November 2011 – Miami Design District Housing Report

Another request granted to our loyal readers and one of the areas in The Miami Real Estate Market that has kept us busy this year.  Miami’s Design District boundaries are not at all big and often confused by appraisers.  Within the boundaries, you will find the previously known Biltmore and Shadowland Districts, currently known as Buena Vista East Historic District, as well as designer showrooms and restaurants that include Christian Louboutin, Kartell, Casa Fendi and Luminaire, to mention a few.  For clarity’s sake, here’s a map of the boundaries we use:

There are currently 4 Design District homes for sale in the Multiple Listing Service (MLS):

  • The highest priced listing is the historic home at 111 NE 43 Street, priced at $625,000.
  • The lowest priced listing is the foreclosure at 80 NE 50th Street, priced at $184,900.
  • Pending sales (properties under contract):  7
  • Closed sales in November 2011:  0

Miami’s Design District is still considered a neighborhood in “transition”, and this has nothing to do with race or minorities, since that would be a complete violation of Fair Housing Laws coming from us.  It has to do with pricing as well as amount of renovated homes in the area.  You can find a magnificent and completely restored 2-story historic home next to a dilapidated non-descript tear down.  This obviously affects the property values in general.

On a positive note, it’s a great neighborhood to buy into NOW, knowing that property prices will not be this low forever.   We have found that it’s a great place for first time home buyers that cannot afford areas like Miami Shores, Belle Meade or Morningside in Miami’s Upper East Side.

In 2011, there have been 15 Design District homes sold with a median sales price of $176,500 and an average price per square foot of $123.  I can tell you that a lot of these homes are selling for cash, at much higher prices than appraisal value, since pricing is so reasonable compared to other desirable residential areas in Miami.  We know this from personal experience, being on both the listing side as well as buying side of transactions.  Prices in the Design District will not be this low forever and the lack of inventory is proof of that.

2 thoughts on “November 2011 – Miami Design District Housing Report

  1. Please consider extending your Eastern Border to Federal Highway (or the train tracks) to include Brentwood, Archbishop Curley Notre Dame, and Design Place. As the train line is re-activated this sliver becomes more and more attached to 2nd Avenue and the rest of the Design District. Thanks for the consideration.

    While ACND is not part of the real estate market, it does add quality green space, meeting facilities, and a top quality middle school and secondary school to the mix of interest to prospective buyers.

    Brother Patrick Sean Moffett, CFC, Ph.D.
    Archbishop Curley Notre Dame Prep

  2. Brother Patrick,
    Believe it or not Archbishop Curley Notre Dame High School is a great “selling tool” for the Design District and I personally point it out on a regular basis. With that being said, the actual residential area East of NE 2nd Avenue, to the train-tracks is not of the same character as the DD. From size of properties, architecture, but most importantly, urban design (set backs, zoning, etc).
    Thanks so much for reading and commenting and we will continue to promote the school.

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