The short answer is yes – Miami, Sunny Isles, and Aventura, all located within Miami-Dade County, are great areas to invest in. Here’s why:
Miami is one of the hottest housing markets in the US
Miami is called “The Magic City” for good reason. A land boom, followed by rapid growth during the mid-1920s, transformed it into a prosperous city. Its port setting is also unmatched – pure shores and sweeping views of the Atlantic make it one of the most beautiful coastal areas in the United States.
Practically every form of real estate investment here pays dividends. Miami is one of the hottest housing markets in the country. Its scenic beauty, vibrant nightlife, and prestigious neighborhoods continue to attract both domestic and international buyers. The influx of foreign investors has even outpaced that of Los Angeles, another prominent real estate market.
Demand is so high that over 90% of new construction in Downtown Miami is targeted at property investors, who are snapping up luxury real estate.
That’s not mentioning the droves of tourists who want to experience the city’s beach activities. About 15.7 million tourists stayed overnight in the Miami-Dade area in 2016, up 1.5% from 2015.
The rental market is also robust, making it a top prospect for property investors. It’s one of the most expensive places to rent in the US – landing ninth place, according to 2017 figures.
Rental rates have increased by approximately $100 each year since 2012, before stabilizing in late 2016. The vacancy rate remains extremely low at 2.2%.
Sunny Isles’ redevelopment is ripe for property investment
Few places in the world can match the splendor of the Sunny Isles. Also known as “Florida’s Riviera,” the area boasts soft white-sand beaches and amazing weather year-round. As such, it’s a natural magnet for renters and buyers.
Currently undergoing massive redevelopment, particularly on the eastern side of Collins Avenue, the market is ripe for property investment. Much of ongoing redevelopment efforts are focused on replacing outdated hotels with luxury oceanfront condominiums.
In 2016, there were seven buildings in the pipeline, all of which were high-profile projects. These high-rises are set to become the tallest buildings in Sunny Isles.
Pre-construction luxury units are a great investment, especially for those who can take advantage of first-tier pricing, which allows investors to save as much as 5% to 10%.
While the majority of these residential developments aren’t geared towards year-round occupancy, an increasing number of young families are taking up permanent residence in the area.
The presence of luxury spa resorts, matched with Sunny Isles’ laidback and wholesome atmosphere, make it an ideal vacation spot – or year-round residence – for couples with children.
Aventura is a top-selling, master-planned community
Aventura was among the top 12 neighborhoods for home sales in the Miami-Dade area during the first quarter of 2017. This master-planned community has its own park, recreation center, and cultural center. It has a diverse population of more than 37,000. Located 12 miles north of Miami, it’s an excellent choice for professionals who want to come home to a peaceful, suburban environment.
There’s a wide selection of waterfront condos, the majority of which are located along Island Boulevard, Country Club Drive, and Mystic Pointe Drive. There’s strong demand for waterfront properties, and those who snap up real estate here are bound to see high returns.
Sigal Realty Group can help you locate your next investment property in Aventura, Sunny Isles, or Miami Beach, FL. They’re the right team for the job. Give them a call at 786-797-9088. You can also send an email to sigaldagan(at)gmail(dotted)com or ydagan(at)onesothebysrealty(dotted)com.