In the list of the great economies of the world, the fifth place is occupied by the State of California. Obviously within the North American union, it is the largest state. But Florida is not far behind. The state ranks fourth in the USA. Its economy depends not only on tourism, but on agriculture, banking, finance, international trade and logistics services, scientific research (focused on natural sciences) and, finally, aviation.
The best known cities in the State are Miami and Orlando, both are the two most important tourist centers in the region. Despite being in the same region of the country, each one has characteristics that make it unique. While the former is world-renowned for Disney and Universal parks, the latter is known as the unofficial capital of Latin America: a cosmopolitan city of vibrant nightlife.
When investing, it is important to note that each one has unique aspects that adapt to the needs and expectations of each investor. The key thing before deciding which is the best investment option, the first thing is to know what your needs, expectations, budget, investor profile (conservative, moderate or risky), etc. are.
Once this stage is over, it is important to know each city. The ideal is to visit each one, but in times of pandemic that is not an option available as in other times. According to the estimates of experts, and taking into account the progress in vaccination plans, it is expected that, by next year, 2022, the restrictions will be lifted and finally all postponed vacation plans will become a reality.
Quarantines have been a reality during this year and most of 2020. That’s why everyone is looking forward to the end of travel restrictions. Therefore, this is the ideal time to invest in either Miami or Orlando.
The differences of each city are as follows:
1.Prices: while in Miami a two-bedroom house is available for four hundred thousand dollars, in Orlando the same property can be obtained for one hundred thousand dollars less. Of course the value will depend on the sector of the city in which the property is located. In Orlando the most desirable properties are those near the theme parks, while in Miami they are the closest to the sea.
The current situation of both cities is not entirely similar. Both have recovered from the impact of the pandemic and both have had an almost historic upturn in the real estate market, but the key difference here is the number of properties sold. Orlando is experiencing a boom in the real estate market, to the point that property inventory is at historic lows while prices rise.
After the parks reopened, the city experienced historic numbers in visitor numbers and hotel occupancy. In Miami, tourism and construction have also been reactivated, but not at the levels of the former. So, if you are thinking of buying in the next three months, Orlando could be the best option.
2. Cultural diversity: historically Florida has been the refuge of the Latino community, in fact, it is the state with a culture more similar and more open to the immigrant. But while Orlando has a tourist focus focused mainly on family vacations thanks to theme parks; Miami is known for its vibrant nightlife, famous cultural and artistic performances, luxurious shopping and world-class restaurants.
3. While both cities are touristy, there are profound differences between the two. Orlando is not as cosmopolitan as Miami, it is a city focused on family entertainment, to spend a beautiful vacation with the family and enjoy all the characters of the parks. The activities of the city are concentrated around the family. It is very important to know this before making any purchase.
As you can see, Miami and Orlando share many similarities but at the same time they are very different. What is certain is that investments in both cities will give a positive return while retaining their value over time.
In PFS Realty Group given our real estate activity we are focused on advising those people and families who are interested in making investments of this type in Miami, Orlando 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 website www.pfsblog.kinsta.cloud to learn more about us
