Time to Invest in Miami, South Florida

[Jeffrey Davis]

Did you wake up, grab your colada, and read the news? Miami is still the destination for homebuyers and renters...and especially investors.

You heard people relocated during the pandemic, but where did they go? Miami. (Link to Redfins Latest Data on Homebuyers Migration)
"Miami has consistently made the top 10 list since Redfin began regularly tracking quarterly migration in 2017, but has never taken the number-one spot until now. It had a net inflow of 7,610 Redfin.com users in July, more than triple the 2,216 net inflow of a year earlier. Two other Florida metros—Tampa and Cape Coral—were also in the top 10 last month and experienced year-over-year increases in net inflow."

If you were one who listened to my advice a year ago...you're now the richer for it! If not, that's okay, there is still more room for growth in this wild town. Check out the housing stats:

Florida Realtors research demonstrates a year-over-year Closed Sales up 57%, Cash Sales up 119%, Average Sales Price up 33%, Dollar Volume up 110% ($2.7 billion), and Months Supply of Inventory down 59% in Miami-Dade County.

Fortune Builders recently listed Miami as a top ten city for rental prices (Check out Fortune Builders Cities with Highest Rents data), and Insurify places Miami at #3 for percentage of renters (Where are the Renters?). This is a city of renters and investors are benefitting.

Take a deep breath because Miami -- one of the 'Cleanest Cities in America' -- is about to leave you breathless (not just from all the fitness gurus). Just ask the America Lung Association, who strongly ranked Miami for its air quality!

Miami is in position. Ranked with 11 other FL cities in 20 of the Top Cities to Retire in the US, Miami is poised to take on America's aging population. Furthermore, US News recorded 11 FL cities in the top 20 for Fastest Growing Cities in America. Miami isn't on that last list...but I wonder where people drive to go visit for that Airbnb vacation? Follow the tourist dollars!

Bottom-line, Miami is an ideal vacation spot for its beaches, nightlife, and rental investing. Not to mention a great place to live with its year-round sunshine, warm weather (you can ditch that snow shovel!), and low tax burden. So are you ready to grab a cafecito and take the next step?

[Jeffrey Davis]

Just to piggy-back on my recent post, here is some fresh news about Commercial real estate performance in Florida:

NAR's top 10 metros with the strongest commercial markets in 2Q 2021

• 1) Las Vegas
• 2) Cape Coral Fort-Myers
• 3) Port St. Lucie
• 4) Nashville
• 5) Raleigh, N.C.
• 6) North Point-Sarasota-Bradenton
• 7) West Palm Beach-Boca Raton-Delray Beach
• 8) Punta Gorda
• 9) Spokane-Spokane Valley, Wash.
• 10) Olympia-Tumwater, Wash.

Florida boasts five of the top 10 markets with the strongest commercial markets – a ranking that includes the apartment, office, industrial, retail and hotel sectors – according to the National Association of Realtors® (NAR) Commercial Market Conditions Index rankings for the second quarter of 2021.

To find out more, check out this article from the FL Realtors