finance

Buying Real Estate in Downtown Miami

Posted on by gzirealestate in Miami Real Estate News Leave a comment

Demand for Downtown Miami Real Estate Continues to Grow

Downtown Miami has become an outstanding choice for investment in Miami real estate. In addition to its business-oriented activities, it is now the home to beautiful residential properties, luxury condominiums, cultural events, and rapid commercial expansion. Downtown is the new ‘it’ spot for those looking to be part of a vibrant signature neighborhood. Residential, commercial and business markets continue to soar in Downtown Miami, making this neighborhood an excellent choice for secure investment. With Miami real estate analysts and experts agreeing that the expansion will continue at an incredibly accelerated rate, now is the time to venture into this astounding area. From business centered to consumer-focused, Downtown is more than ever transforming and expanding.

Shopping in Downtown Miami

Shopping Downtown Miami
The retail expansion is simply majestic. With over 100 new restaurants and shops, including delicious gourmet options, Latin-American food, and luxury fashion, Downtown Miami offers the comfort of home along with the fast pace of an urban, trendy, and metropolitan American city. From a new 12-screen movie theatre, to spas, aesthetic centers, and luxury clothing, residents live in Downtown having everything at one’s fingertips. Supermarkets such as Publix and Whole Foods, as well as Mary Brickell Village, a first-class shopping center, have established this neighborhood as an iconic scene in Miami real estate.

Downtown Miami Accomodates Tourists with New Luxury Hotels

Hotels in Downtown Miami
The residential development of Downtown Miami is striking. The current 24,000 condominium units have occupancy of 95%, a figure that has soared in just three years. Moreover, Brikell Citicenter, a one billion dollar commercial investment, is revolutionizing the area with new attractions, both gastronomical and commercial. Hoteliers have not stayed left behind. Over twelve brand new hotels have opened in Downtown Miami since 2000, a key element of the enlarging Miami real estate market. Today there are over 7,000 first-rate hotel rooms in Downtown, making Miami the city with the highest concentration of luxury hotels in the region.

Culture and Arts in Downtown Miami

Basketball in Miami

In addition to the striking Adrienne Arsht Center for the Performing Arts (with the jaw-dropping Ziff Ballet Opera House and the Knight Concert Hall) today this neighborhood boasts of diverse cultural activities, shows, and events at venues such as the Olympia Theatre and the Guzman Center. Centrally located on Biscayne Boulevard, the American Airlines Arena provides this unique neighborhood with national and international sports and music events of the finest caliber. Heat fans, this is the place where you want to be.Downtown Miami is the most active host in the region, having the honor to be home for the Miami Film Festival, Miami International Book Fair, and the ING Marathon, all of which call attention of international visitors and make Miami a truly diverse destination.

Downtown Miami Arts

Downtown Miami Arts

Young Professionals seek an urban lifestyle in Downtown Miami

Downtown Condos
Downtown Miami Real Estate

All of these developments and transformations have made Downtown Miami a captivating and energetic destination. With the median income at $70.000, the neighborhood is an attractive buy. Population has gone up 93% since 2000, today with 72,000 residents. Over half of these are under forty years old, a truly youthful and fresh community. Today Downtown is a place to call home, not only for office dwellers, but also for a new type of Miamian: the downtowner.Young professionals are renting and buying in the area, seduced by Downtown Miami’s active yet relaxed style. Living in Downtown Miami provides first class connections, stunning infrastructure, and grand lifestyle. With easy access on foot or by bike, and new services such as Pedi-cab, Car-2-Go, and other car sharing systems, Downtown allows an urban lifestyle for ambitious yet laid back professionals.

Your Home in Downtown Miami

 

Close to South Beach, Key Biscayne, Coral Gables and Brickell; Downtown Miami is truly in the heart of prime Miami real estate. More than a vacation spot, Downtown is a place to invest and live submerged in vibrant retail and dining offers, enjoying the beautiful Miami sun, and connected to transportation systems and a blossoming youthful community.

