How Miami Became One of the Riches Cities in America

 

Miami is known for its weather, parties, and many cultural activities. While still having all those things, it also has slowly become one of the strongest purchase capitals in the American region, with a growing Hispanic population.

According to the most recent data by the U.S. Census Bureau and the Pew Hispanic Center, Hispanics are now accounting for 1 in 4 Floridians, when a decade ago it was 1 in 6. The fastest-growing county with a Hispanic population is Broward, and it’s also the largest community in Florida, representing 20.5% of the state’s total population.

 

Latino influence in purchasing

Knowing this data, it’s also essential to remember that Cuban-Americans are still the most prominent Hispanic group, with Mexicans being the fastest-growing, followed by Nicaraguans, Colombians, and Venezuelans.

Back in 2012, the purchasing power of Hispanics in the state boomed $212.8 billion, a 980% since 1990. All of this means that Hispanics account for 29% of consumer power in the state.

With a booming minority in the state, Hispanics have a strong influence in the market, raising economic standards and pushing the state into a different category of affordability and quality.

 

What happens next?

Since the pandemic began, many people have been moving to cheaper cities. Since services are more affordable than in other states, there was a surge coming into Florida. However, it didn’t immediately translate into price increases, but more companies decided to invest in growing industries in the state.

With all of these circumstances aligned, Miami has become a competitive place to start investing in and building a life. As minority groups keep growing and industries keep coming in, Miami has a platform still raising its standards and becoming one of the best places for having a work-life balance.

Miami's Real Estate Boom: What You Must Know

 

Miami is becoming a center for tech startups and investors at a fast pace

Miami has become the second most expensive city in the housing market, after Los Angeles. But this hasn’t stopped people from making the city a new reference in tech development and startups. It has been compared to Silicon Valley. 

 

The pandemic affected several industries and changed the way people worked. It wasn’t necessary to go to an office every day or be close to your workspace. When people started to notice that, most of them began to plan around this by moving to states where they could work in their industries while planning their personal lives. When most companies started to realize the benefits of remote work, they began to change the way they conceived remote work, allowing most of their employees to work from wherever they wanted. 

 

But what does this means for real estate? 

Craig Studniky, executive director of Related ISG Realty, commented that Florida had increased its population by 900 people per day over the last few years. The pandemic didn’t affect this internal migration as much as other states. Over the first four months of 2021, the housing market grew by 39.8%. 

 

It is expected that the housing market will normalize by next year, offering more options for buyers since inventory has been on the rise. However, don’t expect prices to lower; those will still be on the rise. 

 

In recent predictions, there’s a forecast of a 3.2% increase in home price by June next year or even a 12% increase by July. 

 

Millennials are looking for comfort (a better quality of life, and most of them, started to plan their families). That’s a big reason why cities like Miami are booming in real estate: since it’s beginning to become a startup and tech capital, it’s a tax-friendly area, and real estate is on the rise, it’s the perfect place to start planning their professional and personal future. 

 

Just like it happened in New York City and the Bay Area, Miami is in the zeitgeist of a tech financial boom that, on the one hand, has created opportunities for those who can afford a house and have their work here. On the other hand, it makes a breach in the quality of life among specific populations. Still, Rebecca Danta, from the angel firm Miami Angels, claims that part of the solution could be generating more job opportunities in the tech area to close that gap. 

 

Miami’s continued rise won’t stop any time soon and will stay relevant in this new normal, and real estate will be one of the markets that will see the benefits from this. 

Moving to Miami? All you need to know

 

Miami is a wonderful city, on an eternal vacation and with a wonderful climate. Plus, Miami brings together the best of worlds: Caribbean flavor and American culture. But, before moving to Miami, as in any city in the world to which you want to move, you must know certain factors: who lives there, what the lifestyle is like, the economy, etc.

 

Miami has a very colorful and happy culture, with a vibrant nightlife and beaches, and warm winters, if this is something that matters to you, this is your place. But, since not everything is fun, here is a guide to the advantages and disadvantages of living in this city.

 

What factors should I consider when moving to Miami?

When moving to Miami you must consider a number of factors:

Climate

For those who want to live in the United States, there are many advantages in this particular aspect. With 50 states, you have all the climates to choose from. Miami is a city with a mild climate and temperatures, when you compare it to others, especially in winter. However, it is a city where it rains constantly and is in the eye of the hurricane, at least between June and November.

 

Therefore, if you want to move to Miami, you should consider that you will have to prepare for this season.

 

Additionally, consider that during the summer the temperatures will be quite high and the humidity is intense.

Is Miami an expensive city to live in?

Yes. The highest costs of living in Miami are rent and food. But Florida has a benevolent tax legislation: there is no state income tax in Florida, which could save you thousands of dollars (you should pay only the federal taxes).

 

Traffic

In Miami you lose time in traffic!!! This is true! There are areas that are very congested and this makes people look to live in other areas of the city and surroundings and not waste so much time in traffic.

 

There are several factors to improve in these aspect, but we know that the corresponding authorities are working on it. Even so, it is our duty to tell you…

 

Food, food, food... many different culinary cultures in one place

In Miami you will never get bored of eating the same, since the cultural offer is not only in activities, but also in restaurants!! Whatever you want to eat, we have it!

 

There are MANY options in condos to move to Miami

When you are moving to Miami, you have to make decisions like whether to rent or buy; the area where you want to live; if you have children, the schools where they will go, etc.

Fortunately, there are options for everyone and we can help you! Check our web to know our options for you.

