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Miami Real Estate - Miami Real Estate news

Tuesday, September 13, 2007

The Unique Attraction of Miami Beach Real Estate

For almost a century, Miami Beach, Florida has been one of America's finest beach resorts and the city is often referred to as “the American Riviera”. According to the U.S. Census Bureau as of 2006, the city of Miami Beach had a total population of 86,916, of which 44,528 of its residents or 55.5% of its population were foreign born.

Miami Beach Real Estate Makes the Forbes’ List

One of Miami Beach’s condominium developments made it into the top 10 places mentioned in a Forbes’ feature story called, "Where We Want to Live In 2006.” Donald Trump's new $125 million Palm Beach estate and Ian Schrager's Gramercy Park in New York with its $10 million dollar units were included in the list. An upscale new real estate development in Miami Beach called Canyon Ranch Living, made the list because of its superior spa services that take luxury living further into a pleasure-seeking fantasy land. The deluxe health resort is housed in a 70,000-square-foot building called Canyon Ranch Spa and is equipped with extravagant and elegant amenities.

New Construction Remodels Miami Beach Skyline

The skyline of Miami Beach, compared to 10 years ago, is almost unrecognizable today with its skyline littered with construction cranes working on various real estate developments. However, some say the Miami real estate Market has slowed down; or maybe the Miami Beach real estate market is just taking a break after the outbreak of new projects.

A majority of the new real estate developments are ongoing in the most popular area of Miami Beach known as the South Beach district, also referred to as “SoBe” or “The Beach”. Before TV shows like CSI Miami and Miami Vice made the area popular, South Beach was under urban despair, with a high crime rate and many vacant buildings. Today, it is know to real estate investors as one of the best commercial areas in Miami. During the 80’s popular movies such as Scarface with Al Pacino, made Miami Beach, particularly Ocean Drive, and the  Art Deco District famous. Lincoln Road, an outdoor mall that runs from the East side of South Beach to the West side, is famous worldwide for its great outdoor dining, bike riding, rollerblading, art exhibits and shopping facilities.

The Flood of Investors Just Keeps Rolling

Miami Beach has been swarmed by both full time and seasonal residents that are demanding more services than tourists ever did before thus increasing the price of real estate. According to data provided by the City of Miami Beach, not only is the population swelling but the median household income in the city jumped from $27,322 in 2000 to $44,420 in 2006.

According to Kevin S. Crowder, the city’s director of economic development, the demand for goods and services, entertainment and million dollar condos continues to rise. “The growth right now has been higher than previous historic standards, but I think clearly the demand is there,” Crowder was quoted as saying.

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