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.

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."

The best cities in Florida to invest in this 2020

Miami is considered one of the best cities in Florida to invest in. At Miami Riches, we show you the attractions and benefits of its different areas for you to discover where to invest in 2020.

The city of Miami is surrounded by several areas that show their style, ranging from the financial district to the district of the arts. This is our list of the 5 most popular districts to invest in the upcoming year:

Brickell

Located in downtown Miami, Brickell is South Florida's premier financial district. An urban neighborhood, adorned with luxurious buildings, offices, hotels, and a multicultural selection of cafes, restaurants, and clubs that make it the favorite place for locals, tourists, and entrepreneurs, as well as the residence of a large number of millennials.

Midtown

One of the fastest-growing areas in the city, Midtown is the perfect area for those who enjoy the balance between good living, fashion, and the arts. With its streets full of life, its surroundings breathe a cultural diversity that has enriched each of its spaces, which is why you can taste a variety of dishes and beverages, find any architectural style, trends in decoration, or simply witness their daily activities on the spot.

Wyndwood

Better known as the Wynwood Arts District, thanks to Tony Goldman, who saw the artistic potential of the area in its purest representation, graffiti. After years of exploration, in 2009, the still celebrated exhibition, Wynwood Walls, opened. Thus in 2016, Wynwood was proud to celebrate its second spring as a fashionable neighborhood of the city.

Downtown

Downtown Miami refers to the center of the city; it is one of the neighborhoods in Miami characterized by its high buildings and views of Biscayne Bay. Dazzling skyscrapers, business centers, conventions, and meeting centers with unsurpassed views of the sea make this place a jewel.

Edgewater

The Edgewater neighborhood is accompanied by its characteristic skyscrapers, modern buildings that are under development, and the strong artistic movement that is felt there by the proximity to Midtown Miami and Miami Design District. It is on the edge of the bay, which makes it an area of great interest to domestic and foreign investors who project into this neighborhood.

5 Ideal Plants for your Garden.

Do you know what are the best plants to have under the Miami sun? There is a great variety of plants that better resist the hot and sunny conditions of the city of the sun.

With the arrival of summer and the high temperatures, we need to adapt our garden for the season. The best way is to fill it with plants that develop best when they are under the sun, and with the right care, the longer their flowering period will be.

If your garden is sunny all day or most of the time, you'll be interested to know which flowers are best suited to those sunny areas, here are 5 options.

1) Bougainvillea

Needs to be in very sunny places and needs the warmest climates to develop under ideal conditions. As for watering, two or three times a week will suffice in the hottest months of spring and summer.

2) Geranium

It does not require excessive care, as it is one of the most popular outdoor resistant plants. During the summer months, it needs to be watered almost daily.

3) Verbena

It is one of the most colorful sun plants because it has many flowers, and also tends to flower in greater numbers from late spring until the end of summer. It needs little water so it is ideal for very sunny places, in fact, they need sufficient sunlight to grow well.

4) Snapdragon

Blooms from spring to autumn and its flowers can be of many different colors, from white and yellow to orange, red, pink and purple.

5) Dahlias

They need to be under the sun, so they are ideal for a garden in the middle of summer. However, they do need abundant watering, which must be done at times when the sun is not shining on them.

We know how important it is to take care of your garden.

5 Keys to Invest in Real Estate

Real Estate is more than just a job or knowing about the current market: it’s all about taking smart risks. Whether you’re buying your first house, taking it to the next level and buying your second home, or simply considering houses an investment opportunity, there’s always something to learn from Real Estate. 

Miami Riches is here, not only as your trustworthy Real Estate company, but also as your advice-giving ally. Before investing on the first house or condo you see, there are some tips and tricks you should take into consideration. That’s why today we’ll tell you some important things to keep in the back of your mind when investing in Real Estate.

1.    Know your client: Real Estate isn’t just finding and buying a house. In fact, the job doesn’t end as soon as you sign the contract. Firstly, you must know what your client is looking for: are they looking for their first house or are they in search of their second home? Do they need a short-term rental or a vacation spot? Are they looking for a house, a condo or a studio apartment? After you know the needs of your customer and offer guidance during the process, it’s important to guarantee proper management right after they own the property; offering them insurance and assistance is key!

2.    Understand your market: Before offering something they can’t have to your clients, it’s important to understand the market you’re in: are sales high or low? Is it a good area to live in? What types of properties are being sold?

3.    Type of property: The property you pick is just as important as the area you decide to invest in. Are you looking for a commercial space or a residential property? In case you’ve chosen to invest in a residential property, now it’s important to know if it’s a newly built property or if it has been on the market for some time.

4.    Short or long term?: One of the most important things to understand is whether you are facing a short or a long term investment. If you’re looking for short-term investments, look for ways to make quick repairs and fast sales; for long-term investments, rentals are the perfect choice.

5.    Diversification: Investing all your money in one property isn’t the smartest business choice, since the risks are always 50/50. If you lose your investment, it will be hard to get your money back. On the other hand, if you put all your money in several properties, there are better chances to get all your money –and more– back.

Miami Riches offers a team of professionals who can guide you during the investment process and more. All you need to do is contact us!

Education in Miami

Education is the cornerstone of society. Something many buyers take into consideration before acquiring a new home are the schools nearby. Miami is home to the fourth-largest public school district in America, so you will have plenty of options if you are searching for a place for your kids to study.

