Friday, March 10, 2017

Urban Infill: A Dream Come True For Miami’s Real Estate Market

If you’ve always dreamed of building your own home and always dreamed of living in Miami, you’ve probably never dreamed of doing them at the same time. Although Miami is a hot spot for luxury waterfront properties and breathtaking condos with a few, Miami doesn’t necessarily have acre and acres of land available for new residential developments. However, in recent years small developments have been creeping into the mainstream, allowing people to build brand new properties on existing Miami land, allowing them to be central to beaches, shopping, restaurants, parks, great schools, and nightlife. It’s the best of both worlds, and something millennials and baby boomers are getting really excited about.

By definition, urban infill is made to “fill in” space that is currently occupied by existing land. It is a way to build community and bring economic growth to a particular area. Miami can benefit greatly from this growing trend since there are pockets all throughout the city that aren’t quite big enough for full-scale residential developments but are optimal spaces for smaller, more modern communities that don’t take up as much room.
Millennials are especially interested in Miami’s urban infill development for many reasons. They prefer to live close to where they shop, work, and socialize. They want to live close to public transportation and within walking distance to everyday conveniences like grocery stores, salons and banks. They flock to Miami to experience the “big city” feel, and then when they move up professionally, make more money and start their family, they’re hesitant to move out to the suburbs and uproot their foundation. This is why urban infill works so great for this generation because millennials are looking to upgrade their living space without leaving the city. They are perfectly content with smaller, more modern homes as long as it allows them to stay connected to the people and places that are important to them.

Baby boomers are another group of people who are leading the trend in urban infill development. These empty nesters now have a lot of space and a lot of free time, and downsizing to smaller developments in the city makes perfect sense. They want smaller and more convenient housing that puts them closer to the things they want to do, after years of basing their living location on the needs of their children. Moving into urban infill developments in Miami allows baby boomers to be close to the beaches, shopping and a variety of restaurants while providing them with affordable and realistic space to enjoy their retirement.
With the rising trend of urban infill development in Miami, homebuyers now have the option to build a property that makes sense for them in the city that they’ve grown to love. Smaller, more customizable homes and developments are desirable to many families who want to be fully immersed in the high energy of the city and don’t want to move out to the suburbs just to have the home of their dreams.

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