Downtown Miami Local Area information and History page

Known as the "Magic City," Miami has transformed into a major national metropolis filled with international influence and a red hot lifestyle. No other area in this city captures this metamorphosis better than Downtown Miami. Only a few years ago, Miami's downtown was characterized by it's dormant nighttime streets as the office workers that packed the buildings during the day went home for the evening. A wave of luxury condo projects, mammoth mixed-use developments, and an influx of new residents have turned Downtown Miami into the "It" place to live, work, play, and shop. Currently, there are 8,800 housing units in Downtown Miami, representing nearly 20,000 residences. That number will grow massively with approximately 21,000 residential units under construction or approved for development. Economic Research Associates estimate that by 2030 the population will dramatically increase to 70,000 residents who opt for the urban lifestyle. Downtown Miami is already a buzzing area during the day as 105,300 people work there. That number, too, will grow. By 2030, that number will increase to 141,000 employees, a 34 percent jump. While office workers have limited time to spend money in Downtown Miami, they represent the second largest potential spending pool after residents.

Part of Miami's sizzle comes from it's diversity and international flavor. There are more than 79 languages spoken in Greater Miami and dozens of cultures represented. As the "Gateway to Latin America," jet setters from throughout the region come to work and play in the city. This sexy city also lures young professionals and visitors from all over the world with it's beautiful beaches and happening night life. "In terms of retail, Miami's international role represents major opportunities," says Marco Friere, General manager of Mary Brickell Village, a 194,000 square foot lifestyle center developed by Constructa Group. "We have a large number of Latin Americans and Europeans that have second homes in Miami and spend several months out of the year here. These individuals do a lot of shopping in our retail establishments." According to the Greater Miami Convention and Visitors Bureau, 11 million people visited Greater Miami in 2004, a 35 percent increase over 1990. About 1 million of those visitors, or nine percent, stay in Downtown Miami, while 21 percent visit the area. Of the $12 billion in visitor spending, Downtown Miami captures more than one sixth of those dollars $2.28 billion. Although tourists make up a good part of the visiting population, Downtown Miami is also a business travel hub. Downtown boasts nearly 6,000 hotel rooms in the world class hotels such as the Intercontinental Hotel, the Four Seasons, the Conrad Miami, the Hyatt Regency and the Mandarin Oriental Hotel.

   For those seeking a more refined experience, look no further than the Miami Performing Arts Center (MPAC). This complex serves as the centerpiece of the media and entertainment district in Downtown Miami. The new Carnival Performing arts hall has now opened downtown. This $446 million facility is home to the Florida Grand Opera, New World Symphony, Miami City Ballet, and the Concert Association of Florida. Additionally, Downtown Miami anticipates the development of Museum Park, a premier urban experience featuring museums and other cultural institutions. Other attractions include the family oriented Parrot Jungle Island, the Miami Children's Museum on Watson Island, the Miami Art Museum, and several historic sites like the Freedom Tower and the Gusman Center for the Performing Arts. With it's population multiplying and commercial and civic projects lighting up the streets, Downtown Miami is evolving into a true 24 hour city complete with amenities for every discriminate resident and employee. "If all the plans for the area come into fruition, Downtown Miami will become a future city-state such as London, Hong Kong, New York, Chicago, and San Francisco" predicts Michael Cannon, Managing Director of Inegra Realty Resources.

The future awaits Miami.

Needless to say, this thriving port city has real estate which many say is highly undervalued. In March 2008 median home prices for Downtown Miami Real Estate was $319,000. In the last 90 days 29 condos have sold while 8 have closed this month. In the last 30 days, 29 condos went under contract. Condominiums of Downtown Miami Real Estate range in price from $99,000 to more than $6.5 million dollars. Single family homes can be purchases from $319,000 to $5 million dollars. If you would like to review additional local market conditions for Downtown Miami real estate simply contact me today.

There are still real estate deals here in this magic city but you need a local market expert to help you. Ashton Coleman is an experienced real estate professional who has more than a half decade of home buying and selling experience in the Miami area, overseeing more than $12,000,000 of real estate transactions.
For true local and knowledgeable service in the Miami Beach FL real estate market, contact Ashton Coleman directly at 1.888.383.7326