2020 is looking to be an exciting year for Miami real estate! We heard from top realtor, Dora Puig about the current state of Miami’s luxury residential market. Puig has had over $2.7 billion in sales over her career, is ranked #1 in Miami-Dade County and has been #1 since 2016.
What are three of the hottest neighborhoods in Miami for people looking to make a move in 2020?
Dora Puig: For the hottest neighborhoods, I would say south of 5th Street for luxury condominiums due to its walkability to restaurants, the beach, marina, and South Hyde Park. Other neighborhoods that are hot for this coming year are the Venetian and Sunset Islands for single family residences—also popular because of its easy walkability to the nearby Sunset Harbour neighborhood.
Do you find that there’s a particular buyer that’s dominating the industry more than others, such as millennials or young professionals?
DP: It depends on the price point but I would say it’s a mix of hedge fund managers, major players in tech companies, angel investors, and CEOs of large corporations from high income tax states such as California, New York, New Jersey, Connecticut, and Illinois.
What advice would you give to someone who’s looking to move after the holiday season?
DP: Buy your wife a nice holiday season gift – a big house with a big red bow on it! HAPPY WIFE HAPPY LIFE! In the Miami luxury residential market, the holidays do not necessarily have a great impact on the real estate market…the events that occur right before the holidays, such as Thanksgiving and Art Basel, are what truly impacts the luxury residential real estate market.
It’s a good idea to do your research on what exactly you’re looking for and to work with the right broker who knows the neighborhood and has ample experience.