Most major metro areas in the country have a part of town that is considered an up and coming area on the verge of a real estate boom. In Miami, that area is called the Design District. Bordered by 36th and 42nd Streets on the south and north, and Federal Highway and Miami Avenue on the east and west, this trendy part of Miami is about to experience a large upswing in the real estate market.
Over the past few years, warehouse space has been converted from low-rise warehouse and gallery space into high end retail space, restaurants, cafes, and art galleries. In fact, many high end retailers like Louis Vuitton, Hermes, Dior and Cartier are moving their Bal Harbour shops to the Design District. Surrounded by prominent Miami neighborhoods, the Design District is poised for huge growth and major increases in real estate value.
Design District Real Estate
To the south of the Design District is Midtown Miami with its high-rise condominiums, office space and retail space. Just north of the Design District (and just south of Little Haiti) is an area of single family homes that offer tons of opportunity for a real estate investment in a position to provide immediate equity. These homes are situated in neighborhoods like Buena Vista, Old Spanish Buena Vista, Lemontree, and Brentwood and built mostly between 1920 and 1960. While some homes have tons of character with their Mediterranean and Spanish architectural styles and others are in need of lots of work, the common denominator with all the homes is that they are affordable and are in a location that is hip and close to everything.
Currently, there are about 15 single family homes in the Design District area that are priced up to about $500K. These homes are mid-sized homes ranging between 1,000 and 2,500 square feet. List prices increase as the address gets closer to the Design District. With list prices at this level, not only are they affordable but they easily accommodate renovations to bring them up to a level that is aesthetically and financially comparable to the beautiful homes in the outlying neighborhoods to the east like Morningside and Bay Point.
According to Trulia, over the past six months, similar homes sold for significantly less than their estimated value which is based partly on location. Remodeled homes within one to two blocks of the Design Districts have listed and sold for well over $500K.
Huge Real Estate Investment Opportunity
There is a huge opportunity in the Design District to buy a Miami single family home at a very low price and walk into the real estate investment home with equity. Not since 2006 has this been an option for home owners and investors especially in Florida. For real estate investors and those who have the desire to recreate a masterpiece, this is the place to be. Be part of the transformation of this up and coming neighborhood.