Whether you want investment property (a condo or a single family home) to buy (and rent out as income producing property), or whether you’re looking for vacation property for your own enjoyment, there are several things to keep in mind …
1) Pick a neighborhood that has the right amount of infrastructure for your needs (supermarkets, drycleaners, gas stations) …. Some areas have good potential for the long term investor (depending on expectations) … and others already have an infrastructure in place:
(The top four areas that investors are eyeing right now are Miami Beach, Brickell, the Design District, and Downtown Miami.)
The Downtown area of Miami, (which is just to the north of the American Airlines Arena) is still an area in transition … waiting still for much of the planned developement that will be needed to make it a viable and independent community. That infrastructure will definitely come … but for now you’ll have somewhat of a trek to get to restaurants and bookstores. Prices in that area of Miami reflect the fact that it’s still an area with a future…. which also makes it attractive to many an investor.
The Wynwood area (also referred to as the Design District) is another neighborhood that is not only up and coming … but morphing into one of the trendier new spots: and an area of top restaurants and bars. There are lofts and converted warehouse space … condos. You still won’t find local drugstores or movie theaters in abundance in the Wynwood area though … but again, Wynwood is well on it’s way … and it is an area that many commercial investors are buying and leasing in.
2) Pick an area you’ll be comfortable living in … or where tenants will want to rent in.
You may think you want South Beach (the tip of the island up until about 20th Street)… and that’s fine … but ask yourself why. Do you want to be right smack in the middle of all the Miami nightlife (clubs, restaurants, husle and bustle that is 24/7) … or are you wanting more quiet evenings and mornings … strolling on empty beaches … that you can get by going just a few blocks north? Both are options … and each has it’s advantages.
The reason I’m asking is because Indian Creek and Millionaire’s Row (from 40th Street to 70th Street) is not more than a five to ten minute drive north from South Beach by cab. And both have an entirely different vibe from SoBe of SoFi. You can still have dinner on Ocean Drive or go shopping on South Beach if you live five minutes north… and you can still mingle with the others who are out and about till the middle of the night . Millionaire’s Row and Indian Creek don’t have the myriad of restaurants and shops that the South Beach area has … but those are two areas of Miami Beach (just to the immediate north of South Beach) … elegant and quiet … literally just five minutes north of South Beach … and you will still have supermarkets that are close enought to NOT require that you have a car.
Some areas of Miami are better than others for investment purposes. But it will really boil down to what your prefences are (and what your investment goals are). It will definitely make a difference whether yours are long or short term investment goals.
I’m mentioning this because so many of our international clients come to Miami, wanting to buy in South Beach … because that’s an area they’ve heard about. Many of them mention the Brickell area as well, when it comes to investment property. And Alexandra and I sell both of those areas (as well as so many others)!
Keep in mind that from Miami Beach and Brickell it’s really only a 15 minute ride to Miami International Airport… and it’s about the same travel time from Coral Gables to the airport as well.
Distances are very short here here in Miami. Within a matter of minutes you can drive from neighborhood to another. Unlike in many parts of the country, it doesn’t take an hour to go from one town to another.
(In twenty minutes you can drive from the University of Miami in Coral Gables all the way to Palmetto Bay… and in that time you’ll pass from Coral Gables to South Miami, Pinecrest, and into Palmetto Bay.)
Every investment should be a matter of personal preference … and whether it’s a long or short term investment on your part will undoubtedly influence the area you choose to buy in. And we will be happy to guide you through the process. Whatever your investment objectives are, we will be delighted to work with you. Call Vicki and Alexandra anytime … 305-793-1365 or email the Restivo Team at restivo.v@ewm.com
