We predict that increased demand and popularity among young professionals in this area will help the Miami housing market as a whole.
(PRWEB) March 29, 2013
Houses.com, operated by eReal Estate Holdings, reported a 273% increase in Miami home sales over the past 5 years when comparing Q4 2012 to Q4 2007. Two hotspots, Downtown Miami and Brickell, are largely responsible for the positive trends. These areas have had a substantial growth in population over the past decade or so. Access to a wide selection of restaurants, bars, shops and clubs, as well as an urban lifestyle have contributed to Downtown / Brickell being a very attractive place for young people to live. As these areas become increasingly popular with working professionals and families, demand for real estate will also continue to rise.
The 1.8 square-mile Miami DDA (Downtown Development Authority) area has experienced the greatest amount of growth in recent years. According to a 2011 DDA report, this area consists of 3 different regions – the Arts and Entertainment District, the Central Business District and the Brickell Financial District. The 2010 U.S. Census reported a population increase of 172% in Miami’s downtown core during the past decade (from 2000-2010). As of 2010, there were 32,100 people living in the Miami DDA area. The Census Bureau also reports that around 57% of people residing in the area are between the ages of 20-44. With many downtown residents being employed as professionals, the per capita income growth is one of the highest in Miami-Dade.
Leading real estate portal Houses.com has demonstrated that the area’s popularity has led to an increased demand in the housing market. More people are looking to reside in the Miami DDA area because they are employed close by and would rather not have to commute from surrounding areas. In Downtown Miami, an average increase of 2,600 residents per year (2010 Census) has affected housing prices of both listings for sale and for rent. Recent market data shows home prices in Brickell have gone up in the past three months. The average listing price has increased by 27% since December 2012. Rental prices have also risen in Brickell as the available inventory of homes for rent has shrunken.
A shrinking amount of unoccupied housing has also contributed to the increased demand and rising home prices in Downtown Miami. The 2010 Census recorded 44,931 housing units being available, up from 19,361 units recorded in 2000. Over a 10 year period, there was a 132% increase in the amount of inventory. At the onset of the housing crash, much of this inventory was vacant. As the real estate market stabilizes, a majority of the available housing has become occupied. This trend will continue as the changing demographic profile of the area attracts a more diverse and influential population. There are also many foreign nationals who have decided to invest in Downtown Miami real estate. To find real estate for sale in Miami, visit miami.houses.com/forsale.
Richard Swerdlow, the CEO of eReal Estate Holdings, stated: “Over the past decade, Downtown Miami and Brickell have undergone a tremendous urban transformation. We predict that increased demand and popularity among young professionals in this area will help the Miami housing market as a whole.”
About eReal Estate Holdings LLC
eReal Estate Holdings LLC owns and / or operates the category-defining portals Condo.com, Houses.com, Property.com and Location.com. These real estate portals are the world’s largest online marketplaces for real estate with more than 30 million properties for sale, rent and vacation in the United States and 70-plus countries around the world. The sites receive more than 1.5 million visitors per month, and cost-effectively deliver exposure and qualified leads to builders, real estate professionals and homeowners. The privately held eReal Estate Holdings LLC is headquartered in Miami, Florida.