Since the beginning of the 20th century, investors have loved Miami Beach. And for good reason. The islands of Biscayne Bay are the perfect place to vacation, of course, but they’re also a good place to raise a family and earn passive income.
- The location
What once was known as a hot place for spring break or a snowbird destination is now a cultural hotspot for arts, entertainment, and fine dining. Miami Beach has grown in terms of business, with an emphasis on the financial district, creating a destination for not only those seeking a retirement location but also those looking to establish or enhance their careers. Miami Beach real estate has reflected this shift by developing more high end properties, and renovating historical estates.
Since the Miami area has become a destination for the business savvy, many neighborhoods are growing and some are even becoming local destinations. Miami Beach is no exception. The Alton Road corridor has become a destination for tech firms, residential towers, new restaurants and shopping centers. Alongside the area’s growth, the surrounding neighborhoods have experienced an abundance of pre-construction properties, from new homes to high-rise condo complexes and residential towers that provide a luxury lifestyle to accommodate those in finance or business in the area. These neighborhoods are well rounded with dining, entertainment, and shopping options that draw both residents and visitors to the area.
- The demand
With the new neighborhoods and trendy hotspots cropping up, there’s a high demand for living opportunities in the area. This creates a great investment option in Miami Beach real estate, and an opportunity for investors to get in on the ground floor. The pre-construction was one way in but also purchasing homes and renovating or updating to meet the more modern needs of the market is a solid investment. As the pre-construction properties reach completion there will be a more saturated market, which will only steer the investment opportunities to the condo and high-rise properties.
The abundance of pre-construction in the greater Miami area has created a variety of investment opportunities from purchasing homes or condos, to investing in new businesses or companies developing in the area. Since the neighborhoods are becoming destinations for a younger crowd as well as tourists, Miami Beach real estate is a sound investment opportunity and will be as the area continues to experience growth.
Lastly, Miami Beach real estate is a great investment because the location provides an entire lifestyle, not just a place to live or work. With the growth of urban neighborhoods, like Brickell, Miami is becoming a destination for living an urban tropical lifestyle. The area delivers in the arts, shopping, high end luxury goods, and dining which provides a complete upscale lifestyle to anyone, from the visitors to the residents.