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  • Capitalizing on the shifting real estate markets: Look for opportunities — and always network

    Capitalizing on the shifting real estate markets: Look for opportunities — and always network

    In recent months, there has been a lot of discussion about the oversupply of luxury condos in Miami-Dade County, triggering developers to put some projects on hold. The strong dollar and struggling economies abroad, particularly in Latin America, have caused foreign buyers and investors to tighten their purse strings.

    As a general contractor who started SPACiO Design Build during the last recession, I have learned to look ahead — past current trends — and adapt my business model to not only mitigate the impact of a market correction but also to take advantage of Miami’s fast-changing real estate market. This is a challenge that most businesses in the real estate industry — and in many other sectors — have to wrestle with.

    We started our business at the time when unsold condos in the Brickell area in the last cycle were being converted to rental units, as buyers had exited the market. When many people were seeing doom and gloom, we looked for opportunities amid a paralyzed real estate market. While we were able to grow the company with that business model, we knew we had to keep our eyes open looking for the next trends as the housing market was rapidly recovering. We began to see starchitects, high-end fashion designers, and exclusive brands — unlike in past cycles — descend upon Miami to stand behind some of the region’s most ultra-luxury condo developments.

    Starchitects like Bjarke Ingles, Herzog & de Meuron and luxury brands such as Armani, Fendi, and Porsche have entered the South Florida market to design and develop grandiose projects, attracting some of the world’s wealthiest people to buy a home in Miami. So, we decided to develop a niche in the marketplace, building out complex projects that required a high level of craftsmanship to match the new level of sophistication that the Miami architecture was beginning to experience.

    In this cycle, building and unit designs became more elaborate and complex, transforming the way space is built out. The introduction of imported design-driven materials required SPACiO to invest in artisans that could turn the visions of these renowned designers and architects into reality. So, when the residential market was active, we focused on building out highly sophisticated projects like the Residences at Armani Casa sales center in Sunny Isles Beach and decorator-ready condos in newly built towers such as the Grove at Grand Bay, Oceana Bal Harbor and SLS Brickell.

    But what the recession taught us the most was not to put all our eggs in one basket. We learned to diversify our operations to include high-end commercial spaces, from hotels to restaurants and luxury retail stores.

    Part of the process was transferring skills we had developed in the residential market but, part of it required teaching our staff new skills. The goal was to prepare our company to stay busy when the condo construction market slowed down. A significant part of our jobs comes from individual condo buyers who buy decorator-ready condos in recently completed luxury high-rises. As we started diversifying our portfolio to include commercial properties, we’ve turned our attention to building out hotels and restaurants, such as Nobu Restaurant, Nobu Hotel, Marriott Stanton South Beach and others.

    Business owners who focus on cyclical industries, like the condo market, have to find the time to boost their networking efforts at the first signs of a market slowdown.It is important not only to develop new relationships but more importantly, to leverage the past and current connections. As times get harder, most likely, it will be your connections that will help you with referrals and new business. A majority of our clients have become my friends, and it was them who helped me launch my businesses at the height of the last recession. Investing time to grow your relationships now will pay dividends when the market loses steam. Staying top-of-mind with your clients starts now, not in six months or a year, when the market has turned.

    People always say that change is the one thing that you can count on.

    That statement couldn’t be, and that statement couldn’t be more true to describe Miami’s real estate market and many other cyclical sectors such as tourism and hospitality. It’s up to the small business owner to seek out and capitalize on the opportunities that arise in each stage of the cycle.

     

    SOURCE

  • Why Miami Real Estate investment

    Why Miami Real Estate investment

    Miami Real Estate Investment

    More and more people are turning to rental properties in Miami as a way to diversify their investments and generate steady cash flow in the future. And why not? There are serious benefits of investing in Miami real estate. First, however, it’s important to understand the key advantages of investing in properties in the first place.

    Miami Real Estate Investment – Why Rental Properties?

    There are several factors driving the trend in investing in rental properties and condos in Miami.

    • Many people are not reaping the benefits they thought they would from Certificates of Deposit and other savings accounts.
    • Despite we are not financial advisors low-interest rates have made people cautious of inflation in the future, pushing them away from the bond market. They turn to commodities like real estate which protect them from inflation.
    • People are diversifying their investments.
    • Low-interest rates and condo prices create interest in rental property investing.
    • Miami Real Estate appreciation.

    Now that you understand why so many people are turning to Miami real estate investments, you need to know whether a potential property is worth the investment.

    When determining whether or not a home or condo for sale in Miami is worth investing in, keep in mind these two key formulas:

    Miami Real Estate Investment – The Cap Rate

    The first formula involves calculating the cap rate. If you bought the house in cash, this is the rate of return you would make.

    What is the Cap Rate?

    The cap rate, also known as capitalization rate, is net income divided by current market value.

    Here’s an example:

    • Cost of condo or home = $200,000
    • You rent it out for $1,500/month
    • Average monthly expenses = $500 You spend an average $500/month on expenses (taxes, repairs, maintenance, etc.)
    • Net operating income = $1,000/month, or $12,000/year
    • Cap rate = $12,000/$200,000 = .06 or 6 percent

    Whether or not the 6 percent is worth the investment is up to you to decide. If you find a property in a Miami neighborhood with high-quality tenants, then it might be worth it. On the other hand, if the property is in a not-so-good neighborhood, then 6 percent may not be a great return on your investment.

    Miami Real Estate Investment – The One Percent Rule

    When evaluating a rental property in Miami, the general rule of thumb to go by is this: If the gross monthly rent equals at least one percent of the purchase price, you should look further into the property investment. If not, keep searching for better options.

    Here’s an example:

    If you purchase a condo for $200,000, it would need to rent for $2,000/month. If not, the one percent rule has not been met.

    According to the one percent rule, the property should bring in gross revenue of 12 percent of the purchase price each year. After expenses, the net revenue should equal between 6 and 8 percent of purchase price.

    In general, this is a good return on investment. However, it is important to take into consideration the neighborhood you are investing in. If the property is in a nicer neighborhood, there is likely a lower return; similarly, more questionable neighborhoods often have higher returns.

    Don’t Forget This One Last Thing

    Finally, no matter what percent you are gaining in ROI off of your Miami property investment means very little if the interest is not compounding. Well, what is compound interest?

     

    How does compound interest work and what does it mean for property investment?

    Compound interest is interest that is generated by your principal plus its interest.

    For example, if you invest $100 in the stock market, at the end of the year it will have gained $10 in interest, to equal $110 total.

    At the end of the second year, the interest has grown by another $11, for a total of $121.

    In summary, the extra $1 the second year earned represents the interest that compounded on top of your interest. Each year, the interest will compound on top of the previous interest, which becomes very powerful after 10, 20, 30 years. In order to reap the same of compound interest on your Miami Real Estate investment, you should reinvest the all of the proceeds so that your returns will compound upon themselves.

