Real estate sector in top residential architects in Miami, particularly the condos, has been a hotspot of investment in the United States. Read on to find out the answers to a few frequently asked questions on Miami real estate. Find out how Miami condos present a lucrative opportunity for investment.
Miami is home to one of the most sought after residential properties in the United States. Luxurious homes are prized considering the functionality, convenience and the promise of sound return on investment. Although the condos are many times less expensive to acquire than single family homes, they can many times offer a better lifestyle.
How does Miami score as a place for investment?
Miami is a major center in the US for finance, commerce, culture, media, entertainment and arts. In 2008, Miami was ranked ‘America’s Cleanest City’ by Forbes magazine, thanks to its air quality, sanitation, green spaces and recycling programs. A 2009 UBS study of 73 world cities ranked Miami as the richest city in the United States and the world’s fifth richest city in terms of purchasing power.
How do various regions of Miami metropolitan area perform as an investment destination?
Downtown Miami, Brickell, Biscayne Boulevard and some other regions of the metropolitan area are home to the largest concentration of international banks in the United States. These places are also home to several large national and global companies. Investing in a place with such hectic economic activities will definitely provide sound economic returns.
What an investor should expect from the Miami real estate market now?
The real estate market in Miami metropolitan region is growing at a steady pace. It had suffered a jolt during the recent economic recession in America. However, hectic economic activities in Miami have resumed and the real estate there is also registering steady growth. You can get a condo or home as a resale or in preconstruction and later consider flipping it for profit.
How can international investors benefit from Miami real estate market, particularly condos?
International investors in Miami have always found the market attractive. With the US dollar weakening, international buyers have better opportunities to invest in the Miami real estate market with their increasing purchasing power. With most of the population coming from the upscale section of the society, lifestyle residential units such as condos in Downtown Miami are always in high demand.
Is investment in Miami real estate still an attractive option?
The real estate in Miami is growing steadily and the returns will surely be high. The growth rate is better than the inflation, which means you’ll see your money grow.
What tax benefits do homeowners in Miami get?
Homeowners in Miami are eligible for several tax benefits. You can receive tax deductions on property tax, mortgage interest and other payments associated with home finance. Law in Florida allows residents to get up to $50,000 deduction in assessed taxable value if they file for a Homestead Exemption.
Apart from the tax deductions, you also build equity in the property as you begin to pay off your mortgage. This means that the value of the condo could increase as the mortgage amount reduces over time. Steady increase in the value of property certainly increases benefits to the home owner.