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4 ways Wynwood charms buyers

by James McClister

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Photo credit: Creative Commons Attribution-Share Alike 4.0 International

Despite recent reports of Zika virus in Miami’s Wynwood neighborhood, the arts district is still one of the city’s most popular spots, and it has a lot going for it that makes it a great area to buy a home. Here are four things that set Wynwood apart:

It’s walkable…and bikeable ­– It’s well documented that the new generation of homebuyers, as well as many in the older generations, favor urban walkability over suburban sprawl. It’s reflective of modern lifestyles, which are more active and environmentally conscious. With a Walk Score of 87, Wynwood is one of Miami’s top three most walkable neighborhoods. The neighborhood also has a fair bike score of 61.

It’s cultured – Wynwood is an arts district. It’s home to the famous Bakehouse Art Complex – which has been providing artists with workspace for more than three decades – and Wynwood Walls, a place with 80,000 square feet of wall space covered with the works of 50 artists. On the second Saturday of every month, the neighborhood hosts an art walk – a time for neighborhood galleries to stay open late and showcase new pieces. Art in all mediums is available in Wynwood, and the residents love it…as well as all the breweries.

Home values – As far as Miami goes price wise, Wynwood, where the median home sales price is $395,000, is a strong, mid-tier market. But the neighborhood is up and coming. It’s trendy, and its rich culture is helping define the modern flavor of Miami – both are good indicators that home price appreciation will continue. So those buying today could be selling for profits tomorrow.

It has an improving infrastructure ­– Public transit in Wynwood is already good. The neighborhood has a Transit Score of 66. But things are set to get better, as the City is planning to build a streetcar track that would link Wynwood with Downtown and a number of other on-the-rise neighborhoods ­– like Edgewater and Midtown. By allowing for better access in and out of Wynwood, the City is building a structure to allow for more significant economic growth – which can already be seen in the recent approval of the 24-acre Mana development and additional developments from Related and Thor Equities still pending approval.

 


Want to learn more about transportation updates in Miami? Read our recent story on new developments in public transit.


 

 

 

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Comments

  • Ashton Coleman says:

    There are NO home sales in Wynwood selling at (Median) $395K. Seller’s are in fact sailing off into the sunset with single lots of 5,200 to 6,900 selling from $1.2M to $2M for land value. Condo Sales may be on point at $395K!

    $395K as median/SP (for a home) must have been prior to 2012.

    Great article nevertheless and I thank you for promoting Wynwood!!

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