Here is Miami today - Miami Derezzed
What would be Miami in the future?
At www.askGrand.Com and Grand Real Estate Company we know that every buyer of real estate in is an investor at the first place. And every investor wants to make sure he is making a good decision when investing in Florida real estate. Investors are always looking for reasons to prove themselves they are making correct move. Our company is open to our customers and ready to answer all their questions, provide our professional opinion and respond to any concern they might have.
Please, see below 30+ reasons to Buy Miami real estate:
1. Florida is one of the few states in USA with NO State Income tax. (Only 7 states of America have no income tax). For example there is a 12,3% personal income tax in California (it is even 13,3% if your current income is $1 million or more). New York has 8.82% income tax for its citizens.
2. There is NO inheritance tax in Florida. That mean it’s even cheaper to die in Florida than in some other states of USA. Most of the inheritance taxes are imposed on assets over $1 or $2 million. That drives wealthier people to move to sunshine state to spend their happy retirement and to make sure their spouses or children will have a little more after they die than in the state they currently live in.
3. Miami is number 2 city after NY for international banking due to its proximity to Latin America. That is mostly because strong financial infrastructure was developed in recent years: banks and accountant firms that can provide variety of financial services and law firms to support them. Miami is now home to 13 investment banks, 19 private-equity firms, 60 hedge funds and 63 wealth-management firms. There is more than 200 family offices — private companies that manage money for one or more wealthy families with assets of at least $50 million.
4. Big corporations are moving their headquarters to South Florida. Good Business environment made Miami a home for 16 of Fortune 500 companies and international business. More and more international and US companies cannot afford not to be in Miami anymore. Apple, Google, Twitter, Uber, Facebook and Uber have opened their regional offices in Miami.
5.Hotel Business. About 95 million visitors come to Florida every year. According to South Florida Business Journals -Miami hotels daily average rate was $153 per night and the average occupancy is about 78% at the end of 2015, which was way above national level. Only Miami-Dade county’s total hotel revenue for 2015 is estimated $2,832 Billion. What is more important new hotels are hiring thousands of hospitality workers.
Miami hotels lead the nation in profitability. And Miami yell only to NY in new construction of hotels. That demand attracts investors very much.
6. It is reported that 44,350,247 travelers passed through the Miami International Airport in 2015. More than 100 Airlines fly to Miami Airport. It’s the second airport after NY York’s JFK airport by volume of international passengers and the first airport in USA by number of international flights.
Miami airport also handled more international cargo than any other airport in the United States. 84% of all air Imports and 81% of all air Exports between the United Stated and Latin America and Caribbean are handled through Miami International Airport. The total annual financial impact of MIA on local tourism, cruse operation, international banking is estimated to be about $33,5 billion. It is also one of only eight U.S. airports to accommodate the Airbus A380 jumbo jet.
About 20 Million travelers pass through Fort Lauderdale/Hollywood international airport every year. It is the second largest airport in South Florida - just completed major ($2.3 billion) renovations and extension of runways to accommodate even more passengers.
7. South Florida is well-known for its cultural and social events. Thousands of conferences, conventions and corporate meetings are held in state conference halls. Millions of businessmen and entrepreneurs are invited to share their ideas and present their products on the field of Florida halls. City of Miami authorities are taking this part of the business very seriously and are planning to expand and renew Miami Convention center.
Miami Beach new Convention Center
8. Miami is home for Ultra music Festival – annual outdoor electronic music event that invites hundreds of best DJs and pop starts of the world to perform live for several days in the raw on numerous stages at the same time. Its estimated about 165,000 music lovers have visited Ultra Miami in 2016.
9. Every year Miami Beach is also hosting the international art fair for modern and contemporary art - Art Basel. Young and talented artist present their works on the same fields with the guru of modern art during this weekly long event. 284 galleries, 33 countries and more than 4,000 artist were presented in 2015 Art Basel in Miami. 98,000 visitors came to Miami to see, enjoy, judge and purchase the best of the modern artwork of the year.
10. Miami International Boat Show in spring and Fort Lauderdale International Boat Show in autumn are held annually. The last one - is the biggest boat shows in the world. It is estimated $4 Billion worth of luxury boats and marine-related products are offered during the Fort Lauderdale annual International Boat Show. About 130,000 people are visiting to see and buy yachts and boats during the show.
11. All these luxury events and products, business opportunities and unique lifestyle give a good push to private aviation industry. Florida is very attractive for private plane owners and corporate jet companies. Florida is a third state in USA after California and Texas by the number of registered planes - 21,220 aircrafts total. There are 857 private and public airports offering their runways to local and out of state private jets.
12. Panama Canal is being expanded which will allow larger by size and more by number of ships to pass from Pacific to Atlantic. That will have double influence on Miami.
First of all, approximately 40 percent of the cargo from South America is going through Port of Miami. It’s the closest U.S. container port to the Panama Canal. With its new 50-feet draft capability this is the only port south of Virginia able to accept large Panamax ships. The PortMiami connection with Florida East Coast Railway offers the fastest access to reach 70% of the U.S population in up to 4 days.
