What a difference a few years can make. In 2009, real estate in Miami-Dade County in Florida was shot, done, finished, and kaput. The average price per square foot plummeted, losing almost 50%. They lost tens of millions of dollars as they over committed and plowed any nickel they could borrow into buying land and building on it.
It became a true buyer’s market and sellers were squirming whenever they were told that there was an offer on their property. They feared the worst, and more often than not, were right.Fast forward a few years, and Miami is back to being a coveted city to live in. Bottoming out in 2011, home prices have been on a steady rise, but haven’t gotten back to the overheated state they were in just a few years ago.
As a matter of fact, back in 2013 Christies International Real Estate named Miami one of the three hottest cities for real estate investing in the world along with New York and London. Miami offers some key advantages over those other two cities, and we’ll discuss them in this article. Miami real estate is now the place to be once again. It’s hot enough that unless you follow these Miami real estate investing tips, you’ll likely get burned trying to participate in the market. Follow along and save yourself a bunch of headaches and a ton of money.
Why is Miami such a great place?
According to statistics from the U.S. Census Bureau, Miami Dade County gained a net total of 21,000 residents in 2014. South Florida is the fastest growing metro area in Florida, and one of the fastest in the whole country. Who can blame them?
Not to mention, there are beautiful beaches that attract beautiful people. Don’t underestimate this in the decision making process of many people. The desire to live and work there is high and that attracts wealthy people.
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