If you love sun, sand and warm weather, then Miami, Florida, is a great place to live. From 2000 to 2010, the city’s housing inventory increased by 24 percent, providing new opportunities for those looking to move to the city. And after a period of inflation, the Miami real estate market has shown signs of slowing down, which increases prospective buyers’ chances of finding a condo or home in their price range. If you’re wondering if now is the right time to buy in Miami, here’s what you need to know:
Overview of the City
Vacationers flock to Miami to soak up the warm weather and enjoy Florida’s beaches, but the city has many other unique offerings. Aside from the sunshine and the lack of income tax throughout the state of Florida, Miami is gaining a reputation as a tech center where several new start-ups are located. The large Latin American population also influences the city’s culture and personality. Many residences are condominiums or apartments, making Miami the perfect city for singles or couples.
Selling in Miami
Miami’s housing market includes luxurious residences that are catered to high-end buyers. Many buyers come from outside the state, which means that the market has the potential to be impacted by the entire U.S. economy. Miami is also the top U.S. market for foreign buyers. These factors contribute to increased fluctuation of the city’s housing market. Miami’s real estate prices suffered during the last recession, but have now come back to the point where some experts believe the market is overpriced.
Price of Condos
With so many expensive condos in the city, there is a wide selection for singles and couples to choose from. The increase in housing units means increased competition, so in order to sell at top dollar, a condo must stand apart from the rest — either in terms of location or because of unique features. Buyers should also know that Miami tops the list of U.S. cities with the highest projected housing inflation for 2016, indicating that prices are not expected to come down in the next year.
Moving to Miami
Miami’s neighborhoods have a lot to offer those looking to call the city home. Keep the following tips in mind when starting the hunt for your new property.
If You Like Beaches
Miami’s beaches are world-renowned, but you’ll pay a steep amount for an oceanfront property. The famous South Beach area is one of the best in the country, with the one major detriment being the cost of living. Key Biscayne is another beautiful beach area with high home prices.
If You Like City Life
Brickell is known as the financial district of Miami, but many high-rise residences are available in this thriving part of town. Midtown is another great spot for couples or singles looking for a walkable, urban neighborhood.
If You’d Like to Start a Business
If you’re an entrepreneur looking to move to the Miami area to start a business, consider Doral, which was named one of the best cities for business start-ups by BusinessWeek.
If You Like Family-Oriented Neighborhoods
Coral Gables is one of the best neighborhoods in the city of Miami, and Miami Lakes is another residential community that may be a great fit for you. Doral, mentioned above as a thriving business center, also appeals to growing families with its highly rated schools. If you’re looking for a more affordable option, and you don’t mind commuting into the city, the suburban town of Pembroke Pines might be the best fit for you.
The Miami real estate market offers a variety of options, whether you plan on living in the city for a season, for a year or permanently. If you’re buying, and are interested in finding homes in the South Florida market, be sure to look at the expansive inventory selection available on Owners.com.
People are also reading