Saturday, September 5, 2020

What areas to visit in Miami and what you can enjoy in each of them.

The great city of Miami is known for its pleasant weather, fabulous beaches, and the influence of its international population. It's divided into several neighborhoods, areas, and districts.


Below is a list of 5 neighborhoods you should not miss, and a summarized description of each one of them.

Sunny Isles

Often referred to as the Florida Riviera, it is a beach community with a relaxed atmosphere and a racially mixed population. You can find everything, from 50's beachfront motels to luxury apartment towers and hotels.


Little Havana

This small neighborhood is located in downtown Miami and is the Cuban neighborhood, the place where immigrants settled in the years following Castro's revolution. The main street is known as Calle Ocho (SW Eighth Street) and is the heart of the place.

Here, you can enjoy authentic Cuban food, handmade cigars, aromatic coffee, and Latino rhythms. In Maximo Gomez Park, you can see some people who meet daily to play dominoes, talk about politics, and share stories.


Little Haiti

This other ethnic neighborhood has art galleries, Haitian bookstores and music shops, and the Cultural Center, where dance and theater shows are performed. A bronze statue of General Toussaint Louverture, the father of Haitian independence, is located northeast of 2nd Avenue and 62nd Street in the heart of "La Petite Haiti."


Design District

As its name suggests, this is the design district, the place where the city's creatives live and work. It is an area full of art galleries, graphic design studios, workshops, decoration stores, antique stores, and even some innovative restaurants. All of those stores can be located between North Miami Avenue and 2nd street.




Wednesday, August 5, 2020

Have you thought about investing in real estate in Miami during the pandemic?


Despite finding ourselves in a unique situation in the world, which has completely changed our lives, we can still think about the idea of ​​investing in real estate in Miami. Here are some of the reasons why you should do it:

1. Supply and demand:

Right now, life has changed for everyone, and the need for a home is essential. Being at home and working at home is life today; therefore, investing in real estate could guarantee a home that could be appreciated in the future.

2. Low interest rates:

In June of this year, due to the coronavirus pandemic, mortgage interest rates reached a record low. So, if you've wanted to buy a home, this is the ideal time. The low mortgage interest rates have caused investors to reduce the rates of loans and private loans.

3. Economic uncertainty:

Many companies have closed their doors to keep social distancing; the pandemic has generated many problems in the worldwide economy. Many people will be looking to sell that second home that they have at a good price, given the economic uncertainty in which we live.

These are some of the reasons why you should invest in real estate in Miami. A perfect climate coupled with a unique property purchase opportunity is at your fingertips!


Source: https://www.entrepreneur.com/article/355259

Sunday, July 5, 2020

Differences between investing in real estate and buying real estate in Miami

 


Have you ever wondered what the difference is between investing in real estate and buying a property in Miami? Here’s some information for you to take into consideration:

If you would like to invest in real estate, it is important to know how to do it. One of the main differences between investing in real estate and buying real estate is that when you invest, you put market needs before personal interests or tastes.

If you are going to invest in real estate in Miami, make sure to check:

-       The location of the property

-       Nearby services and amenities

-       That the property is in good condition

-       That the property is located in an area with high added value

When you buy a property, your emotions and tastes are involved, whereas when you invest, you take other factors into consideration, like, for example, the square meter price of a property.

Remember that if you are interested in investing in Miami, you should consult a Real Estate Market Report, to know the capital gain, the time on the market, the gross rental profitability, the price-to-income ratio and the price-to-rent ratio.

Monday, June 8, 2020

What are the ideal properties for singles?


The road to building your own home can be both challenging and exciting at the same time.  It is true that starting life in a place all by yourself might be harder than if it were with someone else. However, Miami is the home of many uprising artists, entrepreneurs, and bachelors who seek for a brand-new start on their own.

 

Choosing the apartment


One of the many advantages of acquiring a home by yourself is that there are no debates, long discussions, or give-and-takes. However, even if this is no longer part of the challenges, buying as a single person has its tricks. That is why at the beginning it is useful to consider a large unit with roommates or a smaller property. Your first home won’t be necessarily your last one after all. In Miami, the options for studio apartments and one-bedrooms are limitless, covering your space needs with affordable prices.

