Located along the shores of Biscayne Bay and facing the Atlantic Ocean, the city of Miami Beach has long been famous for being "America's Playground".
Its lovely white-sand beachfronts are world-renowned, as well as the vibrancy and diversity of its people, culture and nightlife. The major selling point in effectively selling Miami Beach realty is its location.
The city has the ever-popular South Beach district, and it is one of the drawing points for the Miami Beach condo market. South Beach was the original 'vacation' area, and it is an area filled with lovely Art Deco hotels and apartment buildings. By having one of the best locations in the country, the Miami Beach real estate market is considered as one of the most prestigious addresses in the US, which makes it a great investment model.
The Condo Market Is Booming
Currently, the biggest news in the Miami Beach real estate market is about the boom in the condominium sector, especially in the pricey, upscale brackets. Condos, both pre-construction and completed units, have seen a 33.3 percent rise in the last decade, and now account for 12.8 percent of the total housing market. This can be credited to the concentration of condos in expensive, upper-class seafront areas like Miami Beach.
In addition, the wealthy aren't the only ones buying up a Miami Beach condo. A larger spectrum of the market is also cashing on it, from dual-income professionals, to retirees and middle-income families. The current affordability of the condominium market is providing motivation for most people to buy condos as a lifestyle choice.
The City Is A Unique Place To Call Home
Great property inventory. Low interest rates, especially for those who need financing, and an assortment of very motivated seller's. The city's current South Beach market is growing at a quick rate, which according to housing analysts, is a wonderful place to invest for the long-term.
With very limited space, an exciting and eclectic nightlife scene, incredible outdoor restaurants, the new Performing Arts Center (PAC) in Downtown Miami, the American Airlines Arena, the Financial District of Brickell and the lovely stretch of world-famous beaches, These are among the many reasons for living in Miami Beach, despite the backdrop of the US housing crunch looming in the horizon.
The local housing market, and the city's local government, have worked in tandem in assisting property developers and buyers in their concerns about the direction of the city's real estate market.
Housing Tax Cuts Ease Pressures On Homeowners
The Miami Beach Government has recently given preliminary approval to the reduction in tax rates for homes. The new tax rate is pegged at $5.897 for every $1,000 of assessed property value. This reduction represents a significant 23 percent drop from this year's rate of $7.67, according to City Manager Jorge Gonzalez.
Under the new tax rates, a homeowner whose house is valued at $295,000, which is the median price in Miami Beach, and taking the standard homestead exemption, will pay $1,636 in taxes. Owners of commercial properties and non-homesteaded properties, however, may not be able to benefit from the tax relief.
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