Why Miami Real Estate is Still a Good Investment
As we all know property investment is always a good idea, popular cities are ever growing and always provide new ways of attracting fresh business and new real estate buyers. Lately it has become even more evident as larger cities continue to grow well beyond their original limits and incorporate what may have once been considered an uninhabitable location into prime real estate property.
In Miami, for example, the much maligned downtown area which suffered from both high crime stats and poor housing has now become the city’s performing arts district and education hub. Fashionable luxury condos have now taken over the area with gorgeous views of the bay and their own entrance to and from the famous Miami beaches.
Older landmarks like the Miami Arena, the Omni Mall and hotel have been shut down or demolished to make room for planned new developments and to accommodate the ever growing downtown inhabitants in what is now a major metropolitan district. Areas which were once filled with crumbling homes and outdated businesses have been bought up and developed into thriving districts with multi-national shopping areas with merchants from all over the world.
You may ask yourself; how does this affect me?
Consider how several years ago the real estate market bottomed out for some and their unfortunate luck became an opportunity for others. Right now Miami is again going through growing pains even in this down market, places like Calle Ocho, Aventura, North Miami Beach and several other Miami areas are now being remodeled after city districts with better traffic routes, being provided tourist venues and popular nightlife. Investing in your own luxury condo in Miami may feel a little risky, but considering city growth and population it would only be a matter of time before the investment pays off. Also consider if you want a family condo with a pool or a playground or a luxury setting for yourself, there’s plenty to choose from.
Retirees, who were often thought of as the only inhabitants in these areas, are now leaving for locations more in-tune with their ages and fixed incomes; since Miami has boomed back into the Caribbean dream spot it once was. Meanwhile due to the perceived downturn in the market, their homes are listed for sale for weeks if not months at a time, in prime locations near and around the City, where future development is already being planned. Most are being replaced by condominiums of every kind to satisfy Miami’s new growth spurt.
Calle Ocho, Kendall, Cutler ridge, Hialeah and Homestead have been scheduled as links in a chain of remodeling the city has had planned for years and luxury condos have already been built and are awaiting the right person to live in them. Coral Gables, South Miami, South Beach and the downtown Miami district have already begun and in some cases finished their own makeovers, providing spectacular condos with great investment opportunities.
Even with the downturned economy and somewhat tentative times, the city planners and commissioners have seen way too much growth to turn around and have these parts of the city go undeveloped. Housing has always been the life blood of this city and has not stopped, just paused to catch its breath, progress in the right direction and become what it is today.
Most of these areas which needed better traffic routes will soon have new extensions for their highways which will in turn bring more people into the district to spend their dollars without the constant worry of traffic congestion or improperly placed off and onramps. Housing has seen a drastic change from the small apartment buildings with little square footage and no views to new and expansive family style condos, built with fitness centers and at times within walking distance to markets and restaurants. Casinos, race tracks and farmer’s markets are again finding their way into the area as well and reestablishing themselves providing much needed commerce for once struggling merchants. This is all happening in what were once deemed strictly Latin neighborhoods with their own culture, language and little if any investment value. Only now they have ample selection of Outlet Malls, remodeled public schools and business properties, all the while still retaining their Latin & Caribbean culture.
Area hospitals are again garnering respect as cutting edge in treatment and prevention, malls which in hard times were plagued by petty larceny and theft are now being controlled by local police who are ever vigil and familiar with the area.
Kendall, Cutler Ridge, Hialeah and Homestead have trains to and from the downtown art and sport venues, the beaches of Key Biscayne, the nightlife of Coconut Grove and the well known area universities. Calle Ocho-known to most as “little Havana”-is a stone’s throw from any of the cities attractions and popular areas, still has a wonderful Caribbean flavor and hosts a yearly carnival known worldwide. Beautiful condos line their streets with incredible views, local cafes, international food markets and recreational parks.
Condos in both pre and post construction mode are available, affordable and provide the city views and locations which so many in the past have dreamt of. Forget the small Art Deco style apartments which once populated the beaches with few if any having full views of the ocean, now you can have the ocean air blowing into your balcony along with the gorgeous views you have always wanted. If it’s not the ocean which calls your attention, get that Downtown Condo with a view of the Port of Miami or the bright lights of the city itself. In any case it’s the stuff dreams are made of well within your reach. Buying now will certainly save you from seeing that dream view disappear due to costs and provide you that much needed future investment you want.