Miami is a world-renowned locale for its tropical climate, beautiful beaches, Latin flair, and cosmopolitan ambiance. The city attracts people from all over the world. As it’s economy grows, more newcomers and locals are searching to move to various neighborhoods within the sprawling city. However, both purchase and rental prices keep increasing every day and million dollar properties are popping up everywhere.
So how does one decide on the best neighborhood? Here’s an inside look at a few Miami hotspots.
Bay Harbor Islands are separated from the mainland by Biscayne Bay. The average median purchase price is $312,800.00 and the median monthly rate is $1,429. The Bay Harbor Islands are in close proximity to Aventura and Miami Beach! Plus the area is only a 20-minute drive from the airport. Enjoy the perks of island living, and the benefits of the city minutes away!
Coconut Grove is known as the original Miami neighborhood. The area is considered an upscale neighborhood, which means the average price is higher than most areas in the city. In the Grove, you will find that the median purchase is $592,500 and $1,401 is median monthly rent. However, it is one of the greenest areas of Miami, has a low crime rate and you can take advantage of the many restaurants, historic sites, and cultural diversity found within the neighborhood.
Coral Way is located near Downtown and Coral Gables. The median purchase price of the neighborhood is $311,115.00 and the median rental price is $1,310.00. This neighborhood is popular among young families and retirees. It has an international flair — nearly 65% of its residents were not born in the US.
Hialeah Gardens has developed from a horse raising community to a growing suburb. Its median purchase price is $148, 000.00 and the median rental price is $1,264.00. Though it’s a little bit far from the city center it has easy access to expressways – making it more affordable than other areas in Miami.
Kendall is a quiet suburb ideal for families. The area has many public and private schools, as well as easy access to the metro rail which allows people to seamlessly commute to the city center for work. It is an area with many shopping malls and restaurants. Its median purchase price is $312,800.00 and rent is $1,331,00.
Sunny Isles beach is known for its condominium lifestyle where its residents enjoy the stunning ocean views. Its median purchase price is $316,100.00 and median rental is $1,499.00. This neighborhood has something for individuals of every age, from nightlife to many dining options and shopping.
Fisher Island is the 6th most expensive zip code in the nation. This very private community is only accessible by ferry or boat and has an average median purchase price is $5.6 million and rents average $ 6,500.00 according to Zumper.
Coral Gables is a beautiful city. Living here gives you the best of both worlds. Experience the tranquility and fine dining of the Gables, while also living close to Downtown. The neighborhood has a median purchase price of $3,477,137.00 and median rental if $949,950.00.
Key Biscayne is a neighborhood where you can live the quiet island life. Yet it is minutes away from Downtown, Coral Gables and Coconut Grove. The median purchase price here is $1,570.00, and the median rental price is $2.100.00.
Brickell is one of the fastest growing areas in Miami. It is known for its wealthy residents and is literally minutes away from the Downtown, Key Biscayne and other Miami suburbs. It has beautiful towering buildings, 1900 mansions and an array of restaurants and retail. Its average median purchase price is $524,950.00 and median rental is $2,200.00
No matter what your financial situation is, there are a variety of neighborhoods in Miami — each with its own characteristics and charm. So what are you waiting for? Start searching for your dream neighborhood!
If you are thinking of buying or selling give Mario A Quintero a call your real estate and mortgage consultant at the one stop shop for a free consultation at 395-598-1600.