Here’s where luxury home buyers park their money

Those looking for new digs in South Florida would be wise to check out one of these areas.

Coconut Grove

Coconut Grove is on the tip of many Miami real estate experts’ tongues, all of whom cite a sort of rebirth in an already prestigious area.

The city is doing a lot to revamp the area in terms of parks and restaurants, and it has more of a community feel.

One reason for that is an influx of office space, which has helped make the “live-work-play” lifestyle a possibility in Coconut Grove. New stores have also come in, and CocoWalk announced in the spring that it would be adding an open-air plaza as well as new stores and restaurants to the long-established shopping and dining center.

Plus, there are plenty of new places to call home. There are many new high-end buildings with top-of-the-line amenities.

“It’s one of the hottest areas in all of Miami,” says Daniel de la Vega, president of ONE Sotheby’s International Realty. He is handling sales at the not-yet-opened Fairchild Coconut Grove, where 26 luxury condominiums range from $1.4 million (€ 1.204.000) to $4.6 million (€ 3.956.000).

Downtown Miami

Walkability is one of the main draws of Downtown Miami.

Everything is super close, it’s like a city within a city.…It’s like a little New York there.” That includes the American Airlines Arena, home to the Miami Heat basketball team, cultural centers, and plenty of shops and restaurants.

The Brightline train is now connecting passengers from downtown to West Palm Beach and Fort Lauderdale, and developers are looking to the area as another “live-work-play” location.

Downtown shares its southern border with Brickell, and the whole area is seeing a lot of interest.

The Phillip and Patricia Frost Museum of Science, which opened in 2017, and the Perez Art Museum Miami, which features modern work, are highlights of the area. A renewed sense of community has spurred new events and projects.

One new project is Okan Tower. Rising 70 stories, Okan Tower’s impact on the skyline is undeniable. Unobstructed views of Biscayne Bay and the city spread out in all directions, while at the same time infusing the building’s interiors with natural light. At the ground level, the property becomes all about connection – reflecting the dynamic energy of one of the city’s most exciting emerging destinations. It is a place where ideas take root and expand to their fullest.

East Edgewater

East Edgewater is making waves. It’s minutes away from the new Design District and only minutes away from Miami Beach.

Not that one would necessarily want to leave. The area is home to several new retail options, think high-end shops and gourmet restaurant and has sweeping views of Biscayne Bay.

Beyond emerging, it’s developing, it’s a hot neighborhood.”

The condo market is especially strong. The neighborhood has single-family homes lining the side streets, as well.

New residential developments include Aria on the Bay, in which Grammy Award–winning producer Timbaland bought a home. A three-story penthouse is for sale for just under $13 million (€ 11.200.000).