     

    SOURCE

  • History Of Coconut Creek, Florida

    History Of Coconut Creek, Florida

    The butterfly capital of the world is very important for a lot of different reasons, but for a lot of people they do not realize that it is located in Coconut Creek, Florida. What else is interesting is how many people overlook the history of this town and how it makes a difference in how the town is viewed. Since that is the case, people may want to learn the history of Coconut Creek to guarantee they know how this region took off and had continued to grow in beauty each year.

    The history of this location is fairly recent. The reason for this is up until the 1960s Coconut Creek was part of Pompano Beach. So this is still a fairly new town about some of the other areas that people have studied in the past. However, this does not mean the location has not started to have some growth as it has managed to continue to grow in both population, business, and attractions. So from small beginnings, the town has started to take off and gain quite a bit of popularity.

    How Coconut Creek got its name is very original, but it is mainly from the coconut trees that developers who came to the area real early planted. However, the creek part of the name of Coconut Creek comes from the combination of a couple of names, like Indian Creek, which has a creek in the name and Coconut Grove. So taking these two names and splitting them apart, allowed the people to come up with the name of Coconut Creek.

    A key thing that people are going to like about the community is how the people who were working on the early region planned it out. While it may not seem like it is well laid out, once people start to get to know the area they will see the foundation for the location was thought through very early on, and this has made it quite a bit easier for people to get the trip they want to have, but also have an easy flow to the city.

    The city did have a bad reputation for a while as they are located right next to a location that is kindly termed Mount Trashmore. This is a location that is nothing more than a landfill, but it used to emit some extremely foul smelling odors directly into the city. However, the city reached an agreement that stated that food and other decaying materials would not be put in the landfill, which dramatically reduced the amount of smells in the air.

    Traveling to a different region people have never been to before can be exciting. However, if people do not know the history of the area, it can be very difficult for them to have a good time because they are constantly trying to figure out why something is so important. By knowing about the history of Coconut Creek, Florida, people can have a great time and know the history of the region.

    SOURCE

  • Miami Swim Week 2017

    Miami Swim Week 2017

    Comme toutes les années au mois de juillet, la Swim Week arrive à Miami.

     

    Cette année, elle aura lieu du 20 au 25 juillet dans les endroits les plus prestigieux de Miami beach.

    C’est l’événement numéro 1 au monde en matière de maillots de bain de mode. Mais cet événement est aussi très apprécié pour ses soirées et événements qui ont lieu un peu partout sur Miami beach.

     

    Miami Swim Week est le nom qui englobe un grand nombre d’événements qui se déroulent à Miami Beach (et la région environnante) à la mi-juillet afin de promouvoir les maillots de bain, l’industrie de la natation. C’est l’événement parfait pour Miami Beach!

    Miami Swim Week comprend trois des plus importants salons de bain: SwimShow, Hamac et Cabana.
    SwimShow, le plus grand et le plus long parcours de maillot de bain au monde, maintenant dans sa 35ème année, a lieu au Miami Beach Convention Center.  Doté de plus de 2 500 marques exposantes.

    Hamac, un salon haut de gamme pour les marques établies et émergentes de natation, de villégiature, de beauté et d’accessoires, a été créé en 2010 par une société de production new-yorkaise et à l’origine intitulé Salon Allure.

    Cabana a été introduite en 2013 par l’acheteur principal Atrium Janet Wong et le propriétaire d’Atrium, Sam Ben-Avraham. Le duo a fondé Cabana comme salon professionnel de la plage avec un environnement confortable et de haute qualité.

     

    Si vous désirez en savoir plus, c’est ici.

  • “Boom”, le nouveau Concorde.

    “Boom”, le nouveau Concorde.

    Encore plus rapide que le Concorde, le Boom.

     

    Vous permettant de relier deux villes en 2 fois moins de temps qu’avec un vol classique.

    Le vol supersonique existe depuis 70 ans, mais jusqu’à maintenant, il n’a pas été assez efficace pour les déplacements quotidiens. Boom aura des tarifs 75% inférieurs à ceux de Concorde, ce sera le même prix environ que les billets de classe affaires d’aujourd’hui.

    L’experience de vol sera elle aussi bien différente avec un confort et design intérieur moderne et luxueux. Chaque passager disposera d’une grande fenêtre personnelle, et d’un accès direct aux passages. Les dimensions des sièges seront semblables à celles de première classe.

    Si vous souhaitez en savoir plus, cliquez ici

  • Should You Invest In South Florida Real Estate?

    Should You Invest In South Florida Real Estate?

    Quick Hits: If you’re planning to buy a home, do it now, because prices are going up for the next few years. Investments in single-family rental properties have good potential in Broward County. Apartment developments have the best potential in Miami-Dade. Mortgages have higher risk even though prices are rising. Best bets for investments in retail or restaurants are in Palm Beach County, which also needs medical office space.

    With a large number of second homes and condos, South Florida is prone to boom and bust cycles that stem more from investment hopes than housing needs. Add an expanding Latino population and waves of baby-boomers – two million retiring every year – and you get both risks and opportunities. Demand for Florida housing is always growing, but is it growing slower or faster than the supply?

    The percentage of second homes increases as you head north from Miami, to 20 percent in Palm Beach County. This large pool of empty properties is the swing vote in home prices. It can swamp supply during a downturn but also represents the desire of future retirees – and South American investors – to buy while they can.

    The economy of Miami itself is diversified – with an important finance sector – but as you go up the coast more jobs are in retail and services. Healthcare is the largest creator of jobs in all three counties, and growing rapidly.

    Home prices were strong in the last three years – up 40 percent – and I expect they’ll keep rising 10 percent a year. But… How much of that 40 percent was from speculation in foreclosed condos? How much from ‘real’ demand? There are strong reasons to believe that from here on we are looking at prices going higher than they ‘should’ – especially in Broward County – in other words a mini-boom that will fizzle after a few years. If you’re looking to buy for the long-term, do it now. If you’re looking for a short-term investment, be very, very careful.

    Because rents held up better than home prices during the recession, buying a property to rent out is an attractive option despite the recent rise in prices, less so in Palm Beach County, more so in Miami-Dade and Broward. Almost half of households in Miami are renters. With most the new healthcare and retail jobs paying low wages, the renting population will increase. In urban areas it makes sense to buy a single-family house and split it into rental units. Apartment buildings are a good option in Miami – at the right price.

    Mortgages are a difficult investment right now. Because home prices will keep rising the next few years, the equity cushion for new mortgages will grow quickly; on the other hand, prices are almost too high in Broward and Miami-Dade already, which means these mortgages will have a rising risk of default. Just because the last bust is over doesn’t mean a new one isn’t around the corner. Lenders should back away from high loan-to-value mortgages during this period. The same is true for construction loans; new projects should be financed in very careful stages.

    Population is growing at an uneven pace, slower in Miami, faster as you move up the coast. Over the next three years I expect a 10 percent increase in housing needs in Palm Beach County – 30,000 owner properties and 23,000 apartments. I expect 25,000 of each in Broward, and in Miami 30,000 houses and 36,000 apartments.

    The climate for investments in retail businesses and restaurants is best in Palm Beach County, where demand has grown quickly the last two years and average income is the highest. All three counties, but especially Palm Beach will need office space for the growing number of healthcare workers.

