The rental market in Miami has always been recognized for having one of the highest rental prices in the U.S. Being ranked #10 out of the 100 metro areas in the country this month, the median rent price in Miami has reduced 2.2% from $1,750 for a one-bedroom/ one-bathroom in May compared to last year when the median cost was $1,790).
Are you planning to buy your first house and don’t know what price range to search for? Or are you only curious about how much is your price-to-income guideline? Well, this was the main questions the study of Hosing Markets and Finance made by the American Enterprise Institute’s Center (A.E.I.) was trying to solve.
If you were trying to find a magical equation that gave you the specific amount you can spend on buying a new home, I am sorry to tell you that it is a bit more difficult than that.
Do you want to bet it’s cheaper to rent or to buy a condo? Before the housing bust in 2007, the answer was generally “rent”. But according to the last report by the National Housing Conference, this is no longer the case.
I am sure that you are wondering why nowadays it would be more economical to buy a condo. It’s actually very simple. Rents have increased due to a high demand. This was caused by skepticism on the real estate market and mortgages tougher to obtain. Consequently the rental market has become extremely expensive.
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Since 2007, the Prime International Residential Index (PIRI) highlights the annual price changes in luxury real estate all around the world. By now, we all know that the market here is getting hotter… However, it is always comforting to get some numbers in front of us. In the 2011 the PIRI, which lists 71 locations worldwide, reports Miami as the third biggest increase in the values of luxury properties. Read the rest of this entry »
The market has been mostly driven by international buyers over the last years. New York’s are historically the most active national buyers of Miami’s real estate market. However, they have been pretty less active during the downturn.The recent market improvement seems to have gotten back their attention. Even if New York buyers never totally disappeared from Miami’s market especially from South Beach area, it seems that today they do perceive it in another way. Read the rest of this entry »
In a global economical downturn, South Beach looks the other way. Numerous hotels and resorts are continuing to be built or renovated. The hotel industry has always been a major factor of South Beach economical growth. Despite the uncertain worldwide economical situation, South beach is still the scene of some major investments. Read the rest of this entry »
In 2014, Miami’s Museum of Science will be relocated in the Museum Park, next to the Miami Art Museum, on Biscayne Boulevard, right next to the AA arena. The construction of the 250,000 sq complex designed by Grimshaw Architects will take around 27 months to be built and will start this February.
The new Sunny Isles Beach luxury project is going to be the most avant-garde Miami Beach building.
This 57-story and 132 units cylindrical building is the fruit of the collaboration between Porsche Design Group and Gil Dezer, a local developer. Read the rest of this entry »
Ideally located in the hearth of the city, right next to the Marquis condo, Resorts World Miami will definitely become one of the major hot spots of the city.
With an innovative design, and many leisure amenities including four hotels, a shopping mall, a huge convention center an entertainment area and much more; the project is certainly be a good way to spread some activity to a quite underactive area. Read the rest of this entry »
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