Miami’s real estate elite have a lot of thoughts on the state of the market, including the most overvalued neighborhoods, the best places for retirees, and what amenities are most sought after.
The majority of the 100 real estate professionals surveyed by Miami-based Bendixen & Amandi International and the Miami Herald detailed their outlook on the market in Miami-Dade.
Among them? Miami Beach is the hottest – and most overvalued – neighborhood.
Meanwhile, Little Havana is the most undervalued, according to the report. “Little Havana is great because of its proximity to an urban area, and public transportation is a quick and direct commute. It is ready for gentrification,” according to an undisclosed male real estate developer who is active in downtown Miami.
Alicia Cervera, Kobi Karp, Nelson Gonzalez, Neil Fairman, Vanessa Grout, Ezra Katz, Avra Jain, Nitin Motwani, Stephen Owens, Ryan Shear and others participated in the survey.
Here are 10 takeaways from the report:
- 58 percent think the market has a high inventory, up from 55 percent in 2015.
- Now is the time to buy, not sell: 47 percent say buy, while 30 percent say sell.
- Miami-Dade lacks inventory in the $200,000s: “In need of lower-end inventory, as in $200,000,” according to a female Coral Gables real estate agent.
- Is Miami seeing a shift toward renting? A North Miami-Dade developer says: “There is a sheep mentality; condo market is lowering; rental market is growing.”
- Coral Gables held its spot as the top city for neighborhoods with families, followed by Pinecrest and Coconut Grove.
- Both empty nesters and retirees should head to Miami Beach.
- What’s the most important amenity for buyers? Quality schools, followed by walkability.
- Top market for a condo is Miami Beach; for a single-family home it’s Coral Gables.
- “Edgewater is still not an established neighborhood; their apartments do not make sense for the price,” a female real estate agent in Miami Beach said.
- “Neighborhood traffic, sea-level rise and the constant flow of tourists make Miami Beach extremely overvalued,” a male real estate agent said.
Check out the full report here.