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Miami Real Estate - Miami Real Estate news

Monday, Auguts 27, 2007

Miami Beach Real Estate: It still shines through one of the worst housing slumps of the decade.

The City of Miami has always been respected for its glitz and glamour partially due to Hollywood and the movies shot on location in this tropical paradise. Famously depicted on shows like Miami Vice and CSI, Miami Beach has an alluring history as an entertainment and cultural Mecca, from its world-famous Art Deco architecture to famous nightclubs and its designer fashions in its renowned shopping malls.

Miami Beach’s year round tropical climate, white sandy beaches, lively entertainment, extensive water and outdoor activities as well as a wide array of multi-cultural events and traditions make Miami Beach one of the kind. Miami Beach is a gateway to the Caribbean, Central and South America and the city owes its vivacity to the strategic location it has. The Miami-Dade is the “international trading hub of the Americas”.

Since the 70’s and 80’s, South Beach has been one of the hottest destinations in the world and the city’s unemployment rate is below the national average. The diversity of the city’s residents is one of the reasons this destination is so unique and it has made Miami a truly international City. Miami is one of the best performing real estate markets in the nation because of the foreign buyers and relocating executives that have been buying prime pieces of real estate.

Miami Beach has seen property values increase between 30% and 50% in the residential market from 2002-2006, causing a huge appreciation in a short period. However real estate taxes, coupled with high insurance premiums have caused some uncertainties in owning a property.

Depending on the property location, the city’s average property value appreciation rates run from 3%-5% annually. A typical single-family home in the metropolitan area of Miami can start between $150,000 and $190,000 depending on the geographics and townhouses and condos usually start in the low $100,000 range. About 96% of Miami’s economic growth is in housing which makes it not unusual, in the current Miami real estate market, for sellers to receive offers just days after the property goes on the market.

Capri South Beach, one of Miami Beaches’ most famous residential developments is named after the captivating Italian City on the bay. Capri South Beach is one of the many buildings developed with foreign buyers in mind. The building offers buyers the opportunity to live in an oasis-like setting in a new residential development on the water that is within walking distance to Miami Beach’s finest dining, shopping and entertainment.

Miami Beach’s tourism market is continually growing and so are its property markets. The district of Miami Beach has been recently dubbed the New Manhattan by the US property media, and the Greater Miami Association of Realtors states that the Miami property boom will add more than 100,000 homes to this district. Many of these new and preconstruction properties are being built with foreign buyers in mind.

Now would be the perfect time to buy Miami Beach property with the exchange rates favorable in Europe and with a 28 per cent increase in prime housing prices. Thus no matter where you go in Miami, there are plenty of revitalization projects and new construction going up all around the city and in nearby communities.

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