10 top reasons why New Yorkers are investing in Miami Real Estate
Why is everyone buying Real Estate in Miami?
The world is buying Miami’s real estate. From Latin Americans who are looking for Miami Real Estate as a “security box” to Wall Streets Moguls and other high net-worth New Yorkers who noticed Miami’s upscale Real Estate. For those who are not familiar with Miami Real Estate and still think Miami is only good for some fun in the sun ⇒ This blog is definitely for you!
First things first – Miami is more than just Sun, beaches and fun
1. The Quality of Miami Real Estate Properties
With the arrival of many international buyers, Miami stepped it up and is now home to ultra-luxurious high-rise with all the services and amenities that someone may wish for. Simultaneously, many New York City developers have flocked into Miami, bringing with them New York buyers.
2. Miami Real Estate Prices
Besides the fact that the costs of living in Miami is about 10-40% lower than in New Yrok, the price of Miami Real Estate is nothing compared to the sky high prices in New York. Where Miami’s most luxurious waterfront Real Estate sells between $2,000 – $3,000 per Sq.Ft, these amounts are still nothing compared to New York Real Estate. Nonetheless, some of Miami’s newest luxury projects are fastly approaching New York prices, and with Miami’s sociodemographic buyer’s profile there seems to be no end to this. Like in New York, people are lining up with checks when sales offices are opened and properties sell out in a heart beat.
3. Lower Taxes
Florida is among the US’ top 10 best business tax climates. As Florida doesn’t have any capital gain taxes, state income taxes, or estate taxes your return on investment will be much higher.
So if you think about it, a hedge fund manager reporting $1 million in income can expect to pay only the federal government, whereas his counterparts living in New York City and Connecticut will fork over an extra $104,300 and $67,000 respectively.
In Miami Today News one of the City’s brokers (Mr Morr) is quoted saying: “If you earned $1 million in New York and paid 12% combined state and city income taxes, that’s $120,000. If you’re able to homestead in Miami and not pay those taxes, that would buy you a $1.5 million house.How? The cost of finance a $1.5 million house with taxes, insurance and mortgages is about $10,000 per month or $120,000 a year“. The above equals a free house, you could live in a Miami $1.5M house with the money you saved by leaving New York
4. Financial Power House
Miami is the second Financial Hub in the US right after New York. Many International Bank has established itself in Brickell, which is Miami’s financial district. The Miami Downtown Development is creating an environment attractive to bankers in order to establish Miami more and more as an important financial hub in the States as well as for South America
5. Increasing location of International Head Quarters
More and more companies, among which many multinationals, position their Latin American Headquarters in Miami. The rise of Latin America as a super power, Miami’s great infrastructure and its multilingual staff are among the reasons to invest in Miami.
6. An increasing Arts and Culture Scene
Within a period of less than 2 years Miami created a name for itself in the art scene. Previously only associated with retirees and beaches, Miami is now definitely a more diverse animal. With the opening of the Perez Art Museum Miami and the Miami Museum of Science , Miami put itself on the map. Annual events such as Art Miami and Art Basel -Miami Beach are getting a lot of national and international attention and get bigger by the year. Last but not least the booming Wynwood Area is now for its laid back, artsy scene. Every second Saturday evening of the month there is an “Art Walk” and art galleries open shop for the public.
7. An increasing Fashion Scene
Where do all these fancy condo owners shop? Exactly, with the expansion of Miami and its residents, the ultra luxury shops couldnt stay behind. Previously the Bal Harbour Shops where the place to go for luxury brand such as Hermes, Louis Vuitton and Cartier, these days the Design District is fulfilling your luxury needs with new shops selling Celine, Pucci and Prada and various luxury interior design Stores. More is still to come with Brickell and Downtown getting their own little Luxury Retail areas with respectively Brickell City Center and the Mall at Miami World Center
Miami has always been a mecca for entertainment and restaurants but these days Miami can compete with cities like NY, London and Tokyo when it comes to famous hot spots. We have all the big restaurant names, swanky hotels and a big choice of high-end night clubs
9. A Truly Global Luxury City
Miami is now a truly Global city with a high quality of life. When you speak with people here who lived all over the planet, they will always tell you they their home. The high quality of life is what makes people want to stay in Miami. This year, for the second time in a row Miami was on the list of top 10 most luxurious places to live and Miami is now ranked 7th among the most important cities to the world’s wealthy
10. Sun and Ocean
Well take all the above 9 points and add the thought that every weekend you can be on the beach in the sun, have a cocktail on someones boat or lay in your own pool….. enough said…
Contact me for all your Miami Real Estate Questions and Business!
The David Siddons Group is a top performing team with EWM / Christies with annual sales placing us firmly in the top 1/2 of 1% of all realtors nationwide. With some of the most advanced research tools at our disposal we spend as much time analyzing the market as we do selling it. With that said, we have worked literally 100’s of real estate transactions for both buyers and sellers and can appreciate that many decisions are a marrying of both the head and the heart… so you will always get a sensitive human touch with us as much as the analytical side!