Miami, a world class vacation spot, continues to attract attention in many areas. It’s a tourism driven economy, coupled with global business expansion and population growth is fueling a revival in the real estate market.
Miami, a Global Attraction
Miami, the center of finance, commerce, culture and arts is located on the Atlantic coast in South Florida. It’s one of the richest and cleanest townships of the United States, with major Spanish speaking population. Miami has a tropical monsoon climate, with hot summers and warm besides dry winters. It’s a world class destination for your family vacation, with multiple enticements to suit all ages. It is known as “America’s Cleanest City”, for it’s filled with vast developing cover, clean drinking water, good quality air and capable recycling programs. It is digit of the richest cities of the United States, ranking fifth in its purchasing power.
A Quick Overview of the Real Estate Market in Miami
Real Estate is driven by three major factors, viz., market, cost and income. Miami witnessed a large real patrimony boom, with skyscrapers steadily rising across the city since 2001. It has united of the most impressive skylines in the US, behind New York and Chicago. Major areas like Downtown, Brickell and Edgewater became fastest growing neighborhoods in the city. Yet the 2007 market shock caused a lot of foreclosures on houses. It became the most miserable city in the US due to barbarism and high foreclosure rate, with residents losing their homes and jobs. But Miami has recovered from the market Downtown and is witnessing robust cash sales spurred by foreign investors. The local residents are yet to recover from the market crash, accordingly a strong demand for rental properties is boosting the market performance, with foreign investment.
Engaging a Real Estate Agent
A real estate agent can be of great service as he has a better understanding about the existent estate scenario. Whatever your needs, commercial, leasing or cash property, the agent is an expert, and it makes more financial meaning to hire one. It saves a lot of precious plan and money, as the agent is working on your behalf and is dedicated to finding the finish home for you. They spunk store you apprised of the current market conditions to ensure that you get the best deal and the transaction is processed in the most trouble free manner.
Miami, with its finest amenities is an attractive real estate market, which continues to lure buyers from across the world over due to the prominent growth that it has witnessed over the past one year. Hire a real estate agent and invent your investment hassle free.