Miami Beach Real Estate - Should
You Go For Beachfront?
By
Vanessa A. Doctor
Miami Beach has been one of
America's pre-eminent beach resorts
for almost a century. The city is
home to the ever-popular South Beach
district, and it's one of the most
exciting sections of the Miami real
estate market.
It was the original 'vacation'
area and is filled with lovely Art
Deco hotels and apartment buildings.
It is a lovely tourist paradise, and
people worldwide have been flocking
to its diverse culture, wide array
of employment opportunities, wide
property and housing options, lovely
beaches and classy restaurants, as
well as for the flamboyant and
vibrant nightlife.
South Florida Is A Top-Rated
Destination For Overseas Homebuyers
As a financial and transport
gateway between the United States
and Latin America, Miami, along with
its closest neighbor Miami Beach,
has long attracted a lot of
international investment. However,
in recent years the flow of overseas
money into Florida has become a
gushing torrent, as investors awash
with cash from economic growth in
Latin America seek to capitalize on
the city's soaring property values,
according to property analysts.
South Florida is a popular
destination for Europeans, as such
portfolio managers and institutional
invertors in many countries tend to
view the Miami beachfront property
market as a bargain even at current
prices, especially if compared to
skyrocketing property values in
Europe, particularly when purchased
with dollars that are weak relative
to the euro and other major
currencies.
Foreign Investments Account For A
Huge Chunk Of Property Sales
According to data from the
National Association of Realtors,
foreign investment now accounts for
about 15 percent of all home sales
in Florida, with the figure
estimated to be much higher in Miami
Beach. A lot of this money is going
into mixed-use developments that
blend high-rise residential units
with some office, retail, and hotel
construction.
Although some Florida-based
financial institutions have stopped,
or temporarily reduced financing for
new condominium and waterfront
projects in Miami and Miami Beach,
larger national and international
banks have continued to be active
lenders in the south Florida housing
market.
North Beach Is the New Beachfront
Growth Zone In Miami Beach
After decades of slumber, Miami
Beach's North Beach district has
lately been rediscovered, and more
than $600 million in public- and
private-sector projects are now
underway.
Located between Miami Beach's 63rd
Street to the south and the Town of
Surfside to the north, and
stretching from the Atlantic to
Biscayne Bay, North Beach has about
30,000 residents who can walk or
bicycle to the beach and community
parks, as well as nearby hotels and
shops. Among its other claims to
fame is Miami Beach's only stretch
of oceanfront street outside of
Ocean Drive - Ocean Terrace between
73 Street and 75 Street.
"A lot of developers within the
past few years have recognized the
potential of the waterfront sites
and attractive neighborhoods in the
North Beach area," adds a
representative of a local property
developer. "Now, there are a number
of exciting new projects in an area
that hasn't experienced development
for a long time' according to
property developer BSG Development
Corporation.
And why is this area so popular
with developers? The answer is that
prices in South Beach have gotten so
high, and now, everyone in town is
taking a hard look at North Beach,
because it is seen as the only area
in Miami Beach where land is
reasonably affordable. North Beach
offers wider opportunities for
beachfront and other developments.
http://luxurylivingrealty.net
Miami Beach Real Estate
http://luxurylivingrealty.net
Vanessa A. Doctor from
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