Buying in Little Havana? Real estate values have depreciated right along with it's neighbors in Brickell West, The Roads and just about everywhere else. (UPDATED in 2016 READ BELOW)

If you are looking to invest I think you will have to be selective and patient. I have clients who have invested in both the area you are interested in and also around Brickell and Downtown Miami. But, it is also important to know whether you are looking at condos or single family homes as they behave differently in terms of price and demand in this market.

In the case of my clients, they were value investors of real estate and found some very good deals relative to what their financial goals were.

In terms of the area itself it is a mixture of older rehabbed low rise and mid rise buildings mixed in with newer mid rise and low rise buildings that have shown themselves to have some great opportunities for buyers. As you go further East and South (Roads/Coral Way, etc...) you head into the single family home areas.

It is a pretty strong rental market (Condo side) despite the pressure it gets from properties in Brickell West, Brickell and Downtown Miami.

I could go into more detail for you but I would need a better idea of what your specific goals are.

I'm not much of a gambler but I believe in the area and in it's future prospects.

Hope that was helpful and feel free to contact me if you like.

Best,
Adrian

It's February 2016 and a lot has changed since this article and response was posted. Buying in Little Havana is no longer a question of depreciated values or lowered expectations. Case in Point. Brickell West which lies between Brickell and Little Havana South Eastern tip along with The Roads residential communities have rebounded very strongly. Brickell West has changed dramatically from low rise rentals to mid and high rise condo's and rental buildings all catering to middle income to in some cases upscale consumers. Apartments that once sold in Little Havana for $40,000.00 now can be seen closing or selling for almost three times as much. Older buildings are being better maintained now that we have weathered the worst of the financial crisis and a lot of money has poured into the area buying up properties for large scale development and mixed use projects.

So, in retrospect, buying here was a good bet and would have paid off nicely. But is it still worth investing in? The short answer... Yes. Depending on your goals, Buying in Little Havana, especially the Southern and eastern portions that run along the Miami River, are very strong plays already receiving a lot of interest from international and local developers who see the benefit of increased density in these areas near downtown Miami and Brickell.

What a great title! Here is the better news for homebuyers. Florida's median home (Single family homes) price last month was $142,00 compared to the national average of $177,500 making Florida not just a great place to live but a relative bargain and 19% cheaper than this time last year!

Beside Florida home sales posting better numbers, there were some other things of important note. Foreclosure activity and Short Sales (Distressed properties) were still pushing prices downward or to use the National Association of Realtors term "distorting values". As much as we would all love to put on our rose colored glasses and argue that short sales and foreclosures are not legitimate transactions (But distortions) upon which to value property; the fact remains they constitute the bulk of activity in key markets and beside being a great opportunity to buy are also REALITY. But I digress....

Other good news is that condo's are faring better as well. Almost twice the amount of condo sales took place (5088 units sold statewide versus 2870) in September. Couple that with the fact that the states median condo price is $102,500 versus $179,300 for the national average and the picture is becoming increasingly clear that the time is nigh to buy!

Specific, harder hit markets values will vary but the overall picture is looking better for us in the Sunshine State.

So, prices are down to incredibly low, lows. Transactions are up and interest rates on a 30 year fixed are hovering around the 5% mark. And you are waiting because....?