     

    SOURCE

  • History of Wynwood Miami

    History of Wynwood Miami

    The Wynwood is a neighborhood in Miami Florida that has been getting a lot of attention recently for its development into a center for art and interesting restaurants, bars and breweries. However, very few people know the full history of this neighborhood that dates back to 1917. While Wynwood nears its 100th year, it is time to share its story of humble beginnings, diverse demographics and modern day gentrification.

    Developed by Miami Pioneers

    The Wynwood area was originally sub-divided and sold by a couple of early Miamians: Josiah Chaille and Hugh Anderson. The land that Chaille and Anderson purchased in 1917 was farmland and part of the Pulaski Estate. At the time of the purchase of this tract of land, the estate was being managed by the law firm of Robbins, Graham and Chillingsworth.

    The land may have also included part of the Waddell and Johnson tract, but it isn’t clear how much of this tract would have been a part of the transaction. Prior to the annexation of this land by the city of Miami in 1913, it would have been a part of North Miami. North Miami was defined as land north of today’s fourteenth street, which was just north of the original Miami city limits. North Miami did not have alcohol restrictions, so it was a haven for saloons and raucous behavior in the early years following the incorporation of Miami.

    What is clear about the Waddell and Johnson tract is that there were already lots sold long before 1917. EA Waddell was Miami’s first real estate agent and was focused on selling lots on this tract as early as early as 1896 to his friends from Key West. Therefore, Chaille and Anderson may have inherited some lots that were already sold and built as part of their purchase in 1917.

    Josiah Chaille Josiah Chaille was the son of a William Chaille who opened up a store called The Racket Store on Avenue D (later named Miami Avenue), after relocating from Ocala to Miami. The Chaille family arrived in Miami in 1900, shortly after the incorporation of the city. Josiah would work with his father in the retail business until his father’s retirement in 1912. Josiah would continue to run the business until 1916 at which time he chose to sell the store to the Burdines and go into the burgeoning real estate business.

    Josiah Chaille may have been best known for his work on the Miami City Council. In 1920, the city council enacted a new street name and numbering system in a plan provided by Josiah Chaille. The modern day street names and numbers in downtown Miami and the surrounding areas are directly from this plan. The plan was adopted in October of 1920 and called the Chaille Plan.

    Hugh Anderson was a charismatic opportunist who went from a hotel clerk in Chattanooga, Tennessee, to a millionaire promoter during boom time Miami in the nineteen teens and nineteen twenties. In addition to being a part of the founding of Wynwood, Anderson also was involved with the development of Miami Shores and the Venetian Islands. He also was one of the builders of Biscayne Boulevard. Unfortunately, Hugh Anderson lost his fortune and died in 1941 at the age of 59.

    The partners took out the first plat in Wynwood on January 7th, 1917. However, the men originally called this area Wyndwood. Three months after the two men took out the first plat, the City of Miami built a park on the northern end of this new area and dropped the “d” from the name. The area became known as Wynwood Park. It wasn’t until much later that people dropped the “Park” and just referred to the area as Wynwood.

    Originally, the Wynwood Park boundaries were defined by NW 20th Street to the south, NW 36th Street to the North, the FEC Railroad tracks to the east and NW 7th Avenue to the West. After the building of Interstate 95 in the 1960s, the Wynwood neighborhood border was unofficially changed. The western border of Wynwood was now considered Highway 95. This unofficial change eliminated a set of small blocks that were east of NW 7th Avenue and west of Highway 95, between NW 20th Street and NW 36th Street.

    Working Class Neighborhood

    Since its inception, the neighborhood became an area for working class families. My grandmother and her family lived just inside the boundaries of Wynwood, on NW 23rd Street and just east of NW 7th Avenue. She lived in Wynwood from 1928 to 1945. The house she resided would have been in the portion of Wynwood that was isolated during the building of I-95 in the 1960s. She, and at least one of my great uncles, graduated from Robert E Lee Middle School in the late 1920s. Also, she worked nearby at Don Allen Chevrolet on NW 20th Street and Miami Avenue. Most of the families in the area would have been considered middle class at that time.

    Josiah Chaille Wynwood became an attraction for commercial residents as well. In 1928, the American Bakeries Company built a plant to make and distribute Merita Bread at NW 32nd Street in Wynwood. Residents would say that you could smell the freshly baked bread for blocks. The plant took up almost a block between the addresses of 561 through 599 on NW 32nd Street.

    Also, Coca-Cola opened up a bottling plant at 301 NW 29th Street in 1926. There was also an Orange Juice bottling plant located in Wynwood around this time. There were plenty of opportunities for working class people to both work and live in the Wynwood neighborhood during its early years.

    The Miami Fashion District

    The boom years of the 1920s saw the beginnings of the garment industry in Wynwood. The Garment District was the southern portion of Wynwood along NW 5th Avenue, between NW 22nd and NW 29th Streets.

    Many Cubans who began migrating to Miami in the early 1960s provided much of the work force for this growing industry. The Garment District consisted of both clothing retailers as well as manufacturers.

    According to an article in the Miami News on October 27th in 1980, the Miami Fashion District was part of the third largest garment district in the country. In 1980, there were 225 businesses as part of this district. Wholesale – Retailers represented about $64 million in sales and manufacturers drew about $125 million in revenue annually.

    As the district got more popular in the 1980s, many of the manufacturers moved out of Wynwood to make room for more retailers. As the value of commercial square footage went up, the manufacturers felt it was better to move to places like Hialeah to be closer to their Cuban workforce. Many of the workers did not have cars and resided in places like Hialeah.

    Over the course of the last 20 years, many of the businesses in Wynwood’s Fashion District have been purchased by South Koreans. Despite the change in rental rates and the change in business ownership, the Fashion District is still a very vibrant business community in Wynwood.

    Little San Juan

    At the end of World War II, there was a big exodus of Wynwood residents to the newly developed suburbs. Commercialization and urban flight took its toll on the neighborhood. The old timers, and younger generation that grew up in the neighborhood, moved away. This trend changed the composition of the neighborhood dramatically.

    The exodus formed a void in the neighborhood that began to be filled with a variety of new immigrants to Miami. In particular, there was a large influx of Puerto Ricans into the area, and the neighborhood began to be known as ‘Little San Juan’ by the middle 1950s. The neighborhood’s demographics represented the first big influx of Hispanics into Miami and it was referred to as Little San Juan over 10 years prior to the area near the Orange Bowl being referred to as Little Havana.

    The impact of the influx of Hispanics, and in particular the Puerto Ricans, began to change the names of many of the neighborhood’s public places. Wynwood Park was renamed Roberto Clemente Park in July of 1974, following the tragic death of the Puerto Rican born baseball player on December 31st, 1972. Clemente died in a plane crash attempting to bring aid to Nicaraguans following a devastating 1972 earthquake in Managua.

    Robert E Lee Middle SchoolRobert E Lee Middle School, at NW 32nd Street and NW 5th Avenue, was closed and later was razed to make room for a new middle school that was named Jose De Diego Middle School. The new school opened in August of 1999. Robert E Lee was closed in June of 1989 due to the age and condition of the building. The school was built in 1924.

