Here are the Top 7 Reasons to Move to Miami:
The last time Miami was relevant, it wasn’t important. In the 1980s, Miami provided nothing more than drugs, clubs, pastel blazers, jai alai gambling and, most notably, a hit TV show about all four.
But now Miami is the most important city in America. Not because Miami stopped being a frivolous, regulation-free, climate-doomed tax haven dominated by hot microcelebrities. It became the most important city in America because...
Architect Robert A.M. Stern is best known for designing buildings for the wealthiest New Yorkers. Some of the largest residential deals in the U.S. have been at his towers overlooking Manhattan’s Central Park. Now, Mr. Stern’s eponymous firm is putting the finishing touches on the design for a Miami Beach project that is seeking to entice those same buyers to the Sunshine State. The project will be the firm’s first oceanfront residential building.
While many early-life athletes shed their requisite gear in adulthood in favor of following a more conventional career path, many of the characteristics integral to sportsmanship like hard work, focus and drive can be easily transitioned into the high-pace environment of the modern business world.
According to Forbes, the increase in Miami property prices does not seem to be an obstacle for new residents coming from other US states and even from other countries. The “Magic City” has just been ranked among the TOP 10 best cities to live in Florida in 2023. Miami occupied the 6th position in the ranking and Orlando came in fifth place, out of a total of 400 cities approximately throughout the state.
Office building owners have it tough nationwide, but in South Florida the migration of companies to the Sunshine State coupled with limited trophy office supply should send rents higher. Limited land for new beachfront projects in Miami-Dade County will propel developers north to Fort Lauderdale and vicinity. And the countries of origin acquiring South Florida real estate will continue diversifying beyond South America.
These are among many predictions from South Florida-based real estate experts this month as they consider the impact of the pandemic-era boom in the South Florida real estate market and what it may signal for the post-pandemic years.
According to a recent article published on Robb Report, the Miami high-rise features a Solar Backbone, panes of glass embedded with solar technology.
It seems the future of sustainability is here, at least at Miami’s newest solar-powered high-rise, The Residences at 1428 Brickell. The project, recently announced by developer Ytech, is the first project of its kind in the world to integrate photovoltaic glazing within the facade.
The 70-story tower, designed by Milan-based ACPV Architects Antonio Citterio Patricia Viel, combines form and function with the solar energy features blended within the architectural aesthetic. The building features 500 photovoltaic-integrated windows on the west-facing facade that creates a Solar Backbone on the building.
The Residences at 1428 Brickell is currently accepting reservations with a five percent deposit and is set for completion in 2026.
According to a recent article published by Fortune, the sunny state is popular for its warm climate and no income tax, making it a haven for wealthy individuals. Largely for this reason, it has taken in more high-income earners than any other state, according to a new analysis from SmartAsset. IRS data was analyzed to measure pre-pandemic net migration patterns from 2019 to 2020 from which we can see that American families earned on average over 200,000 $ per year.
While some left Florida during this period, many moved in, creating a net influx of 20,263 high-income families. That's nearly four times the number of families in seniors in the second most popular place: Texas, which saw a net migration rate of 5,356 families.
The city of Miami was voted one of the 50 extraordinary destinations to explore by the famous TIME magazine.
According to ESPN, “Miami is becoming America's wellness and leisure capital. The inaugural Miami Grand Prix in May drew a spectacular cross section of VIPs and celebrities to witness Formula One stateside, making the city feel, according to ESPN, like ‘the center of the sporting universe.
Time also mentions the recent avalanche of hotel openings and new restaurants in the city, including the playful Moxy Miami South Beach, the dual-branded AC Hotel by Marriott and Element by Westin in Brickell (the two share a fitness center and a rooftop pool), and the Art Deco Gabriel South Beach, Curio Collection by Hilton, which is powered exclusively by renewable energy.
Miami joins Portland, Park City, San Francisco and Detroit as the only five cities in the United States to be rated World’s Greatest.
TIME says it compiled the list by soliciting, “nominations of places from our international network of correspondents and contributors, with an eye toward those offering new and exciting experiences.”
The market was exceptional for investors in 2021, but is the Florida housing market still a smart investment for 2022? Based on the most recent reports from Florida Realtors, the answer is a "Yes!" »
Miami-Dade County real estate ended its historic 2021 with a myriad of year-end records, including a record for the most home sales of all time and the highest dollar sales volume.
Miami's bubbling real estate market, fueled by domestic and international home buyers, ended 2021 with 39,394 home sales, up 49.5 TP2T from 26,345 transactions in 2020. Volume Miami dollar sales reached $30.3 billion in 2021, an annual increase of 103.4 %.
Miami-Dade County home values have increased by 24.5 TP2T over the past year and will continue to rise over the next twelve months due to the imbalance between supply and demand.
In April 2022, real estate in Miami set a new record by reaching the 7th highest monthly home sales in history. Miami-Dade County saw 3,445 home sales, with a local economic impact of more than $311 million. Miami's total sales volume was $2.8 billion in April 2022.
Home values in the Miami-Fort Lauderdale-West Palm Beach area have increased by 28.1 TP2T over the past year. Zillow forecasts a next increase of 16.8 % by April 2023.
Investing in real estate in Miami will bring you good returns in the long run, as house prices in Miami tend to increase year on year.
Many people move to Miami for work. Miami is Florida's largest urban economy and has the 12th largest GDP in the United States. The World Cities Study Group has ranked Miami as an alpha city based on level of business activity, human capital, and cultural activity. Miami's unemployment rate hovers around 4 % (before COVID-19); it is currently in line with the national average but often below it.
2/3 of Miami residents are renters, a rental rate rivaling that of New York. This is partly due to the number of people working in seasonal and temporary jobs in the tourism sector and the low supply of housing relative to demand. A significant asset for investors, allowing them to buy single-family homes to be divided into several units, which can be rented individually.
As of June 9, 2022, the average rent for a one-bedroom apartment in Miami, Florida was $2,250. This is an increase of 32 TP2T over the previous year. The average rent for a 1-bedroom apartment is $2,250, that of a 2-bedroom apartment is $2,900, while the average rent for a 3-bedroom is $3,675.
Miami is a buyer's market and investors should capitalize on this advantage while it is still there.
Contact one of our BARNES real estate experts in Miami for a list of available properties that meet your specific needs. Our real estate agents who are experts in the real estate market in Miami will carefully select the properties that best suit your needs and your budget.
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