South Florida’s housing rebound is not closing the substantial gap between the wealthy and poor in the region, according to a Miami Herald study.
Miami-Dade and Broward counties remain extremely fragmented between affluent areas and inner-city neighborhoods. The Herald worked with the Florida Center for Investigate Reporting to analyze 11 years of home sales data broken down by ZIP code. Their work included combing through more than 870,000 home and condo transactions recorded by Miami-Dade and Broward property appraisers and the state’s Department of Revenue.
The main finding of the study: high-end markets like Brickell, Coral Gables, Miami Beach and Pinecrest enjoyed a post-crash resurgence. But homes in some areas, like many southern and western communities in Miami-Dade and Fort Lauderdale’s urban core, are worth less than they were before last decade’s boom began.
“The difficulty has been at the low end of the housing market and the middle market,” Miami developer R. Donahue Peebles told the Herald. Peebles is at the helm of a large redevelopment planned for the city’s Overtown neighborhood. [Miami Herald] — Eric Kalis