    The names of the public service buildings in the neighborhood took on the names of important Puerto Rican figures and terms. The neighborhood service center was named after a Puerto Rican patriot and writer, Eugenio Maria de Hostos. The center is located at 2902 NW 2nd Avenue. A publicly funded outpatient clinic was named Borinquen Health Care Center at 161 NW 29th Street. Borinquen was the ancient name of the island of Puerto Rico.

    Local dining spots were called the La Boricua Coffee Shop at 186 NW 29th Street, and Roberto Clemente Coffee Shop, which was located across the street from the park. These businesses provided an affordable diner which specialized in Puerto Rican cuisine. The churches in the neighborhood were Iglesia Pentacostal Esmira at 36 NW 29th Street and San Juan Batista, or Little Mission Church, at 3116 NW 2 Avenue.

    Wynwood on the Decline

    Over time the neighborhood began to diversify and include blacks, Cubans, Haitians, Colombians, Dominicans in addition to Puerto Ricans. According to a Miami News article in December of 1977, only 33 percent of the Wynwood population was Puerto Rican. The article stated that another one third of the population was Cuban and the final third consisted of all the aforementioned groups. Wynwood had a population of roughly 18,000 people in 1977.

    By the late 1970s, the Wynwood neighborhood was considered lower middle class. Unemployment was 55% and drug trafficking was rampant. Wynwood was considered a “springboard community” for new immigrants. The goal for working class immigrants was to improve their economic standing so they can leave the neighborhood as quickly as possible.

    The unofficial Mayor of Wynwood was Dottie Quintana. Dottie was born in Ponce, Puerto Rico on August 9th in 1909 and grew up in Cuba before moving to the New York in 1927. After getting married, she moved to Wynwood in the late 1950s. Dottie spent her life helping the sick, elderly and children in what became a very tough Wynwood neighborhood.

    For 10 years, Dottie would often drive the neighborhood at night in her old teal Chevy sedan, and make note of the activities of drug dealers and seedy characters in Wynwood. The next day she would discretely drop off her notes to the police station.

    Both Dottie and her husband would collect food from churches to give to Haitian Immigrants when they first started arriving in the late 1970s. She helped the Cuban Refugees that began arriving in the 1980s. She was instrumental in the opening of the Borinquen Health Center and the De Hostos Senior Center. Dottie’s work to help the people of Wynwood was a life-long passion and earned her the nickname “Mayoress of Wynwood”.

    Given all of her work and accomplishment, the community center in Roberto Clemente Park was dedicated to her and is today called the Dorothy Quintana Community Center. It is located on the southeast corner of the park at NW 34th street and NW 1st Avenue. Dottie Quintana passed away at the age of 101 on March 13th, 2011.

    Gentrification of Wynwood

    It may have been the purchase of the former American Bakeries building on NW 32nd Street that represented an early glimpse of what Wynwood would become. By 1980, the bakery was operating as the Flowers Baking Company. In 1981, the company moved out of Wynwood leaving the building without a tenant.

    The former bakery sat empty for 4 years until a splinter group of the South Florida Art Center discovered the building. Driven out of Coconut Grove by high rents, some of the SFAC artists relocated to South Beach, while others chose to stay on the mainland to look for a suitable home.

    Led by Helene Pancoast and Faith Atlas, the mainland group formed a nonprofit organization and purchased the former bakery building. In 1987, the 2.2 acre facility opened as Florida’s largest working artist’s space, and was called the Bakehouse. It still operates at that same location and by that same name today.

    Fast forward to the middle 2000s and the Wynwood art scene got a big lift when Goldman Properties took interest in Wynwood. Tony Goldman, a force behind the revival of SoHo and South Beach, had a knack for seeing thriving, artsy neighborhoods when others could only see urban plight. Goldman, his daughter Jessica and his son Joey, began buying up chunks of Wynwood’s warehouse district in 2006.

    Tony GoldmanIn October of 2009, Tony Goldman dreamed up an open air gallery of murals called Wynwood Walls. The gallery opened a couple months later to coincide with Art Basel. Goldman’s vision was that the entire Wynwood neighborhood would become a canvas for urban street art. It is a neighborhood that provides a monthly art showing called the Wynwood Art Walk, which takes place on the second Saturday of every month.

    Unfortunately, Tony Goldman passed away at the age of 68 on September 11th in 2012. His dream lives on through his children, who continue to run Goldman Properties and invest in the Wynwood community.

    The Wynwood neighborhood has attracted a number of very interesting restaurants, bars, breweries, art galleries and an assortment of other name brand retailers. While it is a neighborhood that is rooted in humble beginnings and evolved into a melting pot community, it is a neighborhood on the rise. There are plans to build condominiums, a hotel and promises of a lot of new restaurants and retailers.

    Some in Miami believe that the Wynwood Neighborhood has already surpassed many other nearby neighborhoods in terms of character and charm. If you haven’t attended an Art Walk or visited any of the great establishments in Wynwood, now is certainly the time.

     

    SOURCE

  • The cost of buying vs. renting a home in all 50 states

    The cost of buying vs. renting a home in all 50 states

    Housing is the biggest expense for many Americans, accounting for more than 30 percent of a household’s yearly expenditures, according to the Bureau of Labor Statistics.  But housing costs can vary greatly, depending on where you live — and whether you’re a renter or owner.

    To find out where your housing dollar will go the furthest, GOBankingRates surveyed the cost of renting versus owning a home in all 50 states and the District of Columbia. The study found it’s more expensive to own a home in only eight states and the District of Columbia, with renting the more expensive option in 42 states.

    With rents so high, though, it can be difficult to save up for a down payment and make the jump to homeownership, she said. If you’re considering becoming a homeowner, scroll down to find out if you should own or rent a home in your state.

    Wyoming

    Renting vs. buying a home in Wyoming:

    Monthly rent in Wyoming: $1,100
    Monthly mortgage in Wyoming: $1,199

    How much do you need to live comfortably in Wyoming? If you want to rent or buy a home, make sure you get a job that pays enough to cover a monthly rent or mortgage of around $1,000. But the good news: Wyoming might start experiencing declining home prices, according to an Arch Mortgage Insurance Company report released in April.

    Vermont

    Renting vs. buying a home in Vermont:

    Monthly rent in Vermont: $1,500
    Monthly mortgage in Vermont: $1,226

    One of the best states for first-time homebuyers, Vermont’s homes have become more affordable over the past year. The median sale price has dropped about 4 percent, according to the Vermont Realtors May 2016 report.

    Only 13 percent of Vermont homeowners spend more than 50 percent of their income on housing, according to the Vermont Housing Finance Agency. However, 28 percent of renters spend half of their income or more on housing.

    District of Columbia

    Renting vs. buying a home in DC:

    Monthly rent in the District of Columbia: $2,575
    Monthly mortgage in the District of Columbia: $2,719

    Even though it’s cheaper to rent instead of buy in the nation’s capital, the National Association of Realtors identified Washington, D.C., as one of the top markets for aspiring millennials who want to buy a house. That’s because millennials’ higher income levels are making it easier to afford a home.