13. Miami can be truly called cruise capital of the world as it moves about 5 million cruise passengers each year. 18 Cruise companies, 42 passenger ships are already working at PortMiami. The expansion of Panama Canal will allow Cruise lines to open new destinations and service even more passengers from Port of Miami. The expansion also creates new employment opportunities – 30,000 new jobs. Estimated $27 Billion of economic impact on Miami-Dade County.
Port Everglades in Fort Lauderdale is another South Florida big port for cargo and cruise business attracting investments and expanding job opportunities.
14.Miami Grand Central Station is being built together with the All Aboard Florida (also known as BrightLine) whose passenger trains will connect Miami to Orlando and reduce the passenger travel time in between destinations for about 25%. Approximately $2.5 billion of private money will be invested in this project. Their trains will speed up to 125 miles per hour. All Aboard Florida project is scheduled to complete by 2018
15. Currency. No need to explain that US dollar is being stable and predictable monetary instrument for many years. Investors trust their investments to American dollar which makes it even stronger. So investment in Real Estate that is evaluated in US currency makes it safe harbor for many market fluctuations. And Florida is closiest US markets to South America and the Caribbeans.
16. Weather: Miami offers 288 Sunny days per year, Yearly average temperature 77F/25C. No more comments.
17. Good air Quality. Even though Miami is one ow the biggest cities in USA, its location and weather condition does not allow smog to build up in large quantity. Ocean breeze and open air is a major relocation factor to many people.
18. Warm Atlantic Ocean and wide sand beach shore is very appealing to tourists and visitors. Many people tend to compare Florida to California State. And many agree that Florida’s Beaches Are Better - That's because the water at California beaches is notoriously chilly and often choppy. LA or San Francisco beaches cannot be used for sunbathing and swimming year around compare to Florida.
19. Miami is #4 of Healthiest cities in America (according to Livability.com) based on the following factors:
20. Beside the sunny weather and sandy beaches, wide range of cultural and leisure options Miami is very pedestrian friendly and open to green initiatives. Cars on Demand and City bikes are highly popular services that City of Miami promoting to their residents and visitors. The level of 1 bike per 300 residents has been reached in the city. Miami is also set to be one of the top 5 walkable cities in USA. The chain of specifically designed pedestrian walkways and trails already exists and being constantly expanding: Miami River greenway 10-mile trail, 7-mile Bay walk system.
21. All of mentioned above and many more factors attract wealthy people. Miami-Dade County is officially a main residence for more than 80 Dollar Billionaires. Moreover, Miami is #6 city in the world in Top 40 Most Important Global Cities for Super Wealthy — those with net worth of $30 million or more - according London-based real estate consultancy - Knight Frank. In their new Global Wealth Report for 2015 after London, New York, Hong-Kong, Singapore, Shanghai, Miami is getting ahead of Paris, Dubai, Beijing and Zurich. Miami used to occupy only 29th position in 2011 in the same rating, than moved to 8th in 2013, 7th in 2014 and should remain in Top 10 for at least next ten years.
22. Florida is 3rd most populated state in US. And its population is growing every year. It is Also one of the biggest states for immigration and there is a strong flow of international money entering South Florida for real estate purchases. Miami is number 1 - ahead of California (number 2) and New York (number 6) on this list. Globally Foreign buyers are being enticed to U.S. real estate because of what they recognize as attractive prices, economic stability, and an incredible opportunity for investment in their future
23. If to compare Global cities Miami still have one of the lowest prices per square foot of real estate. It’s about $1100/per square foot in Miami while London prices are at $4,166 Per sq.ft, New York about $2000, Paris $1,666, Dubai $1562
24. Miami is home to some of the Best US Hospitals. Miami Jackson Memorial Hospital is one of the Nation’s largest healthcare facilities. Miami Children’s Hospital is ranked best US Hospitals
25. Sports. South Florida is a base for internationally known Miami Heat basketball team, Florida Panthers NHL hockey team, Miami Marlins baseball and Miami Dolphins American football teams.
Florida is a number one state for SuperBall hosting. Sun life Stadium is currently being seriously renovated
Also, Florida is home for Sony Open Tennis tournament in Key Biscayne. Number of international tennis stars comes to compete and try to win in this prestige championship in Florida every year..
Moreover, David Beckham is building 25,000 seat soccer stadium which will be completed in a few years to please soccer lovers and to welcome in United states and in Miami in particular the international soccer teams from all over the world.
26. Education. Florida state is very attractive for international students from different corners of our planet to get a new level of education. Florida is ranked #7 state in USA with the most international students studying at a college or university. According to 2015 statistics –almost 40,000 of international students are spending $1,3 billion for their study-related expenditures. Very strong and unique Marine and art schools together with medical, law, hospitality, financing and banking majors at well-known and highly credited University of Miami, Florida State University, Florida Atlantic and Florida International universities offer students quality knowledge base for many years.
