The City of Miami is the largest metropolitan area in Miami-Dade County, with a population of 362,470. The composition of Miami’s population is 60% Hispanic, 22.3% African-American, and 11.9% White.
The real estate market in Miami, Florida has experienced, for the last 4 years, an incredible appreciation in values, and is considered as one of the leading property markets in the country. A combination of rapid population growth, low interest rates, and a very desirable semi-tropical location have helped fuel a dramatic rise in real estate development and property values in this warm, sunny city.
Based on 2000 U.S. Census figures, the real estate market comprises around 148,388 housing units, just within the city of Miami. About 35 percent of the City’s residential real estate stock is owner-occupied and 65 percent renter-occupied. The owner occupancy rate of the city is about 24 percent less than Miami-Dade County. Miami’s total residential real estate inventory is nearly divided between single-family units (1 unit detached and attached) and multi-family units (5 units and larger) arvskifte.se.
Together, these single-family detached (45,523 units) and 20+ multi-family structures (39,636 units) account for 57.3% of the city’s total residential real estate inventory. The city currently has an average median asking price for housing units of $114,000, as compared to the state average of $92,000. The median value of owner-occupied housing units currently stands at $120,000.
It is well-known that the real estate boom in the city of Miami has indeed become one of the best and most sought after pieces of investments in the country, where people coming from all over the world are cashing in on wide array of Miami pre-construction deals. The fast pace of real estate pre-construction deals give people the opportunity to build equity in their chosen properties, while not having to pay the normal inclusive duties such as taxes, maintenance fees or mortgages.
Construction of high-rise residential and commercial buildings and apartment units has risen rapidly throughout the city. As more homes, condominiums and apartments are built and renovated, property market values have since skyrocketed at an unexpectedly quicker pace. Towards the middle part of 1998, the taxable property value for Miami Beach was $6.96 billion, more than double since the early 1980’s. In addition, the total projected value of building activity has remained constant over the last five years, between $150 and $200 million, with over 3,000 permits being issued. This indicates a healthy investment of over $1 billion in residential and commercial building activity in the 1990’s.
The Miami real estate market still continues to grow, despite worries of an overheated property market, and developers are continuing to unveil new high-rise condominium projects that are in record numbers and are unprecedented in size and. An example is the proposed construction of two 1,200-foot tower units on Biscayne Boulevard at Northeast Third Street.
At present, some 14,000 condo units are under construction and more than 63,000 units have been approved for construction, or are currently in the permitting process, according to the current Large-Scale Development Report by the city of Miami’s Planning Department. By contrast, just around 9,250 units were completed in Miami over the past 10 years, according to the report.