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About Miami

Miami is a major city located in the southeast corner of the U.S. state of Florida. Miami and the surrounding metropolitan area sits between the Miami River, Biscayne Bay, the Everglades and the Atlantic Ocean. It is the second largest city in Florida and the county seat (and largest city) of Miami-Dade County. It is also the largest city in the South Florida metropolitan area, which is comprised of Miami-Dade County, Broward County, and Palm Beach County making up the largest metropolitan area in the Southeastern United States. Miami, which is also known as the Magic City, was originally occupied by the Tequesta Indians. In the1960's and 1970's, Miami's population was sparse.

The Miami real estate market began when Julia Tuttle, a local landowner, persuaded the founder of Standard Oil to expand his railroad to Miami and build his own resort. On July 28, 1896, Miami's real estate market was given life. Miami grew rapidly in its first 30 years. After World War II, Miami's real estate was fueled by the area's perfect weather and tranquil beachfront location. However, the real estate development was cut short by a destructive hurricane followed by the Great Depression. In the mid-1930's, the Art Deco buildings were constructed and this boom in the real estate continued until 1942. After World War II, thousands of Miami's soldiers settled in the city. In 1950, the once called City of Magic became the “Crime Capital” when thousands of gangsters and gamblers moved to Miami.

By the late 1980's, Miami rose to international popularity when a movie was set in the city and gave Miami the deserving attention it wanted and needed. People from all over the US moved to Miami and tourists were coming to experience the place. Today, Miami stands as the third most popular tourist spot in the US after New York and Los Angeles.

 
Introduction To Miami

For the present time the real estate boom in Miami has ended. The copy below will give you a good idea of where Miami real estate was just a short time ago.

Miami Real Estate Boom

The number of real estate projects being developed all throughout the city proves Miami's exceptional growth. Last year, the Planning Department reviewed 104 major development projects. Out of the 104, the City Commission approved 25 projects.

The approved 104 projects gave way to 20,100 new residential units, 800 hotel rooms, and 12,800 parking spaces. All the approved developmental projects amounted to a total construction cost of US$7.8 billion. Miami caters to all real estate investors by providing numerous opportunities to buy and sell properties. With a variety of single-family homes, commercial spaces, waterfront homes, and condominiums, both the realtors and homebuyers are provided with a number of choices. During the first months of 2005, the Miami condominium market started to heat up.

Last month, a total of 19,660 condo units were just finished, is still under construction, and in the planning stage. New condominium constructions such as Brickell CitiCenter, Icon Brickell, Soleil, Urban River, and Ehden Placea won approval for new units. With the new developments in Miami real estate, the values are expected to increase which would demonstrate real estate developer's timely and accurate investment judgment.

Values of each condo unit have averaged at about US$300,000. Investment experts say the boom in the Florida real estate market is because of economic factors and demographic causes. Developers expect the real estate values to continue growing as the projects are being developed. However, with Miami's real estate history, the city would always find a way to stand up against the market drop off and continue to develop their magnificently popular city.

Real Estate Boom Has People Flipping for Miami

No Shortage of Investors Looking to Get in on Hot South Florida Market

By GLENN SILBER and STEVE BAKER

Oct. 7, 2005 — The lines of people typical in Miami are usually those wrapping around the countless bars and nightclubs on a Saturday night. However, some people have been lining up in Miami for quite a different reasons these days: real estate. Investors have been known to wait on daylong lines to spend hundreds of thousands of dollars just to get in on the real estate boom that has hit Miami and South Florida during the past three years.

Miami Real Estate

This summer, one such location that has generated buzz was a condo-conversion development called Pineapple Grove Village in Delray Beach, Fla. It was promoted as being "close to the beach," but was really 12 blocks away. Closer than the beach are the railroad tracks right next door. But apparently, none of that took away from the market value of Pineapple Grove. Buyers are paying upward of $350,000 for a one bedroom and up to $800,000 for three bedrooms. Pineapple Grove is just one example of the booming real estate markets in Florida. Many of the people who showed up for the condo launch seemed more interested in "flipping" the property — buying and quickly turning over their condo for a profit — than living there.

Miami Real Estate Boom Continues

Miami real estate is one of the hottest markets in the United States. Favorable conditions of the pre-construction's deals attract buyers from all over the world. Approximately half of the county's commercial properties selling for less than $1 million are purchased by local residents, not always U.S. citizens. The remaining 50% buying product under $1 million include foreign investors.

Miami pre-construction deals allow people to build equity in a property while not having to pay the normal carrying costs, including taxes, maintenance fees and mortgage. When a customer owns a pre-construction real estate in Miami, 10% of the sales price is according to the time of contract. The second 10% is due within the next six months, or by the time the foundation of the property is finished. The total investment with most developers is 20%.

In some cases developers are offering resale programs to their buyers once the properties have been sold out and construction has begun. It allows buyers to free up their deposit monies to invest in other real estate projects in Miami.

Miami real estate market offers pre-construction units starting from the $300,000 (some projects have select units starting in the mid $200,000 range) price.

"Money is not parked in commercial real estate in Miami and it is parked in high-end residential, such as condominiums. Condominium construction helps not only the construction industry, but also retailing and service industries as well," Kenneth Thomas, Miami-based banking consultant, said.

As population growth in Miami is growing rapidly the demand for residences grows at a large pace.

Miami Real Estate Trends is a full service Real Estate team that serves buyers, sellers, and investors in the Miami and Ft. Lauderdale Metro Area.