Commercial and residential real estate markets have stayed hot for international investors, just the same for homeowners moving from suburbs to downtown. It is clear that hotel room rates and occupancies that lead the country as well as big draw events, like Ultra Music Festival, this weeks South Beach Wine and Food Festival and Miami International Boat Show, give international visitors a reason to look at their stay long term. Doing so, will save them a lot of money on hotel rates and give them the opportunity to invest in a home or apartment in the heart of Miami. Florida’s lack of income tax is attractive to companies and high-net-worth individuals. Miami has no issue attracting international money in different industries, not just real estate. This idea is ideal for the foreigner who is curious to move to a constantly evolving city.
South Florida has become more than just the “fun in the sun” vacation destination. South Florida has amazing opportunities for the single bachelor, the newlyweds or the family of five. Rising construction costs have had an impact on residential markets adding to the contractor proses, not raw material costs, have seen in the most dramatic increases since the recession.
Living in the city allows people to have less dependence on an automobile and be able to walk more and shop and attend the central events. A mixture of high rent and downtown high rises and affordable single-family suburban homes will continue to drive the market in the foreseeable future.
When the sun goes down, the leisurely pace of daytime commerce in downtown gives way to nighttime revelry as music fills the air and 20-somethings fill the nightclubs. The nightlife is a valuable asset that distinguishes the Miami area, forming the melting pot where ideas are shared, connection is made with musical talents. Department stores, boutiques, locally owned shops make up the majority of the downtown area.
The fact that Miami is a melting point is an excellent selling point to international buyers.