Years ago the housing market crashed, banks closed, and the Wall Street fell. Millions of people lost their homes, jobs, and their life savings. Today the housing market is improving, and the proof is visible in one of the fastest growing housing industry in Brickell.
Residential Housing Growth Increasing
Residential homes, condo, and apartments are the fastest growing real estate in Brickell. The demand for housing area in this has caught the attention of the Residential Real Estate Market Study. Brickell and Edgewater both are experiencing its largest growth of each. Brickell’s housing growth has already reached a whopping 27%.
Facts- Statistics- Demographics
According to demographics found on Point2homes.com, the population in Brickell is 56,681. The zip codes for the area are 33129. 33130, and 33131. The city has 74% of white collar employment and 26% blue collar, and consumer spending is above average.
In 2010, Brickell population was 27,776, which shows that this number has nearly doubled over the past few years. A population and demographic profile shows that the Greater Downtown area of Miami housing units is increasing by nearly 100%. Nearly 26,000 housing units have been built since 2000, and the demand for housing is steadily increasing.
Census taken of Brickell in 2000 showed a population of 13,584. In the 2010 census, the population increased to 27,776 and in 2011, the number increased t0 31,000. From 2000 to 2010 the total increase in Brickell’s population was 104.5%.
Housing Real Estate in Brickell Today
Population trends taken for Brickell’s population for 2014 was 32,489, and the projection rate for the 2019 population growth is 37,087. This explains the current real estate sales and development in Brickell. It was only last month (July 2015) that Brickell City’s Urban Development Review Board planned a project that would increase real estate sales and housing by 1,750 new residential units.
The real estate increase is mainly due to foreign investors. The construction of new buildings ranges from condos to two- story apartment complexes, and single family construction. One developer is making plans to build a luxury condo on the waterfront property, adjacent to Mercy Hospital, located in Coconut Grove.
This develop requires some zone changes, which is usually approved by the Department’s Planning, Zoning and Appeals Board. Redevelopment is big in Miami, and Brickell is part of the redevelopment and new development changes, which are currently are taking place in Brickell and other surrounding areas. The construction of new up-to-date, modernized structures are reviewed in terms of minimizing human and property loss during hurricane season.