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Miami Real Estate - Miami Real Estate news

Thursday, July 26, 2007

Facts you should know before investing in Miami real estate

For the last four years the Miami, Florida real estate market has remained at the top of the list as one of the leading real estate markets in the country. A combination of low interest rates, rapid population growth and a very sought-after semi-tropical location are three major factors that have helped fuel a dramatic rise in Miami real estate development and property values.

Just within in the city of Miami alone the real estate market comprises of around 148,388 housing units. About 35 percent of the Miamiís residential real estate stock is owner-occupied and 65 percent renter-occupied based on information gathered from the 2000 U.S. Census figures. Miamiís owner occupancy rate is about 24 percent less than Miami-Dade County and Miami's residential real estate inventory is just about split between single-family units (1 unit detached and attached) and multi-family units (5 units and larger).

There are 45,523 single-family detached units and 39,636 multi-family (20+) structures which together account for 57.3% of the city's total residential real estate inventory. The average median asking price for housing units for the city is $114,000, compared to the state average of $92,000. The owner-occupied median value of housing units stands at $120,000.

The city of Miami, since the real estate boom, has indeed become one of the best and most sought after real estate markets in the country. People from all over the world are now investing in a wide array of Miami preconstruction real estate. The fast pace of Florida preconstruction real estate deals gives people the opportunity to build equity in their chosen properties, while not having to pay the normal inclusive duties such as taxes, maintenance fees or mortgages.

Construction of Miami condos, Miami commercial real estate and Miami apartments units has risen rapidly throughout the city. As Miami preconstruction has skyrocketed and as more Miami homes, Miami condominiums and apartments are built and renovated, the market values of these properties have been increasing rapidly as well. The taxable value for Miami Beach real estate was $6.96 billion towards the middle part of 1998 which means it more than doubled since the 1980ís. With over 3,000 permits being issued over the last five years the total estimated value of building activity has remained constant, between $150 and $200 million. This points to a healthy investment for the 1990s of $1 billion in Miami residential real estate and Miami commercial real estate building activity.

The Large-Scale Development Report issued by the city of Miami's Planning Department states that over the past 10 years approximately 9,250 units were completed in Miami. Miami Florida real estate currently has 14,000 condo units under construction and 63,000 more units have been approved already and are in the permitting process. Despite worries of a congested property market developers continue to unveil Miami high-rise condominium projects that are at record numbers and unmatched in size and. The Miami real estate market is growing strong and will continue to.

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