 


French are Top Buyers of Miami Real Estate

Posted on by gzirealestate in Miami Real Estate News Leave a comment

Downtown Miami Condos
Miami’s striking blue water, luxurious architecture, and vibrant community have caught for decades now the eyes of international investors. The Miami real estate market has had a history of attracting a diverse pool of international buyers. With South America straight at the top, Miami has had a history of various types of buyers and investors. Countries such as Brazil, Venezuela, Argentina, and the UK have been friendly to the market. A new player is now stepping into the South Florida market. Trends indicate that the French stand now amongst the growing buyers of the market. The expansion of French buyers is most definitely positive and exciting or Miami sellers and realtors.

A welcoming bonjour to all French investors in Miami

miami beach condos
Miami Real Estate News

As of April of 2013, France was the country which most searched for Miami real estate on Miamire.com, the Miami Association of Realtors Web site (right after the US, in the first place). This could have its origin in the extreme taxes France imposes on the wealthy.

Most significantly, the strengthening of the real estate market in most cases has been a consequence of the international efforts between cities and countries, which leads in return in economic expansion and increasing demand for real estate. Because of this outreach, Miami has become a more attractive investment for the French, who are ranking above all other European countries. Already since 2012, French buyers have been active in the New York City market. Now they are looking a little south.

Perhaps it also has to do with the fact that ever since 2005, the City of Miami has been present at every Paris expo, and has also signed an agreement with the real estate association in Paris, FNAIM. In addition, Miami has participated at the Salon National de l’Immobilier conference and has also made efforts to associate to Haute-Garonne and the French Riviera.

Real Estate Growth due to Foreign Investors Seeking New Markets Abroad

Similar to the Canadian investors, the French buying in Miami are interested in out beautiful weather, sunshine, convenient air traffic, and frequent flights, and the strong rental market in Miami. The absence of state income tax is not a minor detail. For those French investors escaping high taxes in their native country, the opportunity to invest in Miami seems ever more appealing (the relatively new 75% income tax on the rich has not been a hit as we know).

homes in miami

Most international buyers in Miami real estate are cash buyers. The French buying in the South Florida market belong to this group of buyers who bypass the lending options and do all cash deals.

Another surprise has been Belgium, which for the first time has appeared within the top 20 countries searching on Miamire.com. Even beyond France and Belgium, it seems to b the case that the real estate market in Miami is diversifying and establishing itself as a prominently international pool. More so than other cities in the US, Miami is positioning as an open and inclusive community, with a wide range of investments for both residents and those who wish to benefit from the great rental possibilities.

In the meanwhile, Brazil and Argentina, who were some of the strongest international buyers in real estate in Miami, have slowed down whereas Venezuela and Colombia have gained significant force once again.


Why Invest in Brickell Real Estate?

Posted on by gzirealestate in Miami Communities, Miami Real Estate News 1 Comment

Living In Brickell

Brickell is home to the Financial District in Miami, boasting the most international banks than any other city in the United States. Given Brickell’s relation to South America with the Port of Miami many Wallstreet Firms have moved their offices to Brickell to expand their markets into South America. Given the international investment Brickell has boomed in the last ten years. Brickell’s population increased 44% between 2000-2010 according to the US Census, with an average income 38% higher than citywide Miami. This has increased the property values as well as the cost in rent. In addition, most of the the professionals working in Brickell are 20-44. This has led to creating a high-end nightlife in Brickell. Brickell’s nightlife has become exclusive in Miami with hotspots like Segafredo and Blue Martini.

With a population of 71,600 in Downtown Miami and the 200,000 work-day population, Brickell has attracted many restaurants and retailers.

Restaurants in Brickell

Brickell Restaurant industry is up to par with Miami Beach, bringing in 8-10 million a year for high end restaurants. In 2012 we saw Brickell’s fine dining industry grow with the openings of Toscana Divino, PM Miami, Mint Leaf Indian Brasserie, and Doraku Sushi. If you are a fan of Japanese Sake then I suggest you try Doraku Sushi’s expansive Sake options along with house Sakes and quaffing flavored Sakes -the apple sake is my personal favorite.

Looking into the future, Brickell’s restaurant industry means business with China Grill, Meat Market, and Cipriani opening later this year. Meat Market has become a toothsome steakhouse in Lincoln Road attracting steak connoisseurs.

Buying in Brickell today would be a great investment, whether you are looking to live, vacation or rent out. In addition, Brickell has built an economic foundation gathered from many different markets.

