For most of the buyers that have been calling me in over the last 3-4 weeks, the question of living in South Beach has been pretty much the same:
“Marcelo, Downtown is pretty nice but i’d rather live in South Beach instead…can you help find us something there instead?”
Out of the four buyers I’m currently working with that first started their search in Downtown (two of which have already found a place), only one chose a condo in Edgewater while the rest have already chosen to live in Miami Beach. The search criteria continues to revolve on one bedroom units around $200,000 – $350,000 and ensuring that they come with central a/c as well as washer and dryer inside the unit. Parking has been a question mark for some, but most of the buyers I’ve spoken seem to be open to residential street parking and ditching the garage.
I’m amazed in particular by this trend because of its similarity to the same one I noticed about two years ago. Back in that time, however, the opposite was occurring: Most buyers at that time were more keen at picking a unit in Downtown and still living just minutes away from the beach instead of on the beach itself.
Despite the fact that this assessment only comes from my pool of clients, the numbers seem to agree with me. Compared to Downtown, the South Beach condo market under the $350K range continues to be a buyer’s market but still shows a higher amount of activity. The average months of inventory since the beginning of the year continues to revolve somewhere between 10 – 15 months of inventory which is still quite a bit but nothing compared to the 25 – 5o month average I’ve seen in Downtown’s main zip code of 33132.
Below is a copy of the charts:
Downtown Miami (33132) Average Under $350,000
South Beach (33139) Average Under $350,000
Please contact me directly for any questions related to the data above.
So far, there’s been no negative comments towards the inventory or product in the urban core. Picking South Beach, based on the feedback I’ve received, has come down to many factors such as walk ability, lifestyle, and just the overall “vibe of the community” as one of my clients described it. Despite the fact that Downtown already has a flourishing dining and nightlife scene, great walk ability and tons of local activities, it seems like there’s still something missing that goes beyond the pink sidewalks of Miami Beach.
I’m definitely curious to know what other agents are experiencing. Am I currently the only one getting this much traction in this part of town? I’d love to get some feedback from others in the industry that also work the same area. Next week will be time to make some phone calls once again.
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