Miami has transformed from a sunny beach vacation destination into a cosmopolitan international city, and investors have noticed. The number of investors in Miami luxury real estate is on the rise, with a number of people from Manhattan and Latin America purchasing new luxury homes and condos. There are many reasons that Miami has become so popular with investors, such as:
High Quality of Miami Properties
Many new luxury properties, especially Miami condo projects, have been designed to appeal to the most discerning investors. New properties are built to the highest standards and feature upscale design and quality finishes. Condo properties offer every amenity that a person could want, from spas, fitness centers, and pools to roof top decks, lounges, concierge service, and even access to exclusive beach clubs.
One big draw for people who invest in Miami real estate is the tax laws in Florida. The state does not have capital gains taxes, estate taxes, or state income taxes, so the potential return on a luxury property is higher than in other states in the country. It is not uncommon for high-earning individuals to invest in Miami luxury properties and make it their main residence so they do not have to pay tens of thousands of dollars in state income taxes.
International Financial Hub
New York City is considered the financial capital of America, but Miami is now second. Many large companies, especially those tied to Latin America, have established headquarters in Miami, and a number of international banks now have large branches in Brickell, Miami’s thriving financial district. The financial growth in Miami is reassuring to investors, and many high earning individuals purchase luxury real estate in Miami when they relocate from other places.
Miami has been named one of the top 10 most luxurious cities in the world; the only other city in North America on that list is New York City. Those seeking luxury may begin choosing Miami over NYC is the fact that the cost of living is currently much lower in Miami. While some luxury properties in Miami sell for a price of several million dollars, right now the cost per square foot of Miami properties is below the cost per square foot of similar luxury real estate in New York City. As more luxury properties and buildings are developed, investors are lining up to make purchases.
Miami has redefined itself into a sophisticated international metropolis. Art Miami and Art Basel- Miami Beach have grown into large annual events that garner a lot of attention. A number of quality museums can be found in Miami, including the Miami Museum of Science and the Perez Art Museum Miami.
The culinary scene in Miami has exploded, and the city is now home to some of the top-rated restaurants in the world. Some say that Miami can even compete with major cities such as New York, London, and Tokyo when it comes to culinary offerings. The number of luxury hotels and upscale night clubs in Miami has also grown exponentially, and Miami also has a Design District where people can shop for luxurious clothing and accessories from top designers.
Located between Biscayne Bay and the Atlantic Ocean, Miami has a tropical climate with year-round sun and comfortable temperatures. The beautiful weather, gorgeous views of the water, and access to great beaches is very appealing to luxury buyers. Miami has grown into a city that is able to fulfill the wants and needs of high-net-worth investors, and the climate is an added bonus.