Property Location: Exploring Miami
"Location, location, location" is the number one rule in real estate, and often the most underestimated. Big data from connected devices and location-based apps provides insights on status quo and future trends of locations. [PropLocation]
Habidatum transforms this data into synthetic metrics in order to inform location-specific decisions in real estate and urban planning.
This is the third article in a set of publications describing our approach to location and its growing importance to property values estimation and revenue forecasting in real estate.
We continue the exploration of Miami metropolitan area, now focused on the Centrality Index distribution and the property prices landscape. Centrality Index is calculated using Habidatum algorithm fed with open and proprietary data on business locations and geo-tagged human activity. Property prices are mapped using the open data published by Miami Dade County.
Miami metropolitan area: interconnection of real estate prices and urban tissue
The concept of city centres – urban centralities – is grounded on the new nature of places, that leads to a fundamentally different way to classify and rank different areas based on the analysis of the following components: lifestyles and communities, functional mix and diversity, images and sentiments, etc.
For such an analysis Habidatum developed a Centrality Index that records people’s concentrations (of local residents, workers, visitors, irregular users) and the volume and diversity of functions (social and commercial services). The Index is calculated for each area on a regular grid, identifying not only strong, but also developing and emerging centers.
To get a deeper insight on the diverse city neighbourhoods and how they differ among themselves, the Centrality Index values may be compared to other data sources describing the location – in this case, property prices.
Miami exploration identifies some cases that characterise several typical locations in the city focusing on the ratio between real estate property prices and the Centrality Index. Importantly, those cases are not just obvious center-periphery extremes (city center with high centrality and expensive properties and/or remote suburbs with minimum centrality and lower price), but more intriguing.
Full analysis here.
This analysis is part of a series of publications resulting from FIABCI's partnership with Habidatum.
Habidatum is a software and data analytics company, assisting policymakers and businesses in understanding the hyper-dynamic urban environment through advanced analytics of diverse data sources driven by machine learning and interactive visualization.
Habidatum operates as a gateway between the professional communities who require data-driven insights and data carriers.
The company was founded in 2014 by a collaboration between professional urban planners and digital designers. Since 2014, the company has worked in more than 20 cities globally including London, New York, Moscow, Dubai, Singapore, Pune, Denver, and Miami.