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The flow of new residents to Miami has brought job opportunities, spurred development and raised the city’s profile as an international destination. But the increased population has also helped Miami earn a more dubious distinction: Its roads are now among the most congested in the world.

Doral is no longer Miami-Dade’s fastest growing city.

North Miami grew 3.2 percent between 2017 and 2018, the fastest rate of any incorporated city in Miami-Dade, new census data show.

The city added approximately 2,000 people over the 12 months surveyed, growing from 61,042 to 62,996. North Miami was followed by Sweetwater (2.8 percent to 21,543) and Miami Lakes (2 percent to 31,628).

Miami and North Miami Beach both grew 1.9 percent to 470,914 and 45,887, respectively.

North Miami grew 3.2 percent between 2017 and 2018, the fastest rate of any incorporated city in Miami-Dade, new census data show.

The city added approximately 2,000 people over the 12 months surveyed, growing from 61,042 to 62,996. North Miami was followed by Sweetwater (2.8 percent to 21,543) and Miami Lakes (2 percent to 31,628).

Miami and North Miami Beach both grew 1.9 percent to 470,914 and 45,887, respectively.

In most cases, Miami-Dade cities saw growth slow or decline. Hialeah went from 1 percent growth in 2017 to no growth in 2018. Miami Beach lost approximately 340 people after a year of approximately flat growth in 2017. Coral Gables lost approximately 170 people in 2018.

The growth of Doral, which had been one of the fastest-growing cities in Florida for most of the decade, tapered substantially, falling to 1.5 percent growth in 2018 compared with 4.4 percent in 2017.

The latest data do not break down components of growth, so there is no way of knowing how much was attributable to immigration, domestic migration or natural births.

 

Source:  Miami Herald

A budding technological industry, a nationally renowned art scene, and several recent multibillion-dollar retail ventures have played key roles in turning Miami into one of the world’s most attractive and dynamic global cities.

Miami’s median single-family home prices – which have registered four years of consistent growth and sit at $245,000 according to the latest MIAMI Association of REALTORS® (MIAMI) report – remain affordable compared to other similar international cities.

The region’s long-term housing appreciation helped four Miami communities – Doral, Bal Harbour, Homestead, and Miami Lakes – finish as the top-four places to invest in real estate in the entire state of Florida, according to a new study from consumer finance site NerdWallet. Miami communities comprised seven of NerdWallet’s top-10 places to invest, and 12 Miami-Dade County locations made the top-25. The San Francisco-based NerdWallet analyzed 227 Florida cities using U.S. Census and Florida Department of Revenue data. Municipalities were scored using Census vacancy rates, affordability, and 10-year home value appreciations.

MiamiDadeCommunitiesDoralDoral

Doral topped the list because of its relative affordability, low unemployment rate (4.4 percent or more than a full percentage point lower than the statewide rate), and strong population growth, NerdWallet said. The Miami-Dade County city has increased its population by 14 percent, or 6,000, from 2010-13.

MiamiDadeCommunitiesBalHarbourBal Harbour

Bal Harbour in Miami-Dade finished second mostly because of its speedy residential sales, NerdWallet said. According to NerdWallet’s 0-10 scale for speed of sale, Bal Harbour scored 8.66. Bal Harbour’s percentage of housing value has increased 62.06 percent in the past 10 years, according to NerdWallet.

MiamiDadeCommunitiesHomesteadHomestead

Homestead in Miami-Dade is the third-best place to invest in real estate in Florida, NerdWallet said. About 56 percent of Homestead’s homes have increased in value over the past 10 years. Homestead prices averaged $79.42 per square foot, the most affordable in NerdWallet’s study.

MiamiDadeCommunitiesMiamiLakesMiami Lakes

Miami Lakes was named the fourth-best place to invest in Florida because of it price appreciation the past 10 years, NerdWallet said. About 57 percent of the city’s homes have increased in value the last decade while vacancies have dropped by 3.6 percent. Buyers are paying an average of $152 per square foot for a Miami Lakes home.

NerdWallet’s Florida Rankings:

1. Doral, 2. Bal Harbour, 3. Homestead, 4. Miami Lakes, 5. Marianna, 6. Hialeah Gardens, 7. Aventura, 8. Pinecrest, 9. Cape Coral, 10. Winter Garden, 11. Cooper City, 12. Callahan, 13. Miramar, 14. Key Biscayne, 15. Hialeah, 16. Cutler Bay, 17. Lauderdale-by-the-Sea, 18. Surfside, 19. Freeport, 20. Wellington, 21. Weston, 22. Coral Gables, 23. Palm Springs, 24. Parkland, 25. North Miami Beach.

 

Source: Brickell Community Newspaper

Condos may get all the publicity, but industrial space in Miami is hot again, with developers competing for land and tenants.

More than 4 million square feet of space is in the development pipeline. And land prices are reaching record level, attracting as much as $1 million per acre. The investment industry now considers Miami a tier 1 city, which is attracting more institutional investors, Steve Medwin, managing director for Jones Lang LaSalle South Florida told WPC News. “REITs, the life insurance companies, private equity firms, all have raised tremendous amount of capital for real estate… they want to have a location here,” Mr. Medwin said.

Several catalysts are driving the market, including the Panama Canal expansion, which will bring Panamax-class container ships to Miami’s port in 2015, as well as the growth of the economy in Latin America.   Developers delivered almost 300,000 square feet of warehouse and distribution space in Miami during the third quarter. An additional 733,737 square feet is currently under construction, according to CBRE. Another 3.9 million square feet of space is in the development pipeline.

The largest delivery during the third quarter was Building 1 in South Florida Logistics Center, adding 171,545 square feet to the area known as Airport/Doral. The South Florida Logistics Center will eventually add 1.6 million square feet of industrial space across 200 acres next to Miami International Airport.

net-absorption-cbre-research-q3-2013The popularity for land in Doral has pushed up prices for competing investors.  “Prices went from a $1 million an acre [before the recession], down to about $400,000 an acre in the bottom of 2009 in Doral, and are now back to about $750,000 an acre — if you can find it,” Mr. Medwin said.   The year-to-date net absorption of 794,356 square feet at the end of the third quarter already surpassed the total absorption for 2012. Starboard Cruise Services signed the largest lease — 220,000 square feet at the future Flagler Station Building 34, according to CBRE.

The vacancy rate for Miami’s industrial market is down to 4.9 percent, dropping 40 basis points from the previous quarter, and down 120 points from last year. Average asking rates were up to $7.81 per square foot during the third quarter, which is $0.43 per square foot higher than last year, CBRE reports.

The recent development has led to a glut of product in certain areas, which is helping to keep down prices, Mr. Medwin says. “We are seeing is a lot of speculative construction by these big institutions who were able to buy land in the last couple of years and they are all delivering around the same time,” Mr. Medwin said. “There are a number of choices so rental rates are staying low there, they’re not shooting through the roof.”

under-construction-and-completions-cbre-research-q3-2013The demand for Miami’s industrial product should continue to increase, analysts say. “Several sizable investments sales, both institutional and private, are expected to close during Q4 2013, resulting in a boost in sales volume,” CBRE said in the report.

Although land is predominately scarce, the city still offers potential for developers and investors, analysts say.   “It’s a supply constrained market, so there’s not a lot of land around,” Mr. Medwin said. “But there’s enough to build another 10 million to 20 million square feet, which is 5 to 10 percent of the base we already have in Miami, over the next 3 to 5 or 10 years.”

 

Source: World Property Channel