Tuesday, July 17, 2012

Property Values in Doral on the Rise Since Incorporation

Since its incorporation in 2003, the population of Doral has more than doubled with growth at 123.5%. The 2000 census reported a population of 20,438. In 2010 the population had grown to over 45,000. The majority of residents are young families, and this has fueled the need for new homes for sale in Doral. The real estate market in Doral has increased significantly since 2003, and it shows no signs of slowing down any time soon. It is one of the fastest growing cities in the area, and cited by the US Census Bureau as the fastest growing city in Miami-Dade County. In 2011 over 700 single family residences were built as well as over 300 townhomes were built in Doral. The Doral real estate market ranges from the mid $200,000’s to over $1 million.

Since its incorporation, real estate values in the city have kept up with and exceeded real estate values in other parts of Miami-Dade County and the state of Florida. Property values in Doral have risen 4.6% compared to the property values in Florida overall which have only risen 1.1%. Houses for sale at Doral also outperformed homes for sale in Miami, with Miami experiencing only a 3.7% increase in property values. According to City Data, loan values reached their peak from 2004 to 2007 soon after incorporation. After the housing bubble burst loan values dropped, but have been on a steady increase. PMIC loans averaged $274,162 in 2009, up from $266,475 in 2008. This is a 1.03% increase.

There are many reasons Doral has experienced such a rapid growth since incorporation. The economy is strong, jobs are plentiful in the area (the unemployment rate has dropped over 2% since 2010), and young families want to take advantage of living in a vibrant community with good schools and a reputation for being a safe place to live.

Since its incorporation Doral has attracted several major employers. Among these are Carnival Cruise Lines, Univision, and Perry Ellis International. The top three employers in Doral are Carnival Corporation, Boston Scientific, and Marriott International. Its close proximity to the greater Miami area is also one of the reasons real estate in Doral continues to increase in value.

Doral was ranked 51st out of the top 100 cities to live by CNN Money in 2008 because of its economy and lifestyle. Doral is considered one of the most prestigious small communities in the Miami-Dade area. There are many activities for residents and visitors to enjoy, as well as easy access to the other attractions in Florida. All of these factors not only contribute to the growth of Doral, but also make real estate in Doral a hot commodity. 

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