Miami isn’t just home of one of the largest public school districts; it’s also home of the best schools in Florida, some of them even making the top list of best schools in America. All the statistics are based on the performance of students in tests made by the state of Florida and their performance later in college.

Education is a major concern for parents, thankfully, finding a great school for your kids in Miami won’t be a problem. For example, if you live in Brickell, you’ll have 3 important schools to enroll your children in, and they are all within a 15-minute distance: Coconut Grove Elementary School (0841), Coral Gables Senior High (7071) and Ponce de Leon Middle School (6741).

Another concern many parents have regarding their children is the amount of time they have to spend with them or to take them to any activities they might have. Public schools usually offer a transportation service so you won’t have to worry about that. There are a high number of day cares and private kindergartens where you can be certain that your children will receive the best attention possible. For older kids, there will be plenty of extracurricular activities inside and outside of school. Water sports are a major thing in Miami, and the growth of soccer, basketball and baseball at high-school and university level is huge.

            Education is essential for any person’s development, and we all want the best for our children. What’s better than having your kids studying near your workplace? Miami offers all the possibilities to make sure your kids have a great youth and to guarantee academic success.

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Consequences of the Election in the Miami Market

Either a Republican or a Democrat, we’re all on the edge of our seats waiting to see what will happen with the real estate market in South Florida after 2016’s biggest moment: the election. Donald Trump and his immigration policies were the big winner of the night, so what will happen with Florida?

So, if South Florida’s population is mostly made up of Latin Americans, does this mean that the real estate market is at risk? At Riches, we have the strong belief that it isn’t.

According to Edgardo Defortuna, president and CEO of Fortune International Group (a residential developer), South Florida’s real estate market will be as stable as it has been for the past ten years. South Florida will continue to be one of the best cities in the US to invest on properties.

Defortuna stated that: “If anything, Trump understands how the real estate market works and many of his supporters are major real estate developers and investor”. And moreover: “All his economic policies are for growth and to create new jobs and to jump-start the economy depending on factories going back to work and real estate booming and I don’t see how that could possibly be a negative impact.” 

Therefore, if anything, South Florida’s migration will keep on as it has been in past years, meaning that the real estate market will continue to grow and develop.

New Mega Projects in Miami

Miami is one of those cities that just can’t stop growing. Every day that goes by, more and more projects are being planned and constructed in Miami. This is the way the city tells us that its growth is unstoppable. At this time, there are three main new mega projects going on in Miami: Brickell City Centre, Miami Worldcenter, and Florida’s MiamiCentral.

Brickell City Centre

Brickell City Centre: new retailers are opening here. About 70 stores and restaurants are opening in Brickell City Centre. Among them we can find apparel, fashion and personal accessories, dining, and arts and services stores. Luxury stores will be located on the first floor, while premier and contemporary retailers will be on the second and third floor. By the end of this year, Brickell City will have two condominium towers, two office buildings, and the Miami Hotel. Among the stores, you’ll find retailers such as: Armani Collezioni, Addict, Nars, Pandora, American Harvest, Luke’s Lobster, AT&T, Bojanini Art Gallery, Musart, and so much more.

Miami Worldcenter

Miami Worldcenter: this is a project that has already begun to be built. It has an open-aired concept including a one-to-two story row of retail shops and eateries, along with a plaza space intended as an event place. This project features 300,000 sqft of retail space and 513 condo units. The project is estimated to open by 2018.

Florida’s MiamiCentral: this project will be the last stop along All Aboard Florida’s rail line to Orlando. It is a nine-acre project which will include 200,000 sqft of retail space and four mixed-use towers that will rise above the trail tracks. This rail service –named Brightline, will transport millions of people each year and it will stop in Miami, Fort Lauderdale, West Palm Beach, and Orlando, giving a very easy and practical access to MiamiCentral.

MiamiCentral

Four Seasons Brickell

One of the most exclusive condo towers in Brickell center is now on sale. As an investor it is an excellent opportunity to buy, as a tourist a perfect one to rent. Let yourself get the best from Brickell, a city where comfort and luxury are the main attractions. Brickell is known as the “Fifth Avenue” of Miami, since you can find a lot of foreign embassies, major banking centers, and an exciting blend of retail, office, hospitality, entertainment, and residential attractions. The Four Seasons Tower will place you on the epicenter of this exciting, international, business city.

Also, at Four Seasons Brickell you’ll find a great variety of amenities, such as: 24-hour concierge services, high-speed internet connection, personal computer in rooms, spa, access to Sports Club, two pools, and, best of all, excellent location: minutes away from malls and nightlife in Coconut Grove, South Beach, Coral Gables, and Key Biscayne.

Miami Riches offers an amazing unit at this luxurious tower, to rent or to buy. It is the lowest priced unit in the building, so you cannot let this opportunity go away! It’s a completely furnished studio apartment in this 5-star hotel. You’ll experience breathtaking views of the bay and the ocean from the 30^th floor. Perfect for corporate rental or business executive. If you’re concerned about your daily foods, don’t worry, it has in-house restaurants and catering to your unit. Also, it comes with one parking space and one storage. It can be purchased for $450,000 or rented for $2,000 a month.

Look no more, you know deep down that a unit at the Four Seasons Tower is all you’ve ever wanted. Contact Miami Riches to start your investing journey and start experiencing the Florida lifestyle!