The South Florida real estate market continues to offer something for everyone. Whether it’s a metropolitan pied-a-terre, a waterfront condo, or a cozy home in the suburbs, you’ll find it here. International and second home buyers, as well as new residents, are all attracted by the exciting lifestyle, the beautiful weather, the tax benefit of no state taxes and the international ambiance locals have grown accustomed to. Miami, which ranks number one in the nation for international buyers, is a world-class city featuring relatively inexpensive real estate in an enviable environment. Following the record-breaking real estate boom of a few years ago, the South Florida market, like many others in the nation, experienced a much needed correction, resulting from speculative buying activity. Overbuilding brought about excess inventory. But buyers are realizing the benefits of buying in a great place and at discount pricing and the available new condominium inventory has been considerably reduced.
Most economists agree that it is difficult to predict when the real estate market has hit bottom, until after it begins to recover, and the Greater Downtown Miami area real estate market appears to be doing just that, according to the most recent statistical data. Affordability reached record levels according to the National Association of Realtors Chief Economist Lawrence Yun, consumer confidence has increased significantly according to the University of Florida Beaurau of Economic and Business Research, and international buyers buy property in the area at an increasing rate. Based on the input we receive on a daily basis from our own real estate brokerage company and other brokerages that we work closely with, the single most important factor influencing the purchase of a condo in Miami is that it is viewed by the vast majority of buyers as one of the most desirable “live-work-play” locations in the world. Some of the main reasons behind this desirability are the following:
Culture, Entertainment and Performing Arts
Miami is home to dozens of entertainment venues, theaters, museums and performing arts centers, hosting international arts events, film festivals and book fairs. Miami is a major fashion center, home to some of the top modeling agencies in the world, and fashion shows such as the annual Miami Fashion Week and Mercedes-Benz Fashion Week Miami. There are more than 2,400 motion picture and video businesses along with photography, television, cable networks and a thriving music industry. The Adrienne Arsht Center for the Performing Arts of Miami, the American Airlines Arena, Vizcaya Museum & Gardens, the Miami Museum of Science, the Lowe Art Museum of the University of Miami, the Miami Arts Museum, the Fairchild Tropical Botanic Gardens, the Miami Metro Zoo, the Miami Seaquarium, the Miami Children’s Museum, the Miami Parrot Jungle Island, the Miami Coral Castle Museum, and the Florida International University Frost Art Museum are only a few of the countless cultural, entertainment and performing arts attractions that Miami has to offer.
International City
Miami is knows as the “Capital of the “Gateway to the Americas.” Miami hosts 11+ million visitors annually – including over 5 million international visitors – generating nearly $14 billion in revenues and 100,000 leisure and hospitality jobs. In Miami-Dade County, 50.9% of residents were born outside the U.S., and 67.9% of the population speaks a language other than English at home. Miami is home to 150 ethnicities and 60+ languages.
Global Business Center
There are more than 100 international consulates, trade offices and bi-national chambers of commerce in Miami-Dade County that support the worldwide flow of goods and services. Miami-Dade has 5,553 companies specializing in leisure and hospitality, employing more than 101,500 people. There is also no state or local income tax.
Lifestyle and Weather
South Florida enjoys an average temperature of 75ºF (23ºC). Miami-Dade has 84 miles of Atlantic Ocean coastline, 15+ miles of beaches and 67 square miles of inland waterways. Miami-Dade County has six public golf courses, 504 tennis courts and 181 handball / racquetball courts. Most overnight visitors (48%) say the thing they like the most is the weather, followed by the beaches, the international ambience, and the nightlife.
World Aviation Hub
Miami is a world aviation hub connecting North and South America, the Caribbean and Europe, handling 34+ million passengers annually. More than 80 airlines connect Miami International Airport to nearly 140 domestic and international destinations. Private aircraft owners and travelers benefit from three general aviation facilities in Miami-Dade County. Miami ranks #1 for international freight in the U.S., with 1.95+ million tons annually. Miami International Airport is the second busiest hub airport for American Airlines, one of the world’s largest passenger air carriers.
Port of Miami
Miami is the cruise capital of the world, with 4+ million cruise passengers per year. 250 seaports are served and 7+ million tons of sea cargo transported. China leads imports at the Port of Miami, followed by Honduras, Germany, Hong Kong and Brazil. The port boasts an economic impact of $18 billion and more than 150,000 jobs.
Sports and Recreation
South Florida has year-round recreational and sporting activities, including soccer, cricket, handball, football, hockey, baseball, snorkeling, diving, jet skiing, boating, sailing, fishing, golf and tennis championships, marathons, charity walks, horse racing, greyhound racing and Jai-Alai. Miami is the “Wreckreational” Diving capital of the world, with over 50 diveable wreck sites. The Homestead-Miami Speedway hosts Grand Prix, Indy and NASCAR races. The area is home to three major professional sports franchises – Miami Dolphins, Florida Marlins and Miami Heat, the NBA team that just added LeBron James to its already great composition of players, something that will have a multimillion impact to the City of Miami to the extend of $500 to $600 million, according to a recent article in Miami Herald. Miami-Dade County has more than 800 parks, recreational areas, and nature centers with great beaches, golf courses, bicycle and walking paths, bays and lagoons.
Schools, Universities and Hospitals
The Miami-Dade Public School District is the fourth largest in the nation; there are five colleges and universities, and three law schools. Florida International University (FIU) enjoys the highest ranking classification by the Carnegie Foundation for the Advancement of Teaching as a Doctoral / Research University. Recognized as a Carnegie I Research University, the University of Miami is the largest, most comprehensive private research university in the southeastern U.S., and holds a well-earned academic and athletic reputation. Miami Dade College is nationally recognized as one of the largest and best community colleges in the country. The total approximate college-university student enrollment in the county in 2006 was about 245,000, one of the largest in the U.S. There are 33 hospitals in Miami-Dade County. Miami Children’s Hospital is rated the top pediatric hospital in the country.
Top Rankings
Miami’s skyline ranks third in the U.S. behind New York City and Chicago, and 18th in the world, according to the Almanac of Architecture and Design. Miami ranks as one of America’s Cleanest Cities according to Forbes Magazine. In a recent UBS study, Miami was ranked as the third richest city in the U.S. and the world’s 22nd richest city. Miami is the only major city in the U.S. bordered by two national parks: Everglades National Park on the west and Biscayne National Park on the east. South Beach is continuously ranked one of “America’s Best Beaches.” Miami was named the “Top City for Hispanics to Live” according to Hispanic Magazine. Miami is one of the “Top 15 Cities Most People Would Like to Live” and was named one of “America’s 50 Hottest Cities for Relocations and Expansion.” Miami was also named the “Best U.S. Metropolitan Area for Small Businesses according to BizJournals.com.
Demographics
The median age in South Florida is 36. Miami is the most populous city in Florida. The Miami metropolitan area is the 7th largest metro area in the U.S. The United Nations estimated Miami to be the 4th largest urbanized area in the U.S., behind New York City, Los Angeles and Chicago. A recent report published in May 2010 by the Miami Downtown Development Authority and prepared by Goodkin Consulting and Focus Real Estate Advisors, states that the current downtown area population is estimated to total approximately 71,000 persons and is projected to increase to over 81,000 by 2014. According to the report, the specific Brickell area had a total population of 13,584 according to the 2,000 Census. For 2010, the same area is estimated to have a total population of 28,500, whereas the 2014 projected population for the Brickell area is 33,500!
