The city of Miami is often seen as one of the most culturally and economically vibrant cities of the United States.
The city is a host to many multinational businesses, excellent educational institutions, centers of art, culture and tourism, as well as in having a healthy array of housing and real estate options for families and investors. Buying real estate in this city however, is always a complex task with several important factors to consider. Potential buyers of condominium units in this area come from nearly all areas of the US, and even from overseas, which adds to making the process a quite protracted one.
Condos in Miami are often purchased as vacation homes or places to retire in, and most buyers still do not have a complete insight of the city’s property market conditions, and may need to consult with a local realtor for assistance with aspects such as resale values, finding the best areas to buy one, local property taxes, depreciation and other concerns.
Location Matters In Choosing Where To Buy A Condo
Coming over to Miami and spending some time touring the area, and talking to locals and other professionals, helps give investors an important insight when it comes to purchasing the appropriate condo unit in the city’s many suburbs. For long-term investors, and those who have been in the area for a longer period, most put a heavy premium on location.
The city’s beachfront condominiums are the most popular, and probably the most expensive ones to acquire. If one wishes to save money and buy a less-costlier unit, the wiser choice would be to buy a condo unit that is located a few blocks away from the beach. In this sunny Florida city, the ocean view is astounding, and offers buyers of beachfront condos a hefty visual experience, as well as a large premium when it comes to resale values.
The South Beach district is one of the most sought-after areas here, not only because of its proximity to the ocean, but also because the area is famous for its wonderful nightlife, Art Deco buildings, fashionable restaurants, cafes and art galleries.
New Areas For Condo Development in Miami
Today, property developers are starting to set their sights towards the city’s working class neighborhoods. Formerly blue-collar neighborhoods such as Overtown, Little Haiti and Liberty City are already abuzz with construction of new units. These neighborhoods have also become the popular alternative for those who wish to own a condo unit, but could not afford to pay for expensive, upscale beachfront properties.
The biggest real estate news for Florida and the city this year is the condition of the condominium sector, specially in the upscale, high-end markets. Condos have seen a 33.3 percent rise in the last decade, and these now account for around 12.8 percent of the housing market. A lot of this can be credited to the concentration of condo units in upscale and pricey coastal areas like Miami Beach.
However, sellers of condo units here do not exclusively target the wealthy, as both ends of the consumer market are now delving into purchasing condos. While the affordability of local condo unit serves as a motivating factor, more dual-income professionals, empty nesters and retirees are now opting to buy a condo as a lifestyle statement.
Vanessa Arellano Doctor