    Alaska

    Renting vs. buying a home Alaska:

    Monthly rent in Alaska: $1,690
    Monthly mortgage in Alaska: $1,356

    Rent in Alaska is higher than the U.S. median rent of $1,407, according to Zillow. Although home values have been rising, too, it’s still cheaper to own a house than rent one. Home prices have stayed steady even though the state’s economy — which depends heavily on the oil industry — is in a recession due to the low energy prices, according to the Arch Mortgage Insurance Company report.

    North Dakota

    Renting vs. buying a home in North Dakota:

    Monthly rent in North Dakota: $1,250
    Monthly mortgage in North Dakota: $1,144

    Owning a home in North Dakota is less expensive than renting — and it might become even more so. The state’s home prices are overvalued by an estimated 22 percent because the state’s oil fracking boom drove up prices, according to the Arch Mortgage Insurance Company report.

    South Dakota

    Renting vs. buying a home in South Dakota:

    Monthly rent in South Dakota: $1,100
    Monthly mortgage in South Dakota: $1,033

    Although home prices have risen by about 6 percent in South Dakota over the past year, according to Zillow data, it’s still cheaper to own a home than rent. However, even renting is more affordable in South Dakota than in many parts of the nation — considering the median rent in the U.S. is $1,407, according to Zillow.

    Delaware

    Renting vs. buying a home in Delaware:

    Monthly rent in Delaware: $1,300
    Monthly mortgage in Delaware: $1,375

    Delaware’s housing market is rebounding as retirees move to the state and families move from rentals to homes, the state’s The News Journal newspaper reported in January. The median home list price has risen about 3.8 percent over the past year, according to Zillow data. As a result, it’s more expensive to buy a home than to rent a home in this state.

    Montana

    Renting vs. buying a home in Montana:

    Monthly rent in Montana: $1,100
    Monthly mortgage in Montana: $1,348

    Rising home prices in Montana have made the cost of owning a home more expensive. The median home list price in Montana has increased just 1.7 percent over the past year, but it’s climbed 7.5 percent from May 2014 to May 2016, according to Zillow data.

    Rhode Island

    Renting vs. buying a home in Rhode Island:

    Monthly rent in Rhode Island: $1,750
    Monthly mortgage in Rhode Island: $1,416

    Consumers are taking advantage of low interest rates to buy homes in Rhode Island. Single-family home sales increased 19 percent from May 2015 to May 2016, according to the Rhode Island Association of Realtors. The median sale price also has risen 5 percent. Despite the strong real estate market, it’s still less expensive to buy a home in Rhode Island than to rent a home.

    Maine

    Renting vs. buying a home in Maine:

    Monthly rent in Maine: $1,500
    Monthly mortgage in Maine: $1,104

    Single-family existing home sales in Maine have risen a whopping 25 percent in May over the past year, but prices have risen just 2.84 percent, according to a June report from the Maine Association of Realtors.

    New Hampshire

    Renting vs. buying a home in New Hampshire:

    Monthly rent in New Hampshire: $1,475
    Monthly mortgage in New Hampshire: $1,240

    The New Hampshire market has been tight for renters, with rents rising as vacancy rates have been dropping, according to a February report by RealtyTrac. Renters who want to find affordable options in a tight market will likely have to make concessions, Gudell said.

    Hawaii

    Renting vs. buying a home in Hawaii:

    Monthly rent in Hawaii: $2,347
    Monthly mortgage in Hawaii: $2,862

    The supply of houses hasn’t been able to keep pace with population growth in Hawaii, pushing prices up, according to the Hawaii Department of Business, Economic Development and Tourism. In fact, Hawaii has the highest median home list price — $577,499.50 — in the nation.

    Although rent prices fell slightly from April to May, according to Zillow, the market still is less friendly to buyers than renters. And, Honolulu has the second-highest home price-to-rent ratio in the U.S., which means it is cheaper to rent than buy, according to SmartAsset.com.

    Idaho

    Renting vs. buying a home in Idaho:

    Monthly rent in Idaho: $995
    Monthly mortgage in Idaho: $1,199

    Home prices have soared more than 23 percent over the past two years in Idaho, according to Zillow data. The average list price jumped from around $190,000 in May 2014 to $234,900 in May 2016.

    West Virginia

    Renting vs. buying a home in West Virginia:

    Monthly rent in West Virginia: $1,098
    Monthly mortgage in West Virginia: $832

    Although the median home list price has risen 6 percent since the beginning of the year, according to Zillow data, it’s still cheaper to own than rent in West Virginia. However, home prices in West Virginia are expected to fall, according to the Arch Mortgage Insurance Company report.

    Nebraska

    Renting vs. buying a home in Nebraska:

    Monthly rent in Nebraska: $1,200
    Monthly mortgage in Nebraska: $884

    It’s still less expensive to own than rent in Nebraska, although the median rent price in Nebraska has hardly budged over the past year while the median home price has climbed 5.8 percent, based on Zillow data.

    New Mexico

    Renting vs. buying a home in New Mexico:

    Monthly rent in New Mexico: $1,125
    Monthly mortgage in New Mexico: $1,043

    The median home list price of $215,000 in New Mexico has held steady for nearly a year, according to Zillow data. Although the median rent price also hasn’t risen over the past year, either, it’s still slightly more expensive to rent than own in this state.

    Nevada

    Renting vs. buying a home in Nevada:

    Monthly rent in Nevada: $1,275
    Monthly mortgage in Nevada: $1,196

    The median rent in Nevada has risen 6.25 percent from $1,200 in May 2015 to $1,275 in May 2016, according to Zillow data. In fact, Reno is among the top 10 U.S. cities with the fastest-growing rents, up 6.5 percent since June 2015, according to the July 2016 National Apartment List Rent Report. Rising rents in the state make renting a more expensive option than buying a home.

    Kansas

    Renting vs. buying a home in Kansas:

    Monthly rent in Kansas: $1,150
    Monthly mortgage in Kansas: $836

    The monthly mortgage on a home with a median list price of $159,900 is $314 less than the median monthly rent in Kansas, making home buying a better prospect than renting in this Midwestern state.

    However, home sales have been slower in Kansas compared to the rest of the country. Sales in Kansas rose by 1.3 percent in May 2016 compared with the same period last year, but home sales on a national level rose 4.5 percent, according to the Kansas Association of Realtors.

    Arkansas

    Renting vs. buying a home in Arkansas:

    Monthly rent in Arkansas: $1,050
    Monthly mortgage in Arkansas: $769

    The monthly mortgage on a home with a median list price of $155,000 is $281 less than the median monthly rent in Arkansas. The median list price in this state has increased just 1.9 percent from May 2015 to May 2016, according to Zillow data.

    Mississippi

    Renting vs. buying a home in Mississippi:

    Monthly rent in Mississippi: $1,100
    Monthly mortgage in Mississippi: $791

    The median monthly rent is $309 higher than the monthly mortgage on a home with a median list price of $160,000 in this Southern state. Although it’s more expensive to rent than own in Mississippi, the median rent here is still below the national median of $1,407.

