Say the word “Miami,” and what comes to mind? Beach bods, maybe? Or how about luxury high rises and delectable Cuban food? Yes, there’s that, too. And more. If you assume all that sunshine and sexiness is only for the bikini-clad among us, we’ve got good news. This vibrant city has so much more to offer than just the beach alone. One of our favorite neighborhoods, the Wynwood Art District, which boasts an urban vibe that’s alive and kickin’.
What $350,00 will buy:
If you’re lucky (and quick), you might be able to pick up a condo in the area. An 840 square-foot loft at Wynwood Lofts currently goes for $299K, or 1063 square feet for $375K. Thinking investment?
Rental income potential:
The above condos will bring in at least $2,300 a month in rental income.
Even if you’re purchasing to live rather than invest, you can take advantage of Art Basel, the world’s premier international art show for Modern and contemporary works, and other big Miami events. Skipping town or staying with a friend for a few days can bring in big bucks. “It’s very international. People come in from all over and hotels get booked out,” says Paula Fera of the residential real estate brokerage firm Douglas Elliman. Some homeowners , make as much as $10,000 a week for their condos, she says.
This neighborhood of warehouses-turned-galleries went from up-and-coming to the “It Girl” of artsy meccas in the blink of an eye. The prices of these warehouses have “jumped so high in the last two years that it’s hard to even touch,” Fera says. “But it is a very artful community.” The 70-plus galleries, the restaurants, antique shops, retail stores, and street art galore (including one of the largest permanent mural exhibits in the world), all come together to make this an ultra-hip destination for art lovers.
Unemployment rate: 8.4%
Median household income: $29,621
Median Value of Owner-Occupied Housing Units: $221,900
Median Sales Price: $240,000
Median List Price: $229,900
A little Wynwood history…
*Data taken from RealtyTrac.com, United States Census Bureau, Trulia.com, and Bureau of Labor Statistics, Sept. 2014