Inside the history of South Florida’s development, Monroe County (the Florida Keys) enjoyed an economy that functioned generally together with the town of Miami and South Florida at large. As the economy wavered from the larger region, the Florida Keys market would sag and face deeper value declines in comparison to the region at large. It will also generally recover more slowly at the same time.
But over the past three decades, Monroe County has been managing its growth more tightly. A comparison of population growth of Monroe County to Miami-Dade County shows Monroe County losing population over two decades, while Miami-Dade population has grown by 2.1 percent each year, 26 percent on the same period.
Miami-Dade’s population growth supplies the region with massive challenges, transportation chief and this includes. But one of the severely lacking parts of public demand is access to in-water marina slips.
According to a Foresight Research Report on Recreational Marinas, the national participation rate for marine activities is 35 % of your area population. Fifty-five percent of these recreational boaters are fishermen. Marine vessel registrations in Miami-Dade are rising 1.2 percent each year (600 vessels), according to the Florida Division of 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 over 1,000 wet slips. Other than the rack storage expansion at Haulover, there remains a lengthy waiting list. With magnificent pent-up demand, the county is constantly hold slip pricing under-market. This would ordinarily drive the price of suitable land for marine and marine-related uses sky high.
The key inlets surrounding PortMiami and Watson Island are scaled for large vessels, as well as the recently opened Island Gardens Super-Yacht marina complements the world-city image of Miami. This magnificent development will super-charge our downtown and luxury residential markets, attracting a global yacht clientele no city should ever deny.
Unfortunately, another 700-plus vessels per year in Miami-Dade County are sitting for just two hours with a launch ramp at Matheson Hammock Marina or Black Point Marina hoping to have a day in boating. So just 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 an outstanding job of environmental preservation from the miami waterfront property for sale. The challenge is the environmental impact regulations, a strong landscape of federal lands, manatee protected waterways, key infrastructure points such as sewer treatment and power generation leave hardly any viable options for development of recreational boating slips. Our geography and planning has now constrained us.
The consequence is the fact that normal people still must discover a place to set their boats. Miami-Dade County is ceding recreational boating demand (and significant economic activity) to Broward and Monroe.
Nevertheless, 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 a lot more scarce. Monroe County ought to be building more marine slips. It’s a job growth industry.
Anglers on a fishing boat are anchored within a channel among Snipe Keys, a cluster of islands that border the Gulf of Mexico from the Lower Florida Keys.
The complete culture of your Florida Keys is made around fishermen, who comprise 55 percent of all boaters. The development of slips will not create housing growth impacts; in 06dexnpky it elevates the price of inland locations that will have expanded entry to in-water and rack slips.
But like its northern neighbor, Monroe County has its own state and federal environmental constraints making new marina development expensive and lengthy. Demand is growing while supply is static.
The very last impact is massive appreciation in waterfront homes within-water boat access. As a consequence of travel times from Miami-Dade, the primary impact will probably be from Islamorada to Key Largo.
The next few cycles will prove me right or wrong, having said that i predict that Monroe waterfront properties with recreational boating access and vessel berthing will outperform in the coming decade.