    Utah

    Renting vs. buying a home in Utah:

    Monthly rent in Utah: $1,275
    Monthly mortgage in Utah: $1,517

    Zillow named two Utah cities — Salt Lake City and nearby Ogden — in its top 10 hottest housing markets for 2016 list. Statewide, the median home list price has risen about 20 percent over the past two years, from $249,000 in May 2014 to $299,000 in May 2016, according to Zillow data.

    Iowa

    Renting vs. buying a home in Iowa:

    Monthly rent in Iowa: $1,095
    Monthly mortgage in Iowa: $836

    Home buying has been on the rise in this state where owning is less expensive than renting. The number of homes sold rose 5.3 percent in April 2016 from the same period a year ago, according to the Iowa Association of Realtors.

    Connecticut

    Renting vs. buying a home in Connecticut:

    Monthly rent in Connecticut: $1,700
    Monthly mortgage in Connecticut: $1,486

    Although home sales have been booming in Connecticut, home prices have not. Sales of single-family homes rose 17.28 percent year over year, according to Berkshire Hathaway HomeServices New England Properties’ Second Quarter 2016 Connecticut Market Report. Yet, the average price dropped 5.7 percent, which is good news for prospective buyers.

    Oklahoma

    Renting vs. buying a home in Oklahoma:

    Monthly rent in Oklahoma: $1,050
    Monthly mortgage in Oklahoma: $867

    Low home prices make owning less expensive than renting in Oklahoma — and prices might get even lower, according to the Arch Mortgage Insurance Company report.

    Oregon

    Renting vs. buying a home in Oregon:

    Monthly rent in Oregon: $1,550
    Monthly mortgage in Oregon: $1,562

    Buying a home is becoming more expensive in Oregon, as increased demand from people moving to the state drives up home prices, CNBC reported in January. Portland was named one of the top 10 hottest housing markets for 2016, according to Zillow. And over the past year, home values have increased 14.8 percent — the biggest increase among the 50 largest metro areas, said Gudell.

    In a hot housing market such as Oregon, Gudell recommends avoiding shopping for a home during the height of the home sale season to lower the chance of getting into bidding wars with other buyers.

    Kentucky

    Renting vs. buying a home in Kentucky:

    Monthly rent in Kentucky: $1,000
    Monthly mortgage in Kentucky: $849

    Statewide, the median rent in Kentucky is $151 higher than the monthly mortgage on a home with a median list price of $161,900. Kentucky’s housing market has been strong, with a record number of homes sold in 2015, according to the Kentucky Association of Realtors.

    Louisiana

    Renting vs. buying a home in Louisiana:

    Monthly rent in Louisiana: $1,250
    Monthly mortgage in Louisiana: $1,022

    Buying a home in Louisiana is slightly less expensive than renting and could become even more affordable. Home prices are at risk of dropping, according to the Arch Mortgage Insurance Company report.

    Alabama

    Renting vs. buying a home in Alabama:

    Monthly rent in Alabama: $950
    Monthly mortgage in Alabama: $859

    Although Alabama has the lowest median monthly rent on our list — along with Missouri — mortgage costs are even lower. Home sale prices have risen only slightly, even though supply has dropped but demand has increased, as evidenced by an 11 percent increase in home sales in May 2016 over May 2015, according to the Alabama Center for Real Estate.

    South Carolina

    Renting vs. buying a home in South Carolina:

    Monthly rent in South Carolina: $1,250
    Monthly mortgage in South Carolina: $1,121

    The median rent in South Carolina is still higher than the median monthly mortgage cost, despite a stronger housing market. The state’s real estate market had its best year in 2015 since the end of the Great Recession in 2009, according to the South Carolina Realtors’ annual report.

    Charleston is listed as one of the National Association of Realtors’ best home purchase markets for millennials. The household income and homeownership rates among millennials who’ve moved to this city recently are higher than the national average.

    Colorado

    Renting vs. buying a home in Colorado:

    Monthly rent in Colorado: $1,700
    Monthly mortgage in Colorado: $1,837

    Owning a home in Colorado is more expensive than renting. Zillow named Denver the top housing market for 2016, but home prices haven’t been rising just in the state’s capital. Prices are up statewide because supply hasn’t kept up with demand. In fact, the supply of homes for sale in Colorado reached historic lows in May 2016, according to the Colorado Association of Realtors.

    Minnesota

    Renting vs. buying a home in Minnesota:

    Monthly rent in Minnesota: $1,400
    Monthly mortgage in Minnesota: $1,085

    In a state where buying a home is less expensive than renting, home sales have been climbing. Sales increased 4.6 percent in May 2016 over the same period a year ago, according to the Minnesota Association of Realtors. However, the median sale price increased — up 7.9 percent — while the number of new listings dropped over the past year.

    Wisconsin

    Renting vs. buying a home in Wisconsin:

    Monthly rent in Wisconsin: $1,200
    Monthly mortgage in Wisconsin: $921

    Madison is one of the top 25 most expensive rental markets in the U.S., according to the Zumper National Rent Report. And statewide, the median rent of $1,200 is $279 higher than the monthly mortgage on a home with the median list price of $177,000.

    Buyers have been snapping up the state’s affordable houses, with existing home sales up 2.9 percent in May 2016 over May 2015, according to the Wisconsin Realtors Association.

    Maryland

    Renting vs. buying a home in Maryland:

    Monthly rent in Maryland: $1,700
    Monthly mortgage in Maryland: $1,446

    One of the top 25 highest-priced rental markets is Baltimore, according to the Zumper report. However, it’s one of the most affordable markets to buy a home based on percentage of wages needed to purchase a house, according to the RealtyTrac Q2 2016 Home Affordability Index. Statewide, the monthly mortgage on a home with a median list price of $284,900 is $254 less than the median rent.

    Missouri

    Renting vs. buying a home in Missouri:

    Monthly rent in Missouri: $950
    Monthly mortgage in Missouri: $768

    Missouri’s median rent of $950 is the lowest in the nation, along with Alabama. However, the monthly mortgage of $768 is even lower. And it seems buyers are taking advantage of affordable home prices in the state. Home sales rose 11.1 percent in May 2016 over May 2015, according to Missouri Realtors.

    Tennessee

    Renting vs. buying a home in Tennessee:

    Monthly rent in Tennessee: $1,195
    Monthly mortgage in Tennessee: $934

    The median rent in Tennessee has jumped 8.6 percent from $1,100 in May 2015 to $1,195 in May 2016. Nashville is ranked as the 29th most expensive rental market in the U.S., according to the Zumper National Rent Report.

    With the median rent in the state higher than the median monthly mortgage, buyers can get a better deal by owning a house.

    Indiana

    Renting vs. buying a home in Indiana:

    Monthly rent in Indiana: $1,025
    Monthly mortgage in Indiana: $745

    With one of the lowest monthly mortgage costs on the list, buying a home is less expensive than renting in Indiana. Buyers have to act fast if they want to get a good deal, though. The inventory of new homes for sale has been decreasing, according to the Indiana Association of Realtors, and houses sell quickly once they’re on the market.

