Within the history of South Florida’s development, Monroe County (the Florida Keys) enjoyed an economy that functioned generally in tandem with the city of Miami and South Florida at large. Because the economy wavered in the larger region, the Florida Keys market would sag and face deeper value declines than the region at large. It will also generally recover slower at the same time.
But in the last thirty years, Monroe County has been managing its growth more tightly. A comparison of population expansion of Monroe County to Miami-Dade County shows Monroe County losing population over two decades, while Miami-Dade population continues to grow by 2.1 percent each year, 26 percent within the same period.
Miami-Dade’s population growth delivers the region with massive challenges, transportation chief one of them. But one of many severely lacking areas of public demand is entry to in-water marina slips.
According to a Foresight Research Report on Recreational Marinas, the national participation rate for marine activities is 35 percent from the area population. Fifty-5 percent of the recreational boaters are fishermen. Marine vessel registrations in Miami-Dade are rising 1.2 percent each year (600 vessels), in line with the Florida Division of Motor Vehicle Registrations.
A written report by Michael Spring, senior advisor to Mayor Carlos Gimenez, in October said that the county’s marina system has 2,258 spaces of all sorts for boats, with more than one thousand wet slips. Apart from the rack storage expansion at Haulover, there remains a long waiting list. With magnificent pent-up demand, the county will continue to hold slip pricing under-market. This will ordinarily drive the price of suitable land for marine and marine-related uses through the roof.
The true secret inlets surrounding PortMiami and Watson Island are scaled for large vessels, along with the recently opened Island Gardens Super-Yacht marina complements the world-city picture of Miami. This magnificent development will super-charge our downtown and luxury residential markets, attracting a worldwide yacht clientele no city should ever deny.
Unfortunately, other 700-plus vessels annually in Miami-Dade County are sitting for just two hours in a launch ramp at Matheson Hammock Marina or Black Point Marina hoping to acquire a day in boating. Why aren’t we building more boat slips? Simply, we can’t.
Despite Miami’s historic development as being a port city, we’ve done a fantastic job of environmental preservation in the miami waterfront homes for sale. The challenge is the fact that environmental impact regulations, a robust landscape of federal lands, manatee protected waterways, key infrastructure points for example sewer treatment and power generation leave only a few viable alternatives for creation of recreational boating slips. Our geography and planning has recently constrained us.
The consequence is the fact normal people still are looking for a location to get their boats. Miami-Dade County is ceding recreational boating demand (and significant economic activity) to Broward and Monroe.
And yet, Monroe County population is shrinking, and rate of growth ordinances have already been artificially constraining housing and hotel development supply for several years. New residential waterfront opportunities are even more scarce. Monroe County needs to be building more marine slips. It’s a job growth industry.
Anglers with a fishing boat are anchored within a channel among Snipe Keys, a cluster of islands that border the Gulf of Mexico away from the Lower Florida Keys.
The entire culture from the Florida Keys is constructed around fishermen, who comprise 55 percent of all the boaters. The roll-out of slips is not going to create housing growth impacts; in 06dexnpky it elevates value of inland locations that could have expanded entry to in-water and rack slips.
But like its northern neighbor, Monroe County possesses its own federal and state environmental constraints making new marina development expensive and lengthy. Demand keeps growing while supply is static.
The ultimate impact is massive appreciation in waterfront homes within-water boat access. As a consequence of travel times from Miami-Dade, the main impact will likely be from Islamorada to Key Largo.
The subsequent few cycles will prove me wrong or right, however i predict that Monroe waterfront properties with recreational boating access and vessel berthing will outperform in the coming decade.
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