Another great option for first home owners are condo-townhomes, which are valued approximately at $190,000. These townhomes are usually located in community neighborhoods and might resemble single-family properties (they usually share a wall with the neighbors and have a yard and a parking spot). Why are these properties good options for singles? Besides the space and functionality, these properties are great candidates for selling when it is time to move out (that is why looking for properties that appeal to married couples, even while being single, is a great hack).

 

 

Considering areas

 

Along the apartment itself, choosing a good area in Miami is critical for any newcomer. An area that fits your interests and hobbies is the perfect opportunity to create connections and establish professional and personal relationships.

 

Some of the greatest areas for singles in Miami are Coconut Grove, one of the oldest in Miami, with a big market for townhome condos and an amazing nightlife (cinemas, cafes, restaurants, malls, etc); Coral Gables, the home of the University of Miami, great for nature and art lovers; Brickell, one of the most chic and cosmopolitan areas in the entire city, where you can both work and have fun; and, finally, the famous South Beach, with its nightclubs, hotels and beautiful ocean views.

 

At Miami Riches, we are waiting for you to start your own adventure!


Monday, May 4, 2020

How has COVID-19 affected the world of real estate and its perspectives in Miami?


“Real estate development is the business of evolution”. Bruce Eichner, founder of Continuum Company (Forbes, 2020).

 

We couldn’t agree more with that statement. It is a reality that the Coronavirus pandemic has changed permanently our way of living and our ways of doing  business. Real estate is (and will keep on) changing, perhaps faster and on a bigger scale than any other field, now that people understand the importance of a space that can serve as a home, as an office, and as a recreation area. In the new normality we will soon approach, many components of this industry are bound to be reinvented. For some, like Eichner, these changes are still not outlined, but for other figures closer to Miami, the path to follow is a bit clearer.


Miami then and Miami now


Dan Kodsi, the developer of Paramount Miami Worldcenter, is well aware of the new paradigm the city is facing. The first thing that comes to mind is the post-COVID-19 focus on health, for owners and investors as much as for everyday personnel. Is this really that much of a change in a world that was already going in that direction? Well, for Miami, it is indeed.

 

Renowned as one of the largest cosmopolitan destinations around the world, the city’s expression of its architecture is rather extravagant, luxurious, and even pompous, while its focal point regarding practicality is aimed to the shared spaces and community amenities. Right now, those aspects are being outshined (and might even seem risky) by the preservation of a global well-being, that only occurs in self-isolation. Like this, there are many new inputs for the real estate world in the post-coronavirus era, such as the use of materials, automation and virtuality.

 

 

A futuristic present

 

Maybe it is quite difficult to imagine a bigger virtual impact than the one we are already experiencing; however, it will be the main vehicle for the human connection we cannot do without. Moreover, not only the utilization of new, more sustainable materials, but their means of distribution are other major targets in the new upcoming reality. And finally, the key to the new real estate businesses and properties is based on principles of automation: a world with fully contactless systems. Things such as face and iris recognition might seem brought out of a futuristic movie; however, these technologies were already being implemented before the virus outbreak and were only enhanced by it.

 

 

COVID-19 has been only an example of how quickly we must be able to adapt to new circumstances. In a world that is changing in such an accelerated pace, it seems that the only way to stay on top of business is to embrace the only matter that is always constant: change itself. Here, at Miami Riches, we are prepared for it. 

 

Sources:

Taylor, P. (2020). Real Estate Will Never Be The Same Post Covid-19. Forbes. Retrieved from: https://www.forbes.com/sites/petertaylor/2020/04/23/real-estate-development-will-never-look-the-same-post-covid-19-realtors-and-architects-should-pay-attention/#49f77af96f2a

Thursday, April 2, 2020

Top 5 Tips to Carry Out a Safe Investment in Miami


The city of Miami has changed immensely in the past twenty years or so. Rather than being the predilect spot for the veterans and the retired, it has become one of the most glamorous and praised cities in the world. Nowadays, Miami is synonymous with urban architecture, design, and above all, culture. The city of sun has welcomed millions of immigrants, from Cubans, to Brazilians, Colombians, Venezuelans, Jamaicans, etc., who are part of the reasons why this city is so varied in tastes and colors*. Currently, the Miami International Airport (MIA) has direct connections to some of the largest destinations in the world, throughout the European and even the African continent.