    Massachusetts

    Renting vs. buying a home in Massachusetts:

    Monthly rent in Massachusetts: $2,500
    Monthly mortgage in Massachusetts: $1,941

    Although the median home list price is $389,000, homebuyers still come out ahead of renters due to high rents in the state. The nation’s fifth-most expensive rental market is in Boston, according to the Zumper National Rent Report. And the median statewide rent is more than $1,000 higher than the national median of $1,407, according to Zillow data

    Arizona

    Renting vs. buying a home in Arizona:

    Monthly rent in Arizona: $1,250
    Monthly mortgage in Arizona: $1,223

    Seven of the top 100 highest-priced rental markets are in Arizona, according to the Zumper National Rent Report. Although the median rent statewide hasn’t risen over the past year, it’s still slightly higher than the median monthly mortgage, according to Zillow data.

    Washington

    Renting vs. buying a home in Washington:

    Monthly rent in Washington: $1,650
    Monthly mortgage in Washington: $1,515

    Seattle is the 10th most expensive rental market in the U.S., according to the Zumper National Rent Report. The city also had the fifth-fastest increase in rent prices in the nation since June 2015, according to the July 2016 National Apartment List Rent Report. And Vancouver had the third-largest increase in rent prices.

    To keep the cost of renting down in markets where prices are rising, Zillow’s Gudell recommends signing a two-year lease to avoid annual hikes.

    Virginia

    Renting vs. buying a home in Virginia:

    Monthly rent in Virginia: $1,650
    Monthly mortgage in Virginia: $1,465

    Four of the nation’s top 75 highest-priced rental markets are in Virginia, according to Zumper. Renters are probably better off buying because the monthly mortgage on a home with a median list price of $289,990 is $185 less than the median rent of $1,650.

    New Jersey

    Renting vs. buying a home in New Jersey:

    Monthly rent in New Jersey: $1,900
    Monthly mortgage in New Jersey: $1,428

    The median monthly rent in New Jersey pales in comparison to rents in its neighbor to the north, New York. But, it still tops the national median rent price of $1,407. And, rent is $472 higher than the monthly $1,428 mortgage on a house with a median list price of $299,900.

    Michigan

    Renting vs. buying a home in Michigan:

    Monthly rent in Michigan: $1,000
    Monthly mortgage in Michigan: $741

    Michigan has the second-lowest monthly mortgage cost on the list, after Ohio. In fact, the Detroit metro area is one of the most affordable housing markets based on the percentage of wages needed to buy a median-priced home, according to RealtyTrac.

    However, in some areas of the state — such as Grand Rapids — buyers have to act quickly to get the house they want. Supply is limited and demand is high, MLive Media Group reported in February.

    North Carolina

    Renting vs. buying a home in North Carolina:

    Monthly rent in North Carolina: $1,175
    Monthly mortgage in North Carolina: $1,089

    Three North Carolina cities — Charlotte, Raleigh and Durham — rank among the 50 most expensive rental markets, according to the Zumper National Rent Report. Homebuyers in the state can get a better deal, though, with the median monthly mortgage cost $86 lower than the median monthly rent in the state. Plus, the National Association of Realtors lists Raleigh as one of the best metropolitan areas for aspiring millennial homebuyers.

    Georgia

    Renting vs. buying a home in Georgia:

    Monthly rent in Georgia: $1,200
    Monthly mortgage in Georgia: $1,029

    Affordable prices make buying a home in Georgia less expensive than renting. However, competition among homebuyers is heating up as multiple offers are being made on houses at or above the asking price, according to the Georgia Association of Realtors.

    Ohio

    Renting vs. buying a home in Ohio:

    Monthly rent in Ohio: $1,075
    Monthly mortgage in Ohio: $700

    Five Ohio cities are among the top 100 most expensive rental markets in the U.S., according to the Zumper National Rent Report. Statewide, the median rent has climbed 5.4 percent over the past year, from $1,019 in May 2015 to $1,075 in May 2016, according to Zillow data.

    On the other hand, Ohio has the lowest monthly mortgage cost on our list. However, the average sale price of existing homes increased slightly — 3.1 percent — in May 2016 over May 2015, according to Ohio Association of Realtors.

    Pennsylvania

    Renting vs. buying a home in Pennsylvania:

    Monthly rent in Pennsylvania: $1,395
    Monthly mortgage in Pennsylvania: $934

    Two Pennsylvania cities — Philadelphia and Pittsburgh — are among the top 30 highest-priced rental markets in the U.S., according to the Zumper National Rent Report. Statewide, though, the median rent hasn’t increased over the past year, according to Zillow data. Nonetheless, the median monthly rent is $461 higher than the monthly mortgage on a home with a median list price of $179,900 in Pennsylvania.

    Illinois

    Renting vs. buying a home in Illinois:

    Monthly rent in Illinois: $1,600
    Monthly mortgage in Illinois: $1,078

    Chicago has one of the highest-priced rental markets, ranking 11th in the nation, according to the Zumper National Rent Report. Statewide, the median rent hasn’t risen over the past year, but it still tops the national median of $1,407, according to Zillow.

    Compared with the state’s high median rent, a monthly mortgage on a home with a median list price of $209,500 is $522 lower.

    New York

    Renting vs. buying a home in New York:

    Monthly rent in New York: $3,295
    Monthly mortgage in New York: $1,660

    With the average monthly rent in New York nearly twice the average monthly mortgage, it’s obvious why it’s cheaper to own a house in the Empire State. In fact, New York City is the second-most expensive rental market in the U.S., after San Francisco, according to the Zumper National Rent Report.

    In a place where rents rise steadily, Zillow’s Gudell recommends getting a two-year lease to avoid rent increases if you’re going to be staying there for a while.

    Florida

    Renting vs. buying a home in Florida:

    Monthly rent in Florida: $1,695
    Monthly mortgage in Florida: $1,297

    Rents have been rising in the Sunshine State — especially in South Florida where the population is growing and demand for rentals has increased, the Sun Sentinel reported in April.

    In fact, Miami is the eighth-most expensive rental market in the U.S., according to the Zumper National Rent Report. More and more adults are living with roommates in Miami to offset high rents, Gudell said.

    Texas

    Renting vs. buying a home in Texas:

    Monthly rent in Texas: $1,425
    Monthly mortgage in Texas: $1,271

    Two Texas cities — Dallas and Arlington — rank among the top 10 cities in the nation with the fastest-growing rents, according to the July 2016 National Apartment List Rent Report. Dallas is also one of the top 50 priciest rental markets, along with Austin, Plano, Houston and more, according to the Zumper National Rent Report.

    On the other hand, Texas is favorable to homebuyers; the monthly mortgage is $154 cheaper than the monthly rent, according to this study’s findings.

    California

    Renting vs. buying a home in California:

    Monthly rent in California: $2,400
    Monthly mortgage in California: $2,221

    Three of the top five most expensive rental markets in the U.S. are in California: San Francisco, Oakland and San Jose, according to the Zumper National Rent Report. And another three cities in the state, including Los Angeles and San Diego, are among the top 25 highest-priced rental markets.