 

Activities and cultural offer

It is impossible to be bored in this city. If you are moving to Miami, be prepared to be amazed by the lot of things to do. For lovers of nightlife, Miami offers the most intense activity; If you prefer to taste Latin American cuisine, the city offers an impressive variety of restaurants.

 

If your interests are inclined towards art, the galleries represent artists from all over world. If you prefer contact with nature, we have famous natural parks that are less than three hours away.

 

What are you waiting for? Moving to Miami looks like a many more joys and advantages than anything else. We will be waiting for you!

Coconut Grove, a great location to live in Miami

 

Coconut Grove is one of the oldest neighborhoods in Miami, it was founded around the 1800s and is located between Brickell and the city of Coral Gables, but… besides this, what makes it special and unique?

 

It is strategically located. It is close to several key areas in the city; the financial center of Miami, as well as shopping and entertainment areas. Coconut Grove also offers families a quiet space to live, surrounded by vegetation and trees, which provide a touch of privacy and exclusivity to the houses and villas in the area.

 

Among the activities that you can enjoy in the area are:

 

Visit parks such as Peacock Park: with recreational areas, baseball fields, basketball, and tennis courts. It serves as the stage for various events during different times of the year.

 

Visit the Vizcaya Museum & Gardens, a museum that was originally built in 1914 as a European-inspired winter villa, surrounded by gardens, sculptures, and fountains. It is currently a certified historical monument and museum.

 

In Coconut Grove you can bike the Commodore Trail, a 5-mile paved route that runs along South Miami Ave., Bayshore Dr., and Douglas Rd.

 

In addition to this, it is very close to the Peacock Park marina and there is a good area of ​​restaurants, cafes, and bars for all tastes, which feed the "bohemian and chic" life of the urbanization.

 

Coconut Grove is the ideal place for a quiet life, close to everything that is important in Miami. Enter our website and visit the properties for sale in Coconut Grove https://www.miamiriches.com/forsale

Why New Yorkers keep moving to Florida.

 

Lower taxes, better weather, and the coronavirus are driving nearly a thousand people a day to come to Florida, according to the Miami 2020 report. According to the Daily Mail, and citing The New York Times, during the coronavirus pandemic hundreds, nearly thousands of Americans are reportedly moving to Florida every day as entire families leave cities in upstate New York, New Jersey, and Connecticut.

 

The reason?  Even though "everything is more expensive" in the Sunshine State, the interest rates on properties are not so high compared to the rest of the cities in the north of the country.

 

The environment propitiated by the pandemic paralyzed prices so much so that, for example, in counties such as Palm Beach, new contracts for single-family homes over $1 million experienced a 268% increase compared to the same date last year.

 

According to The Daily Mail, since COVID-19 began, the so-called "rich end of the market" expanded "in major South Florida markets," as well as in Tampa and St. Pete.

 

Experts believe that the possibility of a second wave of COVID-19 also plays a role in this movement of approximately 950 people daily. What better place than Florida, with its warm temperatures, to pass the disease?

 

The reality is that home sales in some parts of Florida have more than doubled since March 2020, in what they call an "unprecedented demand."

All that you have to know to rent or sell your property in Miami

There are many things to take into consideration if you are looking to rent or sell your property in Miami.

Many people take several factors into account before making a decision, that is why we believe you should consider the following if you want to rent or sell your property:

1.   The location: This is a fundamental factor.

The location of a property will make the difference for people who want to buy your property. If you are close to universities, transportation, shopping centers, or if you are close to the main access roads of the city, you will be able to sell or rent your property much faster.

2.    Be careful with the price. Remember that everything depends on the area where your property is located.

Do not try to set a price above the market, because if you do, it will be very difficult for you to rent or sell your property in Miami.

3.    Expenses: If you are going to rent your property, take the expenses into account.

There are many mishaps or accidents that your potential tenants may suffer. For this reason, before generating a rental contract, take unforeseen expenses or accidents into account.

4.    Remember to have all your papers in order:

Remember to have all your papers up to date, so when the time comes to sign a rental or sale contract for your property, you will not have to wait so long for the paperwork.

 

Take these factors into account and you will see that you will be successful with the sale or rental of your property.

How is real estate changing according to the demands of the new generations?

 

Hard as it may be to believe, today's millennials aren't living in their parents' basements; rather, they're buying multimillion-dollar homes.

At 38%, millennials -adults born between 1981 and 1996- represent the largest proportion of homebuyers in the U.S., according to a National Association of Realtors survey released last year. "They are just as interested in owning a home. They've just waited longer to buy their first one," says Bradley Nelson, director of marketing for Sotheby's International Realty. Affluent millennials, Nelson says, are going big.

Market Preferences

Millennials are the most educated generation in history, have higher incomes and are poised to inherit more than any previous generation, according to a May 2020 report from the Brookings Institute.

Millennials are characterized by their tech-savvy and environmentally-conscious values, and their millennial preferences are poised to dramatically shape the market.

Luxury headwinds

In addition, amid the indiscriminate decline in overall tax revenues caused by the pandemic, governments around the world are re-evaluating property and estate taxes as a means to cover budget shortfalls.

"For all buyers, tax implications are going to be a bigger part of their consideration when buying a home," Nelson says.

For the growing cohort of young, affluent buyers eager to get their dream home, millennials face a dearth of options that meet their unique tastes. "Inventories are near historic lows across the board, and especially for homes with the features they're looking for," Nelson says.

The world is definitely changing, and millennials know it. Miami is a place that they will probably like to live in.