Buying real estate is a leading mechanism for investing. Learn here the advantages of buying luxury homes in Miami, as well as practical tips to achieve a good investment.
Miami Real Estate Panorama
Currently, Miami is the second most populous city in Florida. The United States Census Bureau (2019) assures that it has about 458 thousand inhabitants.
This city offers possibilities of houses for sale in Miami for all tastes. Areas such as Wynwood, Brickell, Downtown Miami and Midtown are favored by career-focused professionals interested in Miami’s festive atmosphere. On the other hand, families gravitate towards Coconut Grove, Key Biscayne, Doral and Coral Gables.
The residential real estate market in Miami is on the rise. According to evaluations of the Miami Association of Realtors for the period 2019-2020:
- Residential sales in Miami-Dade increased 21%.
- Sales of homes in Miami increased 18% and those of condominiums 23%.
- Sales value volume increased 77% for single-family properties and 55% for condominiums.
Experts consulted by the specialized media ‘The Real Deal’ consider that this progress will be maintained during 2021.
For Mike Pappas, CEO of Keyes Company, “the luxury market has never been as robust as it is now.” For his part, Rishi Kapoor, CEO of Location Ventures, estimates that “the pandemic and government policies in other states have made South Florida the most attractive home and condo market in the country.”
Investing in Luxury Homes in Miami
This expanding landscape is indicative of the advantages of buying a home in Miami today. In particular, luxury properties are an interesting investment opportunity.
Miami Association of Realtors reports that between 2019 and 2020 sales of luxury homes in Miami grew 120% and those of luxury condominiums 88%. This upward trend has been recorded since 2017, states The Real Deal.
According to the outlet, this relates to Florida’s tax policy, with no state income tax. That is why people with considerable purchasing power have turned their attention to Miami, far from highly taxed markets such as California and New York.
Recommendations for investing in luxury homes in Miami
- Luxury in real estate does not lie only in the price. A property is perceived as superior for being unique and exclusive. Also for implying access to high-level experiences in gastronomy, shopping, wellness, culture and entertainment.
- Evaluate immutable aspects of luxury homes in Miami: location, lighting, etc.
- Define your purchasing goals. One purpose when investing in real estate is to achieve a favorable return on investment . You can make a profit in the medium term by acquiring a house and remodeling it for sale. Also in long-term income from renting a condominium, for example.
- ● Choose markets that support your investment. Evaluate aspects such as job outlook, cost of living, average household income, economic forecasts and real estate market behavior.
Why get advice from a real estate agent when buying luxury homes in Miami
Investing in luxury homes in Miami is an important financial decision. Therefore, it is prudent to consider consulting with a real estate agent to ensure a successful and convenient acquisition.
The core benefits of targeting your investment with an agent include:
- Expertise in procedures. Agents are familiar with the process of buying real estate. They can advise you on immediate key issues, such as sales contracts. They can also connect you with professionals specialized in matters derived from real estate investment, such as wealth protection.
- Proper handling of sensitive information. Agents are legally obliged to protect the interests of their clients. This involves the rigorous processing of your financial data; something critical in the case of buyers of luxury homes in Miami. This duty does not exist in direct relations between buyer and seller, or between buyer and agent representing the seller.
- Negotiation skills. A real estate agent knows the local market and sales dynamics. That’s why he is highly qualified to negotiate the best possible deal for you.
- Knowledge about available goods. An agent is aware of the Miami homes for sale that are ideal for your interests as a buyer. It also delves deeply into the structure of a property and its surroundings. Examples include leaks, power grids or pest problems.
Buying luxury homes in Miami is currently a star investment opportunity. Experts estimate that the market will continue its expansion in 2021, both for single-family homes and luxury condominiums. In this context, ensure a favorable acquisition for your goals with the advice of a qualified real estate agent.