Miami is an effervescent cocktail of colours. Where both sun and sequins sparkle. Its long stretches of fine sand lined by palm trees are legendary. Its fabulous villas, its top-class yachting and its wild parties attract those who revel in luxury and glamour. In the wake of Art Basel Miami, the Florida city has become a global contemporary art village. Museums have sprung up all over, Street Art illuminates the streets of the former area of Wynwood and Art Deco is flaunted in Sobe -South Beach- and on the houses of Ocean Drive. Music, cuisine, fashion and architecture are all steeped in Cuban and Latino influences. And the surrounding natural sites -Everglades National Park, Florida Keys beaches- are exquisite. So it’s no surprise that the “Magic City” is leading the rankings of top cities for US investors in 2021.
The real estate market
On a continuing upward trend for a number of years. Estimated at $240,000 in 2015, the average price of property in Miami-Dade County stood at $410,000 in 2021. And the trend has accentuated in the past year. Prices in Miami Mainland have climbed +9% to equal those of Coconut Grove (one of the most coveted family neighbourhoods) which have meanwhile remained stable: from $7,000 per sq.m for a high-end property to $14,000 per sq.m for a premium property. Miami Beach ranges between $10,000 and $30,000 per sq.m while Key Biscayne is priced at $11,000 to $20,000 per sq.m.
Despite this growth, prices have not yet reached the peak observed in the last cycle.
Our advice
Thanks to its lifestyle, its economic development and its tax benefits, Miami has great potential that can be optimised by focusing on certain neighbourhoods, explains Enzo Rosani, Associate Director at BARNES Miami.
“If I could buy stocks in Miami, I would. And buying property is like buying stocks.”
Which neighbourhoods to invest in? For condos, Edgewater offers building land and high-end apartment buildings directly overlooking the bay at prices half that of Miami Beach. Downtown is undergoing intense transformation and Brickell has seen rents increase by 30%.
For houses, Miami Beach, Coconut Grove, Key Biscayne and Coral Gables remain sound investments. The fast developing Miami Shores, Shorecrest and Keystone are central neighbourhoods with moderate prices where buyers can find a waterfront home that will generate a nice mark-up. The lifestyle in Venetian Islands, La Gorce and Allison Island continues to inspire.
Local life: Celebrating art and design
BARNES has put together a selection of top restaurants, trendy boutiques and cultural venues to help you discover what the electric Florida metropolis has to offer! Diaries at the ready!
Ideas for cultural outings
The Bonnier Gallery
©Bonnier
Inaugurated in 2019, it exhibits contemporary artists with a certain taste for colour and depth.
3408 NW 7th Ave, Miami, FL 33127
The Pérez Art Museum
©Perez Art Museum
Where visitors can notably see Marcel Duchamp’s ‘Box in a Suitcase’, ‘Femmes au perroquet’ by Fernand Léger and ‘Red Nana’ by Niki de Saint Phalle.
1103 Biscayne Blvd, Miami, FL 33132
The Patricia & Phillip Frost Art Museum
©Facebook Patricia & Phillip Frost Art Museum
Which is presenting a retrospective on Bob Dylan until 17 April 2022. Throughout the year, the museum exhibits over 6,000 objects, with Latin, Cuban and Haitian influences in particular.
10975 SW 17th Street, Miami FL 33199
The Galerie Markowicz
©Facebook Markowicz Fine Art
Markowicz Fine Art Gallery, which has showcased international artists for many years who have made a name for themselves on the contemporary art scene (Andy Warhol and Tom Wesselmann included). A must-visit for art collectors, the gallery is located in Miami’s emblematic Design District.
110 NE 40th Street, Miami FL 33137
Trendy addresses
Showfields
©Showfields
A one-of-a-kind store located in South Beach, where you can find specialist designer pieces as well as works by local artists.
530 Lincoln Rd, Miami Beach, FL 33139
The Boat Show Miami
©Boat Show Miami
An immersion into the world of yachting for a few days every year (and incidentally the world’s biggest yachting event). The 2022 edition will take place from 16 to 20 February in Miami Beach and Downtown Miami.
Frankie
A store opened by two friends in Sunset Harbour. A fashion paradise showcasing gems not seen anywhere else.
1891 Purdy Ave, Miami Beach, FL 33139
CURIO at Faena Bazaar
©Facebook CURIO at Faena Bazaar
A store that also exhibits works from art galleries. A modern-day bazaar featuring scented candles, niche fragrances and colourful kaftans.
3400 Collins Ave, Miami, FL 33140
The hottest reservation in town
Zuma
©Facebook Facebook Zuma Miami
Where Chef Rainer Becker serves premium sharing platters against a modern décor.
270 Biscayne Blvd Way, Miami, FL 33131
Leku
©Leku
A restaurant whose chef draws his inspiration from Basque flavours (and, by extension, Spanish). All at the heart of the Rubell Museum.
1100 NW 23rd St, Miami, FL 33127
Quinto La Huella
©Quinto la huella
Simple dishes prepared with the best seasonal ingredients. And a touch of Latin flavour. An authentic journey to Uruguay.
788 Brickell Plaza, Miami, FL 33131
Ariete
©Ariete
Chef Michael Beltran prepares 6-dish tasting menus with a surprising trompe-l’œil twist.
3540 Main Hwy, Coconut Grove, FL 33133
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