Real Estate

Miami Real Estate History Booms

By Araceli Villanueva

Miami the Global city, Miami the international city, Miami the refuge for spring-breakers, Miami has the best beaches, and the sun shines so bright! Miami is the place to be.

Miami is indeed a city of greatness! But did you know how it all started? Did you know that Miami started booming since 1896 and has not stopped since then? Sure there were some setbacks at times but none of them kept the city down for as long as everyone anticipated.

Today’s blog is a little history lesson about Miami’s historic BOOMS. Real Estate wise this is the city to invest this is THE CITY!

Below are some major  events in bullets points. This is great information that i had the opportunity to learn from the Miami New Construction Show 2015 and i must share with you.

History of real estate booms in Miami and their impact on today’s neighborhoods and municipalities

By Dr Paul George-Historian Professor

1896

  • 1896 Incorporated Miami gest incorporated by Henry Flager (he brings the train rails to connect FL to the rest of the country)
  • Tourism starts flowing to South Florida
  • National Prosperity
  • Foreign Investors
  • Extension of Everglades

1910 – 1920

  • Population boom 400% growth (1910-1920)

1914 – 1916

  • The construction of Viscaya set the stage for growth in Miami
  • Engage 10% of population workforce

1920’s HUGE BOOM

  • Huge RE boom makes Miami an emerging metropolitan

1925 (THE BOOM) late summer

  • Most talked about financial development
  • Coral Gables, Miami Beach new cities created by developpers
  • Coral gables sold about 100k in property lots
  • First suburbs
  • First skyline
  • Was put in the news for the first time
  • “Binder Boy” Professional speculators. Would sell real estate on the streets as if it was candy
  • Miami Herald had the biggest advertising section of any newspaper in the world 88 pages regularly
  • Miami Daily put out a special edition containing 504 pages
  • Lots of permits were open
  • Miami shores was created late 1924 sold about 75k in property lots
  • Federal Income Tax created to pay for the entire value of the transaction

1926

  • Hurricane sets back the boom

1930

  • Population growth

1935 (BOOM)

  • Miami Beach Art Deco buildings lots of tourism brought this part booming again after the WWII there was another boom. Many soldiers moved here after the war.
  • Especially: Miami beach, south beach, mid-beach up to 40th street
  • Miami beach was among top 10 cities In the USA who built great profits
  • Unionized workers were getting paid vacation for the first time

1940’s

  • Florida grew by 72%
  • Greater Miami population growth by 87%
  • RE Boom
  • Explosive growth of suburbs
  • Hotel Constructions: Fontaine Blue
  • FPL was created in 1946 in Miami

1950’s BOOM

1980’s

  • Brickell was created (it used to be a residential (houses) neighborhood)
  • For the 1st time foreign national money was very important to develop Miami

2002 BOOM

  • Speculative more than any other area and time in the real estate history
  • Easy lending guidelines
  • Foreign national buyers
  • Downtown Miami has the 3rd most dense skyline after NYC and Chicago

2011 BOOM

  • Foreign Nationals buying all condo’s
  • Miami River revival
  • Little Havana
  • Wynwood
  • Design District
  • Revitalization of the old neighborhoods 3-4 years ago
  • An article at the Miami Herald said:
    • Miami is more of an international city now than ever before

Longest & Shortest booms in Miami

  • Longest boom 1946-1958
  • Shortest boom: Art Deco boom
  • Also the 2007-2011 is really short

I truly hope that this little history lesson not only was informative but also opened up your eyes about the many investing opportunities that the city of Miami offers as it is constantly BOOMING, and evolving non-stop.

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