By the Engel & Völkers Team
For over 50 years, it has been the artists, musicians and adventure seekers who have been classified as the creative class – a demographic that among many things has been credited for sparking the revitalization of somewhat worn or industrial areas into vibrant, thriving centers of creative culture.
Today, the creative class continues to transform the real estate landscape, but has evolved from writers, painters, poets and musicians to code writers, graphic designers, bloggers and creators in the tech industry – with a higher level of income to invest. If you’re a fan of HBO’s Silicon Valley, then you know who we’re talking about.
We’ve seen this shift happen in many markets throughout North America, particularly on the west coast and in New York City with areas such as Williamsburg, the Meatpacking District and SOHO. But it’s not simply in major cities like Manhattan and Miami, but in Austin, Portland and Minneapolis where the power of the new age of the creative class has made its impact and is attracting a younger generation of homebuyers.
Wynwood is just one example of what we are seeing as a nationwide movement of cultural hubs that appear to be adopting and drawing in individuals from all over at a fast pace. Once a garment manufacturing hub, through the influence and relevance of the arts community, Wynwood is attracting new and creative businesses of all types that are encountering great success and continuing to shape the community. Touting 70 art galleries, retail stores, antique shops, eclectic bars, and one of the largest open-air street-art installations in the world, not only has real estate demand and prices increased in this area, but continues to impact the fringe markets of this Miami-area hotspot.
It’s important that real estate professionals experience these neighborhoods first-hand and understand their respective evolution and growth paths to further sharpen their edge as neighborhood experts as sellers look to put their properties on the market and buyers look to invest.
We know that today’s buyers, especially Millennials are looking for a sense of community vs. a flashy address. They seek out diversity, cultural amenities and great restaurants. Creativity is a force not only driving innovation, but also the most desirable communities. And all generations seem to be a key part in boosting the development of today’s real estate stories.