 

All of this has turned Miami into one of the top investment opportunities, so whether you are an individual looking to protect your assets or a businessman who wants to take advantage of the many options this city has to offer, the reality is that the best time to invest is now. That’s why we have compiled a series of tips for you to start a successful journey in the real estate business in Miami.

 

1. Set your goals

This is the first step towards every successful investment, so ask yourself: what do I want to do? Is it buying a property for rent? Or fixing a property to increase its selling price? Is it investing in new constructions? It might even be owning a vacation home that can also be used for rent during the regular seasons, for example. There are plenty of options in this field, so in order to know how to proceed, you must know what you want to achieve.

 

2. Design a short-, mid- and long-term plan

Once you’ve set your goals, it’s time to start materializing them. As any investor, you must plan your moves, and this is highly intertwined with the previous tip. What is your projection one year from now? And five, ten years from now? Is it producing an extra income? Or recovering the total amount of your investment? This part will help you outline the route to achieve your goals.

 

3. Research

Nothing entails more confidence than a good research. Take the economical and geographic elements into consideration. The management figures (meaning your investment capital, state taxes, fees, etc.) and the operational system of the transactions will help you spot the options that are more profitable, also considering that Florida is one of the states in the U.S where rents are more common than home purchases. As for the locations, Miami is pretty versatile, and depending on your plan, some locations will be more suitable than others. For example, Coral Gables and Coconut Grove might be perfect for a large family; for newlyweds, Brickell and Downtown are the best options; while locations like Wynwood or the Miami Design District might be the dream choice for young entrepreneurs or artists.  It will all depend on your vision.

 

 

4. Build a contact network

Getting to know your local bank, or even the people that live in the neighborhood you’re interested in goes a long way. Establishing connections (and having a good credit score, by the way) will build trust for future loans if you come across a good deal. Moreover, asking for the opinion of locals will provide a unique insight into the market.

 

5. Contact professionals

Going through all the process on your own might seem overwhelming, so having professionals to help you offers nice reassurance. Certainly, you’ll need real estate lawyers, brokers, agents, with not only expertise in the field but with your best interest in mind, and here at Miami Riches that’s exactly what we’re aiming for. So, if you’re ready to embark on this journey, we’re more than prepared to be there with you.

 

Diving into the real estate world is simpler than it looks; just follow these few tips and, with our help, your way into Miami’s investment business is secured.

 

 

 

*According to the American Immigration Council, one in five Florida residents is an immigrant.

 


Monday, January 6, 2020

Prepare for January in Miami


Miami is well known for its warm, sunny year-round climate, but not even the sunny city can escape the winter. January is one of the coldest months of the year to visit Miami; temperatures range from 16 to 24 degrees Celsius (61-73ºF). There are few rainy days in January, which makes it a great month to travel.

If you are asking, is it possible to take a dip in the ocean in January in Miami? The answer is yes. If you choose a sunny day with little wind, there is no problem bathing in the ocean, but it is not recommended, because the temperatures are low.

But don't worry! Today, Miami Riches shows you the best options that the city of the sun has for you during January.

If your main objective is to visit the Disney theme parks in Orlando, the beginning of the year (January and February) is the ideal time. During the first two months of the year, the weather is quite good for outdoor activities, and the influx of tourists is lower. Since it is a low season, you will find lower prices and better deals.

In January, you'll also find the calendar full of exciting and interactive ways to experience Miami's most diverse and culturally diverse neighborhoods. Only in Miami you can explore a museum dedicated to the city's first black policemen, or take an ecological history tour of a semi-hidden beach, and eat ice cream inspired by the flavors of Cuba; you can find this and more at Miami Art and Heritage Months.

We can't forget the South Beach Jazz Festival, a music festival featuring talented artists in a unique format. At least one person in each performance has a disability. "The great talent of the artists will promote the festival's dual goal of entertaining and defining others by ability rather than disability. The festival is about uniting our community through the universal sound of music," explains his founder, David New.

This is a small sample of the options Miami brings you in this new year.


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