During the 2020 COVID pandemic, tens of thousands of New Yorkers moved to Florida, many of them settling in Miami. Favorable tax rates, fewer COVID restrictions, and a sunnier attitude, in general, were a huge draw.
Why Did New Yorkers Invest in Miami Real Estate?
After almost a full year of being constrained to 500 square foot studios and tight living quarters, New Yorkers re-prioritized outdoor living and working from home. They sought out and settled in a world-class city with plenty of outdoor spaces to engage in “COVID-friendly” activities, giving Miami a new nickname – “Little Manhattan.”
Why Invest in Miami Real Estate?
Towards the end of 2020, many New Yorkers moved up their plans to move to Florida, some of them even bought properties in Miami, site unseen, to secure a home in a warm and vibrant city. Others kept their apartments and studios in the Big Apple to rent out while they made their new homes in Miami. Whatever the case may be, whether the move was permanent or temporary, there are many reasons (other than the weather and outdoor spaces) people are investing in Miami, and here is why you should invest in Miami real estate too.
1. Cultural Diversity
Miami is known as a melting pot of different cultures. Stacker compiled a list of countries of origin of immigrants in Miami, and it includes 50 countries from around the world!
This diversity is reflected in various areas throughout the city, including:
- Little Havana – where you can experience the variety of authentic food and cultures from Hispanic countries in South America, Central America, the Caribbean, and Europe.
- Little Haiti – located north of Downtown Miami, it features colorful streets, hosts Afro-Caribbean festivals, and is rich in Haitian history.
There are also many schools in Miami-Dade County that offer bilingual and language programs as a standard part of their curriculum. With over 120 languages represented in Miami, many of our schools have unique language course offerings as diverse as the people who make up this wonderful city.
2. The Food
One of the perks of being in such a culturally diverse city is the food and the fusions. You can order Peruvian/Chinese food, Nigerian food, or Korean BBQ and be enjoying authentic exotic cuisine within the hour.
And the food in Miami got even better after the New Yorkers’ mass exodus because they brought some amazing restaurants with them!
3. The Art Scene
Not only is the Wynwood District home to many world-class artists, beautiful murals, art galleries, and colorful street art. It also has restaurants and breweries that serve artisanal foods and beverages, so you can literally eat and drink creativity.
The Miami Design District describes itself as “ a creative neighborhood and shopping destination dedicated to innovative fashion, design, art, architecture, and dining.” The unique architecture, public artwork, murals, and all of their vibrant colors are popular with photographers and influencers. They also have galleries, shops, boutiques, and restaurants that are as unique as the area itself.
Art Basel is a 4-day art festival that features artists from around the world in exhibits and events hosted throughout the city. Miami buzzes with creativity during Art Basel, and people come from far and wide to experience it.
4. Emerging Tech Hub
Will Miami become the East Coast’s Silicon Valley? Only time will tell.
For now, Miami boasts the likes of large tech companies, such as digital marketing agencies, fintech companies, web developers, and cryptocurrencies. More tech companies are expected to invest in Miami real estate and open up shop in this “capital of Latin America” in the near future as well. The Miami tech boom is sure to increase job opportunities, and perhaps even property values.
We’re Invested. Are you?
Native residents and transplanted New Yorkers both have one thing in common – they are INVESTED in Miami.
Getting a mortgage in Miami is something that requires a significant amount of investment. At the very least, people put 5% down and pay about 4% in closing costs. With an average price in Miami of $747,000, 9% would be $67,230. This is a significant financial investment for most people. With our competitive market, a property will often see between 15 to 20 offers. Due to this competitive environment, those who can afford to put 50% down or to pay all cash, do. Even local buyers are usually putting 20-25% down – especially when buying a condo.
Condos financed by a Fannie Mae-backed lender must pass a full review condo questionnaire in order to be purchased with less than 25% down. Many condos in Miami have waived reserves or have active litigation, which means buyers have to buy cash, OR, if the project will pass a limited review condo questionnaire, put 25% down or more.
Furthermore, families are moving down here TOGETHER. Groups of like-minded friends, and THEIR families, are moving down here TOGETHER. They are building communities here for the long term. Those who have moved here are invested with their money, yes, but also with their hearts, hopes, futures, and families. Will you join us? Contact me for help choosing the best property and area to invest in Miami real estate!