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| 06/28/2024 In this issue of MarketRent™ powered by Clarendon, we spotlight the transformation of Overtown, FL. Known as the "Harlem of the South," Overtown is experiencing a surge in development, attracting investors. Its prime location and excellent connectivity make it appealing. Multifamily developments and new amenities are reshaping the neighborhood, sparking a revival of retail and commercial areas. The new Brightline station and government initiatives enhance its appeal. Overtown offers real estate professionals a compelling opportunity for inclusive redevelopment in the heart of Miami. We also share a variety of data tools and visualizations to help you understand the connection between walkability rental prices and development in Overtown. |
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| FEATURED Overtown: Live, Work, Thrive |
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| Overtown, once the "Harlem of the South," contrasts with the sleek Downtown and Brickell areas of Miami. Historically underinvested, it is now experiencing significant development, attracting investors due to its prime location near major transit routes and adjacent to vibrant districts like Wynwood. Landmarks like the Overtown Lyric Tater add cultural depth. Recent multifamily developments address the demand for affordable housing, revitalizing retail and commercial spaces. The new Brightline station and projects like the Underdeck Park enhance connectivity and amenities. Overtown's history, central location, and ongoing revitalization efforts present a promising opportunity for real estate professionals. Read more and also explore recent development in the area. |
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| INSIGHTS Beyond Transit: The Impact of Walkability on Property Values in Downtown Florida |
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| Walkability significantly impacts rent premiums in urban real estate. This concept, referring to residents' ease of accessing amenities on foot, is particularly valued in dense urban areas like Downtown Florida. Overtown, a historic Miami neighborhood, exemplifies this with enhanced walkability from recent revitalization efforts, boosting demand for rental properties and driving up rents. For developers and housing authorities, investing in walkability increases rental income and property values, benefiting all parties, including residents who enjoy more convenient living. Additionally, walkability supports sustainability by promoting healthier lifestyles and reducing car reliance. Understanding this link is crucial for urban real estate success. |
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| DATA Walkability Premium in Miami: Is Overtown a Hidden Gem? |
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| In South Florida, walkability significantly affects rent premiums. High walk scores, indicating easy access to amenities, typically lead to higher rents, while areas with lower walk scores offer larger, quieter properties. Miami's Overtown, with a moderate walk score, balances convenience and affordability, attracting those seeking a walkable lifestyle without high costs. This dynamic is crucial for developers and real estate professionals. |
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| All content is provided herein “as is” and neither Clarendon Valuation Advisors, LLC (“the Company”) nor its affiliated or related entities, nor any person involved in the creation, production and distribution of the content make any warranties, express or implied. The Company does not make any representations regarding the reliability, usefulness, completeness, accuracy, currency nor represent that use of any information provided herein would not infringe on other third party rights. The Company shall not be liable for any direct, indirect or consequential damages to the reader or a third party arising from the use of the information contained herein . © Copyright MarketRent™ | Clarendon. All Rights Reserved. |
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