Miami, No Car Needed Part 2:  Parking Not Included

Miami, No Car Needed Part 2: Parking Not Included

In my last blog, I shared 7 public transportation options to help you get around town without a car.  Now, I want to let you in on a little known fact about real estate prices:  people are willing to pay more to live where cars are not necessary.  That’s right, access to public transit is important, and Americans of all ages are willing to pay a premium for it.  This includes:

  • 70% of Millennials
  • 60% of Gen Xers
  • 46% of Boomers
  • 27% of Seniors

 

Recently, I had the opportunity to speak on the radio station 880 am “The Biz” Wall Street Business Network.  We discussed the topic of transportation in Miami. To prepare for the interview, I did a lot of reading, and the data is clear.

  • Proximity to high-capacity transit stops has been shown to increase property values, a phenomenon known as “transit premium.”
  • Buyers paid 4.1 to 14.9% more for housing in urbanist developments.
  • Households are willing to pay more for homes in neighborhoods with connective street networks, pedestrian accessibility to commercial properties, and proximity to various transportation.
  • A third of all Americans now live in the nation’s top-ten-population cities, and 52 percent want to live in a place where they don’t have to rely on cars.
  • Tenants who once required a set number of parking spaces per employee are now reducing them, as workers use alternative commuting methods.  Mass transit, bicycles, ride sharing, and walking are more popular ways to get to and from work.
  • Demand for housing near transit is growing, as is demand for transit projects.  There are over 500 planned transit projects in regions all across the country, with a combined price tag of approximately $250 billion.

 

I want to let you in on a little known fact about real estate prices: people are willing to pay more to live where cars are not necessary.

 

While the Magic City is a truly unique place, many of our residents are also ready to ditch their cars in favor of a more urban setting. Consequently, we are starting to see apartments and condo projects popping up around town that do not include parking spaces with the units.  Check out these 5 new options:

 

1)  Monarch at Met 3

  • Opened in April 2016 in the heart of Downtown Miami.
  • Rental only community.
  • No parking offered, but rental space available and must pay monthly fee. Limited number of spaces available for the entire building.

 

2)  Entrepreneur Moishe Mana is the first developer to propose a micro-living residential tower in Miami

  • Proposing entire building of “micro-units. Meant for young singles who want to live in dense urban neighborhoods.
  • Residents will get around primarily by walking or public transportation.
  • 400 – 600 square feet units.
  • Transformer apartments equipped with built-in furnishing, beds & tables that tilt, fold or slide into walls and cabinets.
  • Full of amenities including super-fast WiFi and fully equipped common kitchens and dining rooms for when residents want to entertain.
  • Project takes advantage of zoning exemption that allows building close to transit stations in downtown Miami to dispense with parking.

 

3)  Centro

  • Garage-less condo located in Downtown Miami.
  • Interiors and public spaces designed by famous designer Yves Behar in collaboration with building architects, Sieger Suarez.
  • Plenty of amenities in building – health club & spa, restaurants, dog park, retail stores, valet, sustainable and environmentally conscious design, anchor restaurant.

 

4)  Tecela in Little Havana

  • The project at 769 N.W. First Street will have only eight units.
  • First apartment project in Little Havana with no parking.
  • Miami version of New York Brownstone including a front stoop.
  • The compact townhouse-style building comprises two adjoining townhomes, each split into four rental apartments.
  • The prototype offers a neighborhood-friendly, affordable middle-scale alternative between single-family homes and the big towers that are now the dominant form of development in the city.
  • Transit nearby with 2 bus routes and 2 metro-rail stations nearby.
  • com gives the area a 87% walk-ability score, 2nd highest of any neighborhood in the city.

 

5)  Underline

This 10-mile linear park below the Metrorail will connect communities from Brickell to as far south as Dadeland. Similar to New York’s Highline, this new project is an incredible way to repurpose the green space we have always had. In fact, the first condo has been announced along the Underline, and we can’t wait to learn more!

 

It’s a new day here in Miami, one with no car required!  While I don’t think the charm of riding along A1A  in your convertible with the top down will ever disappear, maybe in the future that vehicle will be just a daily rental.

 

Did you miss part 1 of this series? Click here to read more.