Miami is experiencing a major infrastructure expansion both in the commercial and residential sector and Investors from all over the world are coming to get a piece of the action. Currently 85% of the residential new construction is being purchased by buyers from out of town, from places such as New York, Canada, China, Russia and South America.
According to Knight Frank, one of the world’s largest global property consultancies, in its new Global Wealth Report for 2015 – Miami is now considered the sixth most important global citiy to the world’s wealthy even surpassing Paris, Dubai, Beijing and Zurich.
Miami’s impressive skyline and the construction of ultra luxurious buildings has now positioned the city in number 14th in price for Luxury Real Estate in the world; rivaling the prices of cities like Tokyo, Los Angeles, Rome and Mumbai.
What makes Miami so special and what’s attracting the ultra wealthy to relocate in it?
Lets take a look…
Florida is one of only seven states that don’t collect an individual income tax at the state level and its constitution prohibits the imposition of a state death tax, so moving to Florida from a state like New York or Massachusetts can save families and individuals in a high income tax bracket thousands or even millions of dollars in taxes in state and death taxes.
In comparison, you will save 8.82% if you’re coming from New York and 12.3% in income tax if you’re coming from California.
Florida also offers many asset protection benefits, including homestead creditor protection; tenancy by the entirety for real property; protection of the cash value of life insurance; protection for IRAs and annuities; and protection of assets held in a properly structured business entity
There are also many tax benefits for your primary residence and unlike other states, you’re protected to keep your final wishes private.
Real Estate Financial Stability
Despite speculations that Miami is heading for a new Real Estate bubble, chances of that happening are close to zero.
Nowadays properties are being sold to stable buyers, in most cases, in order to purchase a property buyers must pay a down payment of 20% and if its pre constructions deposits can be 40 to 50%. These requirements force buyers to have such a high interest in their investments that the chances of having speculators or defaults on the mortgage are practically eliminated.
Miami is now going through an unprecedented boom in infrastructure developments that will dramatically improve and beautify the city.
Currently the Miami Port’s channel is being expanded with a 220 million dollar investment, that will turn it into the only major global logistic hub south of Virginia, capable of handling bigger post-Panamax vessels. These new vessels currently being built in Asian can hold the equivalent of 66 Miles of cargo if the containers are aligned together.
In addition, a railway is being built to link the port to 70% of the U.S. population in four days or less; as well as a new PortMiami Tunnel linking the Port directly to the United States Interstate Highway System.
All these improvements will turn miami into the most important commerce hub of the South East reaching markets world wide and the city will benefit from increased trade opportunities once the expanded Panama Canal opens in 2016.
All Abord Florida
All Aboard Florida is the new High-speed railway being built. It is expected to transport 12 million passengers on 2017 in full comfort from Miami Downtown to the Orlando Airport in 3 hours with stops in Ft Lauderdale and West Palm Beach.
This is a 1 billion dollar project that will bring over 10,000 new jobs and it will provide efficient, affordable and convenient transportation for locals and tourist alike at competitive prices.
MIA Airport City
Perhaps the most ambitious project being discussed now is the 6.4 billion dollar expansion of the Miami Airport which is already the number one gateway for international traffic in the United States. The Airport City at MIA is a massive multi-use development designed to be engaging, convenient and sustainable.
It is a vision by the developer Oderbrecht. . It will connect to the intermodal central, a mayor hub providing connection to all dade county, plans include a station for the Metro Rail line, allowing connectivity and accessibility for residents, tourist and employees to travel to and from the airportIt, it will include a cruise lounge, a luxury Pullman hotel, appealing restaurants shops and boutiques and it will link to FIU’s Medical city building offering multi specialized health care services.
Airport City MIA will become a significant employment, service, business and leisure destination in its own right, it will be an Icon of Miami and its future.
Miami Beach Conventions Center
Currently The Miami Beach Convention Center is being reinvented by the firm OMA (creators of the freedom tower in New York) into a state of the art 1.1 Billion, 52 Acre project.
It will be Integrated to an 800 room convention center hotel, new loading docks, a new 1000 car multi level parking structure and covering it all a recreational landscape with fantastic views. Across the street there will be a holocaust memorial, botanical gardens and a world class cultural building.
World Trade Center
Miami is giving rise to a vibrant new world center, the second largest mixed-used development in the United States. In an area of nearly 30 acres, Miami Worldcenter will become a world-class destination. It’s being built in a privileged location, between South Beach and the Central Business District surrounded by the best art and culture Miami has to offer and within walking distance from over $3 billion in new public and private projects in mass transit, cultural institutions, recreational parks, and entertainment venues. A dynamic urban core of diversity and excitement, Miami Worldcenter will bring a new energy to Miami with an unrivaled million-square-foot of retail experience on-site, hospitality, and a luxurious residential tower in one unique location.
The Miami Worldcenter will become a magnetic destination for visitors both near and far.
- Carlos Ott, Uruguayan Architect designer of Bastille Opera, in Paris
- Rem Koolhaas, Dutch Architect designer of the CCTV in Beijing
- Enrique Norten, Mexican Architect, designer of West End Square 37 in New York
- Norman Foster, British Architect and designer of the American Air Museum in Cambridge United Kingdom
- Zaha Hadid, an Iraqi-British architect designer of the Dubai Opera and
- Richard Meier, an American abstract artist and architect designer of Jubilee Church in Rome amongst others.
These architectural works of art are giving Miami a new modern and iconic look only.
Culture & Events
If culture is what you seek, Miami has no shortage of Museums, cultural centers and permanent activities that will keep you entertained all year round.
Amongst others Miami has
• The Adriene Arsch Center for the Performing Arts, the second largest performing arts center in the United States
• The Perez Museum, a contemporary art museum located in Museum park.
• The South Miami-Dade Cultural Arts Center,
• History Miami in downtown
• The Wynwood Walls and many more in existence and in development.
When it comes to events, no other city offers so many world renowned events, amongst them:
• Art Basel – The world’s premier international art show for Modern and contemporary works
• The Miami International Boat Show
• Coconut Grove Arts Festival
• The Miami International Film Festival
• Miami International Fashion Week
• Food & Wine Festival
• Ultra Music Festival just to mention a few.
- The Miami Dolphins
- The Marlins
- The Miami Heat
- In addition, every year is the host for the Miami Grand Prix, the Miami Open and the Doral Open. All major national events.
Now is the time to Invest in Miami
- Miami Lead the Nation in Home Appreciation in 2014
- Home Prices are the second fastest growing in the U.S.
- Offer is keeping up with demand
- in 2014 the vacancy rate dropped to only 1.5% in the Condo Market
- There is an expected 1.6 billion increase in GDP for the county
- 17,000 new technology jobs are being created
- and properties are being purchased by stable buyers.
Reasons to live in Miami
- Its Great wether
- Lower Taxes
- Diverse multicultural environment
- Economic Stability
- and its Strategic location to connect to the world.
Miami is the future of business between the developing nations to the south and the rest of the developed countries. From a Big Picture standpoint, that’s what makes Miami important for real estate investors.