Miami Property Market and Real Estate Guide

(Miami, Florida - FL, USA)

Photo featuring Brickell Avenue in Downtown MiamiHome to great weather, beautiful beaches and cutting-edge property, it's hardly surprising that many of the world's rich and famous choose to chill their boots in Miami. From luxury apartments for rent to historic houses for purchase, this large and diverse city has it all, and now is a great time to buy.

Florida has been one of the US states hardest hit by the property slump, and with many houses being repossessed, you can buy for 75 percent of the actual sale value. Although the property crisis is not thought to have bottomed out just yet, you can generally expect to sell any Miami property you choose to buy for much more in five years' time.

Downtown Miami is the best place for those looking for short-term rentals and holiday homes, whereas south Miami boasts many historic neighborhoods and nice parks. Midtown, Upper East Side and South Beach is where the celebrities reside in their 1920s pads, whereas northern Miami is home to more diverse bohemian districts.

Renting Serviced Apartments

Serviced apartments are not hard to find in Miami and most are fully-furnished and very stylish. Many also come with private or shared rooftop pools, especially in the touristy downtown area. Coconut Grove is also a popular place for short-term rentals and South Beach boasts some luxury villas and apartments for rent.

Due to a great demand for rented property in Miami since the credit crunch, prices are lower than in previous years and bargains can be found. Tenants should be aware, however, that they must pay a rental tax of around ten percent to the state.

Image of Downtown Miami's Brickell Financial District

Buying Apartments and Houses

There are no laws to restrict foreigners from buying in Miami and now is a good time to do so, with the prices of some detached family homes selling for almost half what they were a few years ago. Quick, cash sales for repossessed properties are also lucrative and renting a property currently yields around five percent. Try to avoid Miami's notoriously dangerous areas, like East Little Havana.

If buying in the US as a foreigner, it is important to learn the lingo. You can buy directly from a developer or real estate agent, although owning a property does not automatically entitle you to live or work in the US. Title companies will process the transaction in around six to eight weeks and can be sued if anything goes wrong. All fees will normally come to around four or five percent of the property price.

Real Estate Agents

Agents in Florida have to be licensed and pass relevant exams. Buyers should go through an agent that works on the Multiple Listing System (MLS). All properties in the state are listed within the system and an agent can show you any one you wish.

Check out the following Miami realtors and real estate agents:

Address: 60 Southwest 13th Street, Suite 1724, Miami Avenue, Miami, Florida FL, 33130, USA
Tel: +1 305 400 6144
Infinity has a range of luxury condos in the business district.

One Broadway
Address: 1451 South Miami Avenue, Miami, Florida, 33130, USA
Tel: +1 305 374 1660
One Broadway specialises in rental apartments in the very heart of Miami.