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.