Since the beginning of its history, Miami has been a cosmopolitan city, open to new cultures and immigration. Historically, the United States has been a country built by immigrants, and you could say that the city is the palpable example of this. Looking at it now, it’s hard to believe that it began as a village where Southern ranchers arrived after the American Civil War.
Miami is a city of eclectic architecture thanks to the different waves of immigration: each one has a well-established identity depending on the origin of its inhabitants such as The Little Havana, Coral Gables, Art Deco District, etc. Another additional attraction is its competitive prices compared to cities such as New York, Los Angeles and San Francisco where the value of a studio apartment can be up to three times higher.
Before buying a property you must decide if you want to turn it into your residence, main office, place to vacation or to invest: the needs and criteria are different in each case. If you are going to buy a house to live in you should look at the services offered by the sector, schools, universities, parks, supermarkets; how many people are going to live there; transport access; average price of goods and services, what kind of sector it is: cultural, artistic, nightlife; etc.
On the other hand, if the purchase is to invest, it must examine the behavior of the real estate market in the last five years, current and / or future construction projects with a positive or negative impact on the value of the property, that the return on investment is greater than three percent (3%) per year; In case of needing external financing, the return must be higher than the interest paid if it is going to be a long, medium or short-term purchase.
Fortunately for those interested in investing, several sectors of Miami have been valued since 2017 and, above all, in the last five years the areas surrounding Downtown have increased their price by more than fifty percent. Of course there are better areas than others, such as:
1. Sufiside: residential area for those who dream of living next to the beach at affordable prices
2. Coconut grove: residential area for those who attach importance to contact with nature
3. Brickell: Miami’s quintessential financial district, also known as Little Manhattan. Ideal to install your main office to be close to the Downtown and the river, but in recent years it is becoming a housing sector for young professionals.
4. Adventure: Despite being a predominantly residential area, it is also home to some of the city’s most famous shopping and cultural centers. The transformation is evident since the nineties.
5. South Beach: possibly the most elegant area of the city. It is an entertainment area with hotels, restaurants and cultural event venues with international renown.
6. Bay Harbor / North Village: made up of three islands, North Bay Island, Harbor Island and Treasure Island connected by the Kennedy Bridge. They are located between Downtown and Miami Beach. Known above all for its diverse nightlife.
7. Hollywood beach: is the European sector of Miami. It is a residential sector with little presence of the Latino community and its architectural design evokes the thirties, specifically Art Deco.
8. Fisher Island: the favorite place for politicians, artists, millionaires and personalities to live. Possibly the highest profile place in the city.
9. Coral Gables / West Palm Beach: in the last five years it has developed as the destination to install offices or companies. Very well connected to the rest of the city.
10. Fort Lauderdale: The architectural design of the sector focuses on creating open spaces, amazing views where information flows and a comfortable environment to work.
11. Wynwood: in the last three years it has become the city’s coworking sector (shared workspaces to develop individual projects as well as joint projects), and arts, culture and entertainment. It has also been valued spectacularly in the last four years.
12. Sunny Isles Beach: the preferred place for luxury brands to settle, despite still being a residential area. Although the area has changed rapidly, it is still possible to find properties with affordable prices compared to other luxury areas.
13. Bal Harbour: located north of Miami Beach, it is a sector where commerce and nightlife predominate. The most luxurious bar in town, St. Regis Hotel, is located there.
14. Edgewater: It stands out for being pedestrian-friendly, easy to move and, despite being close to Downtown, still retains that residential air full of warmth and sense of community.
15. Key Biscayne: Florida’s best livestock. It has all the basic services necessary for a family and enough comfort to be transported in golf carts. Located next to Miami Beach, it has the most expensive square meter in the city.
In PFS Realty Group given our real estate activity we are focused on advising those individuals and families who are interested in making investments of this type in Miami and South Florida, we have been working for more than twenty (20) years and for this, twenty (20) years that give us a specialty in what we do, If you want to explore real estate investment opportunities, we can schedule a meeting, face-to-face or virtual, to expand this information. Write to us at info@pfsrealty.kinsta.cloud and also visit our www.pfsblog.kinsta.cloud website to learn more about us.
