I’ve always said it and now it’s in print! It all about location, baby. There’s no denying that South Beach is now so big it is a BRAND. According to Forbes:
In some cases, a premium neighborhood was an area’s most lucrative. Take Miami Beach. The city’s ritzy downtown area has appreciated exponentially since 1990, as beach-front mansions and luxury condos have drawn upper-class buyers seeking space to soak up the sun and the sizzling social scene. Parts of the city center have increased in value 1,532% since 1990; the median property there is now worth a whopping $1.64 million.
You’re probably saying to yourself, “oh gawd, here goes another crazy real estate agent telling me the market is doing great.” Nope, not doing that. Here’s my issue with this article: Forbes is reporting that Miami is the “lucrative” neighborhood when, in fact, they mean Miami Beach and more specifically South Beach. For those readers outside of the area, South Beach is not a city, it is a neighborhood, much like SoHo is a neighborhood in New York City. I’m not trying to distance Miami Beach from Miami, but comparing Miami Beach/South Beach real estate to Miami real estate is like comparing SoHo to the Bronx.
So, while this news is nothing new to me, I’m happy to see that real estate here continues to operate on basic market fundamentals like location, location, location.
Interesting side note (please discuss amongst yourselves): Miami Herald never ran this story. I’m not implying anything here, I just find it very interesting, that’s all.
Check out South Beach real estate here.
Categories: 33139, Miami Real Estate, Real Estate News, South Beach
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January 31st, 2008 at 9:04 pm
The Bronx? Ouch! That bad?
January 31st, 2008 at 9:35 pm
Adrian,
Is the Bronx bad? I was trying to make a comparison of a neighborhood or city near SoHo, but outside the borough of Manhattan.
February 1st, 2008 at 3:53 am
Is it safe to say that the Bronx is the LEAST favorable borough?
Don’t get me wrong, I’m sure the Bronx has its fair share of posh - as well as diverse - neighborhoods, good restaurants, bars, a zoo, parks, etc. However, one’s (an outsider’s) first image of the Bronx is usually, unfortunately, the ghettos of the south surrounding Yankee Stadium.
Come to think of it, I kind of WISH this was the Bronx.
I retract my statement. Thanks for the compliment.
February 1st, 2008 at 11:42 am
I’ve never been there and from your description, I don’t really feel the urge to go anytime soon.
February 1st, 2008 at 3:00 pm
I live in Florida and South Beach has undergone many metamophis over the years. It has emurged as a eclectic community of the elite and outragious and overflows in the bars at night.
February 2nd, 2008 at 4:13 am
Yo Kev what’s up,
I’m not a New York City real estate expert, but I was born in Harlem, raised in the boogie down (Da Bronx), rented my first crib at the age of 17 on the Upper East Side on 66th & York Ave, and hung out in Soho all of my life. So, maybe I can shed a bit of light on the Bronx.
As we all know like anything that is portrayed in the media eventually it will get a stigma or cache. In the Bronx’s case everyone knows the Bronx from films such as Fort Apache and Death Wish. Thus the popular belief that if your go to the Bronx you’ll be leaving with out your jewelery and possibly a pound of flesh. And believe me, the part that I was raised that was the case. Yet, there are very affluent parts in the Bronx such as Riverdale and Pelham Bay Park. They would be analogous to Aventura and Miami Shores if I had to pick comparable neighborhoods.
But hey, in the end your liable to get your block knocked off on Prince St and Mercer while pondering the marxist dialectic and it’s use in a modern capitalist nation, as you are to getting your hub caps stolen while watching a Yankee game in Da Bronx.
Now, what I really want to do is sling 3 penthouses at Apogee and disappear to Paris for a few months….lol.
Peter.
February 14th, 2008 at 11:37 pm
Probably a stupid question, do you guys think that South Beach has more or less bottomed out or the worse has yet to come? I am from out of town, am looking for a condo in South Beach, wonder if I should wait till the end of this year or next year.
If you ask me, I don’t think the prices in South Beach has dropped that much compared to the rest of Miami.