How DC Stacks Up
Measuring Up: DC’s City Living vs. Miami’s Ocean Views
Miami has year-round sun, beautiful beaches, and unbelievably good Cuban food. DC lacks virtually all these things, but what it does have over Miami is a more stable housing market. There are upwards of 50,000 condos on the market in Miami and not enough demand to fill half of them. On a recent NPR show, a Miami realtor noted there was such an oversupply in Miami that a University of Miami law student was renting a penthouse in the city for $2,400. “Why would you buy and have a $6,000 a month payment when you can rent the same condo for $2,400?” he asked. The imbalance of supply versus demand has resulted in prices dropping across the city.
To get an idea of how low the real estate prices have gotten in Miami in comparison to DC, we looked at two properties in each market to see how things stacked up.
Two (Very Different) Condos for $300,000
Pool at 2000 North Bayshore Drive
Location of First Property
This property is located next to Margaret Pace Park right on Biscayne Bay in Miami (see map of the area here). Although you have to drive, the condo is close to South Beach, downtown Miami and the Port of Miami as well as American Airlines arena where the Miami Heat play.
Details of First Property
The two-bedroom, two-bath condo is located at 2000 North Bayshore Drive (see map here). There are 12-foot ceilings throughout the unit and every room has direct views of Biscayne Bay. When you enter, there is a small kitchen on your right that looks out on the main living area. The kitchen has all stainless steel appliances and granite counter tops and the living area has wall-to-wall carpeting. Both bedrooms occupy the majority of the square footage in the condo. The rooms are large enough to fit a King bed comfortably along with a side table, wardrobe and desk. The condo comes with a full-size washer and dryer.
The amenities at 200 North Bayshore Drive outshine most buildings in DC. There is a 24-hour concierge on staff, and the building has a pool, Jacuzzi, gym and billiard room. There is also a business lounge set up with wireless internet. Just across the street is Margaret Pace Park where there are beach volleyball courts, tennis courts, soccer fields, a basketball court, and a children’s play area.
3001 Porter Street
Location of Second Property
Cleveland Park is a residential neighborhood in northwest DC that sits in between DC’s suburbia (Van Ness, Chevy Chase) and DC’s nightlife scene (Adams Morgan, Dupont Circle). It is known for its high-priced real estate which is generally hidden away on side streets.
Details of Second Property
This one-bedroom property is located at 3001 Porter Street in a single-family home that has been converted to condos. While it is not spacious (read: cozy), the unit is set up so that it does not feel cramped.
The front door leads into a small dining area with the kitchen straight ahead and a small living area off to the left. The kitchen is narrow, but has all new appliances and granite counters and is the perfect size for the couple or single person that will likely buy this property.
There is room for a desk and a small round table in the dining area, and there are currently two armchairs and a couch in the living room which is about all that can fit in the room if the TV is mounted on the wall. The bedroom is through a set of shoji sliding doors off the living area. The room has substantial closet space and room for a Queen bed, wardrobe and side table.
WalkScore gave this address a score of 88 out of 100, an indication that you don’t need a car to get around. The walk to the Cleveland Park Metro station (red line) takes about five minutes and grocery stores, high-end restaurants and the area’s largest movie theater are all within walking distance of the condo.
How They Stack Up
| 2000 North Bayshore Drive | 3001 Porter Street | |
|---|---|---|
| Price | $299,000 | $299,999 |
| Square Footage | 1,178 | 583 |
| Price Per Square Foot | $253 | $510 |
| # of Bedrooms | Two | One |
| Washer/Dryer | In Unit | In Common Space |
| Gym | Yes | No |
| Pool | Yes | No |
Bottom Line
The Miami property is twice as big as the DC condo, has many more amenities, and, last but certainly not least, views of the ocean. The price for the DC condo is good considering its location, but on a per square-foot basis the Miami property is half the price of the DC one. If you were choosing between jobs in both of these cities, the Miami property would probably tip the scales in Florida’s favor.
One Large Coastal Home and One Small City Home for $650,000
193266 Southwest 79th Court
Location of First Property
Cutler Cay is an upscale incorporated community on Old Cutler Road in Miami (see map here). Prices for homes in this community range from around $600,000 to $1 million. The community does not have access to the bay because it is on protected mangrove marshland that is part of Biscayne National Park.
Details of First Property
This four-bedroom home at 19326 Southwest 79th Court belongs on the MTV show Cribs, however the listing price doesn’t: $650,000. At almost 4,700 square feet, the interior is huge. The foyer entrance has a sitting area and extremely tall ceilings. The kitchen has all new appliances, a small island and a breakfast nook. Next to the kitchen is a very large family room with a sliding door that leads out to the back yard.
The master suite is also quite big, and the connecting master bath is comparably large. Most of the bedrooms, including the master suite, have walk-in closets. There is a wine cellar in the basement and the garage can fit up to three cars. Just off the living room is a patio that looks out on the back yard. Above the patio is a balcony that can be accessed from two of the bedrooms on the second floor.
2210 12th Street
Location of Second Property
This DC property is located in what is known as the U Street Corridor (see map here). This neighborhood has experienced a significant transformation in the last decade from a no-man’s land to the city’s new hot spot. The property has an extremely strong Walk Score of 97, a testament to the restaurants, amenities, and public transportation (Metro station just two blocks away) that are located close by.
Details of Second Property
The three-bedroom, 2.5 bath row house at 2210 12th Street has been completely remodeled (see map here). There are crown moldings and hardwood floors throughout the entire house.
Off to the left when you come in the house is a dining room that could comfortably fit a ten-person dining room table. A hallway takes you back to the kitchen which has been redone and features all new appliances and a breakfast bar that can fit three stools. The living room area in the back of the house is rather small because some of the back wall is taken up by a door that goes out to the back patio.
All three bedrooms are on the second floor. The master is the largest with its own bathroom and two large closets. The patio out back is large enough for a small barbeque and is fenced in for privacy purposes. The listing price includes a parking space and the house has both a washer/dryer and central A/C.
How They Stack Up
| 19326 Southwest 79th Court | 2210 12th Street | |
|---|---|---|
| Price | $650,000 | $665,000 |
| # of Bedrooms | Four | Three |
| Parking | Three-Car Garage | Reserved Space |
| Outdoor Space | Backyard | Back Patio |
| Property Taxes (2007) | $13,200 | $6,284 |
| Year Built | 2006 | 1890 |
Bottom Line
It is hard to compare these two properties because their locations play a significant factor in their pricing. The Miami home offers a suburban lifestyle in which you have more elbow room but have to get in the car to go anywhere. The DC row house is better suited to the urbanite who wants everything at her fingertips. You will get a lot more space for your money if you decide to go with the Florida home, and what you sacrifice with space you get in location with the DC property. However, the Florida house is probably the better investment in the long run (unless we start paying $10/gallon for gas in the near future).
Conclusion
DC and Miami are experiencing the downturn in the housing market in very different ways. While DC proper has remained relatively immune from the crisis, the oversupply of condo units in Miami has left the entire metropolitan area reeling. However, at some point the market will bounce back, and when it does we imagine that people will be kicking themselves for knowing that they could’ve gotten a great oceanview property on the cheap.
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