A waterfront property investment in one of the country’s biggest cities seems like a no-brainer. But it’s never a good thing to just assume when it comes to purchasing an asset. So why is a waterfront property in Miami an excellent investment choice?
Here’s why you should invest in a waterfront property in Florida now!
Miami has one of the densest real estate markets in the country. Maimi’s unique, beautiful coast will be in high demand for as long as its liveable. There is limited beach property, with no room to grow, making the supply almost always smaller than the demand. The high concentration of snowbirds who aren’t selling their homes is also a major contributor to high demand.
Miami is one of the most visited cities in America. Over 16.5 Million tourists visited Miami in 2018 and contributed $18 billion to the economy. Most of these tourists are flocking to Miami’s beaches. Mix that with the fact that Miami’s beaches are accessible year-round, makes waterfront property a sound investment. The Port of Miami is also the largest passenger port in the world, making it a global hub for cruising visitors.
The sunbelt is experiencing a renaissance, with an influx of businesses, families, retirees and job seekers migrating south. Florida has some of the largest migration rates and is one also one of the fastest-growing states overall. These numbers are expected to climb for (at least) the rest of the decade. Lower tax rates, fewer labor unions, and natural resources, affordable rents and more residents are all incredibly attractive draw for businesses.
Florida currently has the fourth-largest GDP in the country and has fewer restrictions when it comes to business management in the private sector. Miami also has some of the most fortune 500 companies in America. Compared to other urban cores, Miami is affordable. As other major metros bubble and industries move to Florida, even more, new residents will make the move.
Properties in Miami have reliable appreciation rates, and the promising data towards the state’s growth, only helps secure that investment property in Miami will yield a high return. Seasonal employment, tourists, low-income workers, limited supply, growing renter population, and a high student population make Miami a great location for an investment rental property. Florida also has very loose housing laws and regulations, making it a market that favors landlords.
Whether this is your first purchase or you are an experienced buyer, investing in a new property should be approached cautiously, even if it is a desirable waterfront property. If you’re a resident who’s tired of paying rent, a buyer looking for an investment or a rental property, or just someone who wants to increase their quality of life, a waterfront property could be exactly what you’re looking for.
Ready to own waterfront property? Get the help of one of South Florida’s most sought after real estate advisors! Click here to meet Connie!