When it comes to buying properties in South Florida, everyone knows foreign buyers are attracted to Miami-Dade like magnets to a refrigerator door. It’s the most attractive, one of the highest valued cities in the state, is one of the most diverse and has tons going on as far as entertainment and cultural nightlife, not to mention one of the fastest growing entrepreneurial cities in America. But Miami is big and for international investors who are not from the magic city, it can be difficult to discern which of the many neighborhoods to buy property in. If you, your client or someone you know is looking to secure a foreign national loan to buy property in Miami, here are the top 5 neighborhoods they should consider investing in based on information available from real estate organizations and recent survey in the Miami Herald.
5) Buying Property in Homestead
This may come as a surprise, but Homestead is one of the most undervalued neighborhoods in Miami. It doesn’t get the international limelight of other more famous neighborhoods, but its rapid development is coming along nicely. Over the past few years, the area has been building single family homes at a breakneck speed as well as shopping centers and entertainment. From an investment standpoint, the housing is comparatively affordable and has a huge growth potential. There’s already been a significant appreciation in property values in the area over the past 2 years or so. Many properties are brand new and located in gated communities, so they lend themselves to more established foreign buyers with families who are looking to put down roots in the area as well as single buyers or couples who are looking into investment properties to inhabit only during months out of the year.
4) Buying Property in Sunny Isles
Sunny Isles has been and continues to be one of the most popular neighborhoods for foreign buyers. Steps away from the internationally coveted turquoise waters of Miami Beach and also form grocery stores, restaurants, shopping centers and entertainment, the properties in this area are perfect for international investors looking to invest in Miami or looking to move in. Beachfront condos are a popular purchase choice in this area.
3) Buying Property in Coral Gables
One of the most beautiful and most historic neighborhoods in Miami, it is a haven for gorgeous single family homes and offers one of the most important factors families look for: competitive private and public schools. There are also world class shopping and dining locations such as Sunset Plaza, Miracle Mile and Merrick Park just minutes away from laid back, suburban areas, so residents get the best of both worlds. Any area that borders the waterfront, of course, always retains a high value, so it is a great investment if a buyer is looking to sell at any point in time. The area also houses a high population of latin american or descendants of latin american residents, making it culturally friendly to a latin buyer. For the best place to buy a single family home for a laid back, suburbian lifestyle, Coral Gables is a great choice.
2) Buying Property in Brickell
With the completion of the Brickell City Centre and other high profile projects, Brickell has been getting more and more attention both internationally and locally. Few areas boast such a vibrant
city lifestyle in the heart of bustling streets and newly erected high rises that are also bordering the water. The surge of construction and renovation of the area has created an excellent work, dine, shop and play environment that has currently made it a magnet for young professionals and millenials who are renting and buying luxury condos in glistening new high rises overlooking the Miami River and the bay. Its proximity to everything makes it easy to get around – whether in the metromover, trolley, Uber/Lyft, biking or on foot.
1) Buying Property in Miami Beach
Number one is no surprise; Miami Beach has, for decades, been the most famous part of Miami-Dade and continues to be the most desired area to buy property. The proximity to the warm Atlantic waters will likely never lose its appeal. International buyers who wish to maintain their lifestyle in their home countries and visit Miami over holiday often opt to buy condominiums or apartments that they can use during their stay and then rent out for the rest of the year. It’s an investment that will likely continue to stay in demand over time. It also accommodates buyers from all nationalities and walks of life, from young, single buyers to families to retirees or “empty-nesters.” Miami Beach is another area with a vibrant nightlife just steps away from the ocean as well as world-class shopping such as the mall on Lincoln Road.