call it, begins our list of areas to watch. A rich and unique history underpins the area, with heavy Bahamian influence in its early days. That gave way to South Florida’s bohemian youth counterculture movement in the 60s, and subsequently a considerable residential influx in the 80s and 90s drove it toward what it is today. In 2022, Coconut Grove is an incredibly unique mix of culture, high-end family living, and a resort feel that is quite unlike any place else in the U.S.
Many athletes, actors, and other celebrities, specifically those who prefer a bit more privacy and focus on their family life, have chosen to call Coconut Grove home. As a perfect landing spot for those seeking lush, luxury coastal living with a unique cultural backdrop, we’ve seen a significant influx of out of state families seeking their long-term homes in Coconut Grove - especially in the areas around its open-air shopping centers.
While technically a city of its own separate from Miami, recent trends and activity made it impossible to not include Coral Gables on this list.
Incorporated in 1925, Gables was and remains a meticulously crafted planned community. Weaving in significant Spanish influence that once caught the attention of Spain’s King Alfonso XIII, Gables is visually distinct from its suburban Miami counterparts. This intentionality, culture, and the nearby University of Miami campus all work together to form an idyllic community for high-end Florida living and raising a family. The recent influx of transplants that we’ve seen into Coral Gables has been significantly comprised of families from the suburbs of higher cost-of-living metropolitan areas and that trend seems set to continue well into the future.
The Roads is the residential neighborhood due south of Miami’s bustling Brickell neighborhood, and was designed and developed by Mary Brickell herself, shortly before her death in 1922. Originally intended to be an affordable neighborhood to live in, The Roads became immensely popular very quickly and developed into one of Miami’s most prestigious neighborhoods. That status continues to this day.
Due to the combination of its walkability to Miami’s downtown neighborhoods and its safety and quiet, homes in The Roads are being sought in particular by wealthy transplants with young families and anyone seeking to have the space to grow and raise a family without sacrificing the big-city feel that Miami has to offer.
While we might be cheating a bit by including these two adjacent neighborhoods together on this list, they combine to form the heart of Miami’s uptown renaissance.
The area now known as Design District was built on what was once a pineapple farm in a neighborhood known as Buena Vista and has since grown to be one of Miami’s most creative and visually distinctive neighborhoods. While high-end shopping and galleries form the core of the area’s attraction, some of Wynwood’s quirky nature has spilled over into it and you can also find some hidden, funkier gems.
Wynwood is Miami’s “hipster” uptown neighborhood. What may be perceived as its rough edges are swiftly being sanded away in favor of immersive culture and artistry, boutique shopping, and some of the city’s finer places to eat. A creative’s dream, Wynwood is equal parts city living and blank canvas ready for those looking to leave a lasting mark on this rising part of Miami’s cultural core.
From what we’ve been tracking in 2021 and 2022, Wynwood and Design District are benefitting from an influx of creatives, both independent consultants and those working with remote-friendly tech companies, seeking to escape the tax burdens of the country’s larger, established tech hubs.
We’re bullish on Miami’s suburban neighborhoods such as these and expect the demand for these neighborhoods, and others not mentioned here, to continue to grow with continued pro-business legislation driving companies to relocate to South Florida.
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