27. Shopping. Miami as taking a lead from global cities by attracting hi-end retail brands to open their stores and showrooms in malls and shopping plazas. Aventura Mall (it’s a 3rd largest mall in USA), Bal Harbour Shops (represents luxury retailers like Dolce & Gabbana, Chanel, Tory Burch, Prada, Audemars Piguet, IWC, Loro Piana, Brioni and constantly expanding), Design District Shops ( hosting many flagship luxury stores including Hermès, Tom Ford, Louis Vuitton, Christian Louboutin, Prada, Celine) and many more already appealing to shopping-lovers by the selection of upscale brands from all over the world. On top of that even more new and extraordinary malls are being built - Miami World Center, Brickell Citi Centre, Resorts World Miami.
28. Dining. Florida attracts restaurateurs as a place with large and solvent clientele that is ready and eager to try new and pay for the best. That is always open niche for talented and experienced chiefs to offer and sell quality dishes. The projected volume of restaurant sales for 2016 in Florida is about $40.3 Billion. More than 39,000 cafés, bars, clubs and restaurants opening their doors to clients every day. About 14% of employment in Florida is coming from the restaurant business. Joes Stone Crab restaurant on Miami Beach ranked number 3 in the top 100 independent restaurants by volume of sales in 2015 (over $36 Million).
29. Language. Florida is very diverse place and is home to many people whose origins are from all around the globe. It is pretty common to hear foreign accent during business relations or social communication. Officially more than 19% of the population of sunshine state is foreign-born and 26% of the population speaks another language other than English at home.
30. Lifestyle. The world is in Love in Miami. That unique combination of sun, ocean, business environment, location and proximity makes it desirable place to live. Everyone wants a piece of Miami. And what is more important – the price of this lifestyle is still very moderate compare to other global cities. Miami is #3 in US after NY and LA and still bargain prices.
Most importantly, many foreign Buyers see Florida as closest politically stable and personally secure state. People from around the world considering bringing their families to Miami when looking for the best place to settle down.
Here is some statistic highlights from Florida Association of Realtors:
- Approximately 26% of foreign Buyers purchasing real estate in United States of America are purchasing it in Florida.
- The dollar volume of international sales totaled $23.7 billion for 2015.
- More than 44,000 properties in Florida were sold to non-resident purchasers.
- Foreigners purchased property at the average price of $538,600 that is more than double compare to the Florida median price.
- About 63 % of foreign Buyers found Florida properties less expensive than comparable properties in their home country (it was 80% in 2013. Prices went up a bit and US dollar became stronger compare to other currencies: Canadian dollar (-15 %), the Brazilian real (-40%), and the euro (-20 percent).)
-30% of foreign Buyers purchased their real estate in 2015 in Florida because they sure its secure investment, 21% find it profitable, and 41% buy because of desirable location.
- 56 percent of foreign Buyers in Florida come from Latin America, 19% from Europe, 11% from Canada and 8% from Asia and Oceania
- About 57%of international sales in Florida fell on South-East Florida: Miami (36%), Fort Lauderdale (14%) and Palm Beach added up another 7% to this statistics.
- Almost 2/3 of transactions (74%) closed with foreign Buyers reported as cash sales (no credit involved)
- Only 22% of foreign buyers are planning to use the property more than 6 month in a year.
From our experience - typical buyers in Florida are on the first place - investors, second - . 2nd or 3rd home Buyers and then Buyers for primary residence. For example, only 8-10% condominiums on Brickell Avenue are homesteaded (reported as owner-occupied).
Most of Buyers chose to invest in real estate based on fact that it is better to have real estate than keep the money in the bank. And Florida is number one choice for them as Florida real estate is pretty liquid asset – it is pretty easy to sell when needed.
Developers are heading to satisfy this strong demand in South-Florida Real estate and are raising more new projects.
By 2020 Downtown Miami would add approximately $12 Billion in new developments, Brickell additional $6 billion. Biscayne corridor – another $4 Billion
Sunny Isles – $11,5 Billion
Doral $2 Billion
Fort Lauderdale- $3 Billion
The overall Mimi real estate trend - Hi-end Housing. First of all developers need to attract clients to their projects so they must to implement top of the line finishes and higher talented architect to create innovative and modern projects. Moreover, Hi-end real estate is better for local communities: less traffic, low density, less impact on water and sewer.
Buyers from all over the world are looking for Miami real estate as a safe harbor for their assets and opportunity for good return on their investment when they sell the property. It is also a chance to own a piece and be a part of unique Florida lifestyle. It is also a great place to spend a vacation with the family or even retire some time. Miami always offers a great opportunity to entrepreneurs and working professionals to push their careers to a new level. If United States is the country of opportunities, than Miami is a city to bring these opportunities in your life.
At www.askGrand.Com and Grand Real Estate Company we appreciate all customers and are always looking to advice our clients about real estate based on their purposes and needs. Grand Real Estate Company is a full service licensed real estate and property management brokerage entry. Your future in Miami starts with real estate, and real estate starts with us. Please, feel free to contact us at 954-822-0556 or askGrand.Com@gmail.com for any questions you might have in regards to real estate in Florida.