If you have any questions about how Miami has transformed itself over the last decade into a global destination city and epicenter of contemporary art culture, then check out Bal Harbour; it’s a microcosm of all the things new buyers love about Miami.
Shopping is great, and the parking is about to get better – Bal Harbour is one of the neighborhoods that have magnetize Miami and made it into the destination city it’s now considered. It has a great coastline, award-winning hotels, and the shopping is among the best in the country. Over 100 stores line the neighborhood’s streets, mixing high-end brands like Gucci and Versace with local boutiques. Locals favor the area, as do visitors, which has helped bring attention and money to Bal Harbour but also resulted in traffic congestion and limited parking – a problem in several Miami hot spots. In response to the issue, Bal Harbour officials have put together a parking enhancement plan for the Bal Harbour Shops area, which purposes increasing parking by more than 1,000 spots.
Art and culture are easy to find – As part of Miami’s transformation over the last several years, the city has widely embraced its identity as a cultural epicenter and mixing pot. This is particularly true of Bal Harbour. The city not only features a number of art destinations, but supports a unique public art program called Unscripted Bal Harbour. Its aim, as the program’s website confirms, is to make contemporary art accessible to local residents and guests, which includes showcasing a permanent collection at the Art Museum Miami and hosting four annual Art Chats that feature “renowned guests.”
It’s a community for business people – Bal Harbour is a hip, artsy place, but it’s can also be partly described as a business community; and not only in terms of commercial diversity but its population, as well. Nearly 70 percent of the city’s residents work in either business management, finance, sales or administrative support.
It’s a luxury market that’s becoming cheaper – Over the last four years, Bal Harbour has seen a surge in its million-dollar home inventory. In 2012, 4.3 percent of the area’s housing stock was $1 million and up homes. By 2016, that share had jumped to 25.2 percent. Bal Harbour’s high-end shopping, restaurants, art scene and inventory has made it a favorite for wealthy buyers from all around the city, country and world. The market’s popularity has helped elevate home prices, which has had the effect of making it unaffordable to some. But in recent quarters prices and sales have fallen. Greater Miami’s condo glut has stretched demand too thin in some areas, and now the markets are adjusting. In Q3, median condo prices in Bal Harbour dropped 26 percent year-over-year, while sales fell 12 percent. At this rate, Bal Harbour will soon be a buyer’s market.