According to this NYC Neighborhood Guide, you can acquire your own property in a great city like Miami. You need to believe what I am about to let you know, there is no much hassle in getting a luxury property in Miami. Also, if this has been your dream over the years, you are reading the right article. Do you know that in recent years developers have been taking place in the north of South Beach and the addition of 23,000 condos in Downtown Miami has make Miami not only a place with great year-round weather, gorgeous beaches, pulsing nightlife, top restaurants, Lincoln Road, and Ocean Drive but a place to reside with your family and own a luxury property as well.
Tourism, logistics and financial services are strong economic drivers outpaced only by construction and they have made Miami the second in America’s growing metro area. You should also know that Miami is also becoming a major center for TV production and music recording and is the largest Spanish-speaking media production center in the USA, and this a major attraction for many tourists. Another fact is that Miami has more foreign banks than any other major city and is home to more than 1,400 Latin American corporations.
Considering Owning a Property in Miami?
If you are pondering on owning a property in Miami, I will let you know some factors. When compared to other luxury cities in the world Miami real estate prices are low. With luxurious Downtown Miami apartments for sale at $640 per square foot and Miami Beach luxury condo prices at $1,426 per square foot, the luxury segment, which is comprised of the top 10% of sales in their respective markets, Miami prices are a fraction of those in cities like Hong Kong, New York, Paris, Rome, Los Angeles, etc. I think you can do the analyzes on your own and realize the apartments are so cheap compared with other luxury cities around the world.
According to the report of ISG’s in 2018 on Miami real estate, Downtown and beach condos have appreciated on average 9% a year since 1993. Moreso, in April 2018, 83% of all condos on the market had sold putting developers in a “close-out” mindset and looking forward to their next project. Also, you will need to know that Condo rental numbers will also please you because the average condo vacancy rate between 2006 and 2017 was only 3.35% in most Miami neighborhoods.
It is good news to know that Downtown Miami is finally becoming relevant as it evolves into an entirely new city with a landscape of cutting-edge skyscrapers. Moreso, Downtown Miami is now emerging as one of the country’s fastest-growing urban centers over the past two decades. It is also important for you to know that Miami luxury real estate and beach condos are at low risk. Foreign investors in Miami are growing at high peace every day. Also, many Americans are coming to Miami, especially from New York. You may want to know that many wealthy New Yorkers summer in the Hamptons and winter in Miami. There is also a claim that it is quicker to fly to Miami than it is to drive to the Hamptons.
