South Beach is a microcosm of all things wonderful in Miami Beach. The ocean, the blue sky, and the great weather provide the perfect backdrop for an exciting mixture of locals and visitors who come from all over the world.
Living is Good in South Beach
The land area of the South Beach neighborhood is about 2.5 square miles. About 40,000 residents live there. Most are affluent and live in fantastic villas or in luxury condominiums in high-rise buildings. Condo prices start at $1 million and up. Sterling says the median household income is $111,065.
Many wealthy Europeans have a second vacation home in South Beach. South Beach was revitalized by an influx of gay men during the 1980s that renovated the art deco buildings and opened new businesses. The LGBT community continues to thrive there.
The job market is vibrant in South Beach with plenty of need for workers for those businesses offering food, entertainment, and retail shopping. Indeed shows about 1,000 job openings. Support service staff and maintenance workers are needed to keep the buildings running smoothly. Professionals such as doctors, dentists, and plastic surgeons set up their offices in South Beach to attract a high-class type of clientele.
Business is Good in South Beach
Hotels, boutiques, art galleries, lounges, restaurants, gyms, and nightclubs all do well in South Beach. Lincoln Road has all the high-end retail shopping anyone could want.
Real estate in this most desirable area of South Beach has recently been selling for extraordinary prices.
The Miami Herald reported, a Spanish billionaire, Amancio Ortega, who owns the fashion company Zara, bought one full block of Lincoln Road for $370 million. That amount calculates out to be $7,700 per square foot of land as the purchase price. Lincoln Road is one of the best locations for retail in the world. The area commands high rents of $300 per square foot. The sellers originally bought the property for $12 million in 1999/2000. The sale gave them 30 times their original investment, which is the equivalent of earning about 200% per year for the past fifteen years.
The historic Paris Theater on Washington Avenue just went on the market for the bargain price of $23 million, which calculates out at $895 per square foot. The area where the theater is located is targeted for the next revitalization.
South Beach continues to be the top destination location with many wonderful daytime and nighttime attractions. There are plenty of business opportunities and extraordinary demand for real estate. Businesses have a great South Beach SEO company, which happens be the top Miami SEO brand in South Florida, to assist them in gaining online visibility to the local market.