The Miami-Dade commission recently gave preliminary approval to a much contested extension of 836 out to West Kendall. Environmentalists and supports of the Urban Development Boundary have aggressively opposed the project but the demand from the residents of the western suburb have been adamant and it seems as though the project is on track for full approval later this year. Whatever your position is the implications for property values are clear in that if there is improved access to the area then there will definitely be appreciation in both property value and rent.
Another advantage to this area is that most of the construction is from within the last 20 years which should mean that you will have to make fewer major repairs to the property. Roofs should still have another 20 years or so in them and all the guts of the electric and plumbing will be of the new construction style. If you have owned a property over 20 years old you know how costly and repetitive repairs can get so this is definitely an advantage to your bottom line.
The Risk Vs. Reward and the Time Factor
Because the highway has not gotten final approval yet there is of course a chance that it may not receive approval in the end but if you read the Miami Herald article about the approval you can see that the vote was 9-2 so there is a very good chance that it will be approved. The other factor to consider is that the construction will take a few years. But that should also be an advantage because if you get in now prices will be the lowest and will climb steadily as construction nears completion.
The Final Route
This has not been completely determined yet but the plans seem to be either for 167th Avenue or a bit beyond to keep it out of current residential areas. In our opinion the Urban Development Boundary is still a formidable and important barrier so we would expect the final route to be a bit further east closer to 167th Avenue. However, the entire West Kendall area should see a positive impact from this project.
The bottom line is that if you are in the market for your next investment property you should definitely look into the West Kendall area because it is ripe for appreciation with the expected approval of this extension. If you have any questions regarding this or any other real estate investment or property management please call us at 305-517-3900.
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