In addition, Brickell restaurants have developed a relationship with locals with their weekly specials. My personal favorites are Happy Hour at Piolas and $10 Pasta Thursdays at Perricones. Brickell’s hospitality industry saw the demand by locals for a place to eat, drink, relax, and maybe even shop. Thus, in 2006 was the opening of Mary Brickell Village.

Demand for Brickell Real Estate Continues to Rise

Brickell’s Financial District is comprised by young professionals who have lived in New York or abroad; thus, many prefer the city life where you can easily walk anywhere. With a supermarket close by, Publix, and a gym, LA Fitness. These young professionals rather use public transportation, which Brickell offers with Downtown Miami’s metromover or the trolleys. Both of which are free services.
In addition Downtown Miami has seen an average increase of 2,600 residents per year according to the 2010 Census. This has resulted in all 62 Condos built since 2005 in Downtown Miami and Brickell to be 96% sold-out. Only 794 units remain as current inventory from the last eight years. That may seem like a lot of empty condos, but with the 2,600 residents moving in early in Downtown Miami the real estate prices will continue to climb. In addition, total inventory since 2005 is 17,502. That means that there is only 4.5% remaining inventory as of now. The average listing price right now (June 2013) has increased 27% since December 2012. In addition retail prices are also climbing in Brickell as available inventory of homes continues to shrink.

If you want to sell in Brickell now is the time, with Pre Construction not yet Move-In Ready, and the current price-per-square foot at $428. That is a 21% price increase per square foor in the last 12 months. In 2011 the average DOM for Brickell and Downtown Miami Real Estate was 180 days, today it is averaging 35 days.


Miami Real Estate Prices Continue to Rise as Demand Surpasses Supply

Posted on by gzirealestate in Miami Real Estate News Leave a comment

High Demand for Miami Real Estate

Miami’s Real Estate has always been an exclusive investment, due to our beautiful beaches and sunny weather. Over the last year Miami’s Real Estate market has rebounded as demand for Miami properties has risen. Local Properties are being sold quickly due to the scarcity of properties available. The scarcity of supply has led to an increase of Real Estate prices over the last year.
According to MLS and Miami Association of Realtors, single family homes and condos have been increasing over the last 16 months. For instance, the median price for single family homes rose 25.1% to $225,000 compared to last year, with a 16% price increase in March alone. This has been the biggest price increase of single family homes since the boom of 2005.
Due to the high demand of Real Estate, we have seen an increase in Property Values. With the recent increase in your property value, now is an ideal time to sell. According to MLS 40.85% of homes sold within 30 days from January 1st to May 31 of 2013, with a median of 45 days in the market.

Rising Property Values in Miami-Dade County

Due to the high demand for Miami Real Estate the median asking prices for single family homes in March was $225,000, that is a 25.1% increased compared to last year, and a 16% increase compared to the month of February.
The median listing prices for Condos has been increasing steadily for the last 21 months. In march the median price for a Condo was $167,000; that is a 19.3 increase from last year, and a 1.2% increase from February.
In addition due to high demand homes sold within 30 days are sold at 98% of asking price, or 96% if sold within 90 days.

Strong Sales Continue in Miami

In 2013 we have seen an increase in property sales in Miami. Residential Sales in Miami-Dade County increased 2.7% in march, compared to record sales of last year. Single Family Residential sales in Miami-Dade increased 6.1% from 963 to 1022 homes. Condo sales increased 0.5% from 1451 to 1458.

Good time to Sell

The number of houses in the market at the end of March decreased 5% from 13760 to 13607 compared to March 2012, when there was already a scarcity of homes in the market. The inventory of single family homes decreased 9.7% whereas the inventory of Condos decreased 1.7%. At this rate there is a supply of 5.1 months for family homes and 5.9 months for condos in Miami-Dade. This present increases 19.1 and 6.6% respectively, compared to last year.

Decrease in ROE and Foreclose Sales

We are seeing an increase of prices in ROE and foreclosed homes, thus the demand for them is falling. In March 41% of closed sales were ROE, short sales and foreclosures, this is a decreased of last year in which closed sales for march were 49%.
Median prices of Condos and Residential Homes in mortgage rose 10.1% 144,000 and 23.6% to 105,000 respectively.