    Living with a roommate in California’s pricey rental markets can be a way to keep costs down — especially in cities like San Francisco and Los Angeles where it’s a growing trend, said Gudell of Zillow. However, to avoid paying high prices for housing, utilities, gas and more, consider moving to one of the best places for saving money.

     

    SOURCE

  • Great Neighborhoods in Miami

    Great Neighborhoods in Miami

    Discover five of Miami‘s most notable neighborhoods and find the one that fits you.

    Miami is lush and green all year round. Although summers are steamy, an ocean breeze pushes temperatures down a few notches, making Miami a great place for windsurfing, cycling, golf, boating, and tennis. The city is part of the South Florida region, with Fort Lauderdale to the north and the Florida Keys to the south. To the west, suburbs run from the edge of the city to the Everglades, and the Atlantic Ocean borders Miami to the east.

    East

    South Beach and its lesser known neighbor, North Beach, have a village feel with its bodegas, boutiques, and lots of Art Deco architecture.

    Flagship Neighborhood: South Beach

    South Beach, also known as “SoBe,” sits on the barrier island between the ocean and downtown on the mainland. It’s a pedestrian-friendly locale with the added plus of being low-maintenance since housing consists mostly of condos. You can park your car for the weekend and walk to shops, restaurants, nightclubs, parks and the beach.
    South Beach has easy access to the mainland and Interstate 95 with two major bridges. Ocean Drive, which runs along the beach, is the main tourist drag. But locals dominate the area just a few blocks away.
    The historic Art Deco district is central to SoBe, while farther north, a few of the classic Miami Modern (or MiMo) hotels dot the landscape. Single-family homes tend to be pricey, but condos can be reasonable, especially as the housing bubble has deflated.
    The Neighbors: Young professionals, childless couples, and celebrities
    Also Consider: North Beach is more popular with families and people who want something a little quieter at night.

    West

    Coral Gables and Little Gables is where old Miami money meets the nouveau riche with some of the most expensive homes and best schools in the area.

    Flagship Neighborhood: Coral Gables

    At the heart of Coral Gables stands the venerable Biltmore Hotel, with gracious, Spanish-style architecture that so many people identify with South Florida. Miracle Mile, a shopping-and-eating street, forms the center of the small commercial district boasting a lively happy hour crowd, good local restaurants, and high-end boutiques. The streets of Coral Gables are lined with tree canopies, lush landscaping and charming 1920s stucco homes with tile roofs, archways, and private courtyards.
    Coral Gables is located close to highways and is a quick drive to the beach. While many homes qualify as estates in “the Gables,” smaller, less-expensive houses and some condos are also available and sought-after due to the good schools and Old World ambiance.
    The Neighbors: Multigenerational Miami families and deep-pocketed new arrivals from Latin America make up the majority of Coral Gables residents.
    Also Consider: Little Gables, just north of Coral Gables, has most of the amenities with smaller homes and relatively lower prices.

    South

    Coconut Grove and Brickell Village, where the Miami skyline is close but not too close.

    Flagship Neighborhood: Coconut Grove

    Coconut Grove was once a funky 1960s haven for hippies and drifters. Although it’s now home to many modern homes and large estates, the neighborhood still maintains vestiges of its freewheeling roots.
    The marina at Dinner Key is central to the boating community. The Pan Am building on the waterfront, where the now-defunct airline’s former headquarters used to be, now serves as Miami City Hall.
    Home to a small, bustling commercial center with boutiques, juice bars, and cafes, “The Grove” features winding roads and bike paths, leading to popular bayfront parks and sailing marinas. Much of Coconut Gove runs close to the waterfront, and homes tend to be pricey. Condos are generally cost less, but some are top-of-the-line as well.
    The Neighbors: Coconut Grove has a broad mix of younger families, older empty-nesters, and singles.
    Also Consider: Brickell Village is north of the Grove, but is still on the south banks of the Miami River. Thousands of new apartments, condos, and townhouses offer a low-maintenance urban lifestyle.

    North

    Aventura and North Miami Beach offer newer construction with breathtaking views of the Intracoastal Waterway and the ocean.

    Flagship Neighborhood: Aventura

    Gleaming, modern high-rise condos line the coastline. A community anchored around a popular, high-end shopping mall, Aventura features easy access to the highways and is just as close to Fort Lauderdale as it is to downtown Miami.
    If you want condo life, boating, and tennis plus easy access both north and south, this is a good location. Many condos offer valet parking and private facilities. Mid-range chain restaurants dot the area along with more luxurious offerings.
    The Neighbors: Older generations make up the majority of the winter residents, also known as “snowbirds.” Aventura is popular with young professionals and Latin American investors as well.
    Also Consider: Sunny Isles

    City Center

    Home to the region’s central business district and many cultural and tourist attractions, Downtown and the Upper East Side neighborhoods make up the city’s urban core.

    Flagship Neighborhood: Downtown Miami

    Newly constructed lofts and high-rise condos give way quickly to well-established single-family residential neighborhoods, all of shopping and restaurants nearby. An added bonus is the short commute to downtown offices, the airport, and the beaches, which also connect to downtown via two neon-lit causeways.
    Downtown isn’t fully redeveloped, but lofts and condos are spawning new mini-neighborhoods in what used to be derelict areas. Wine bars, sushi restaurants, high-end gyms and yoga centers have developed near new condos. The second-Saturday gallery walk in Wynwood and top-notch restaurants along Biscayne Boulevard are luring new residents to the area.
    The downtown condo glut is creating excellent rental and investment opportunities for first-time homebuyers. The older, mostly gated neighborhoods east of Biscayne Boulevard have also fallen from their top-dollar prices and are now more affordable. Plenty of fixer-upper opportunities remain for the DIY crowd.
    The Neighbors: Downtown is a trend for younger families both gay and straight.
    Also Consider: Wynwood, the Design District, Buena Vista East and Miami Shores
    SOURCE
  • 13 Things to Know Before Moving to Miami

    13 Things to Know Before Moving to Miami

    Want to live somewhere with a warm climate, diverse culture and laid-back lifestyle?

    You may want to consider moving to Miami. The vibrant Florida city is a popular vacation destination for tourists, but it’s also home to around 400,000 people. If you’re thinking of joining their ranks here are 13 things to know before moving to Miami.

    1. You can expect visitors.

    After moving to Miami you may find an uptick in the number of friends and relatives who want to visit you. Miami is a popular vacation destination and enjoys warm winter weather. That’s a combination that is sure to draw some interest from your loved ones. Not sure you want to buy a home with a guest room? You may find that it’s worth it to keep your frequent visitors off your living room couch.

    2. You’ll love the food.

    Miami’s food scene has a lot to offer. If you get away from the expensive tourist traps in Miami Beach you’ll find some amazing restaurants, cafes and food trucks. The Cuban food in Miami is justifiably famous and other Latin American countries are well represented, too. The affordable tropical fruit in Miami markets will be a welcome change for anyone moving to Miami from farther north. Your first mango season after moving

    3. The beach isn’t everything.

    If you automatically associate Miami with the beach you probably don’t live there. While it’s common for tourists to spend their days in Miami lying on the beach, residents don’t hit the sand as often as you might think. Like residents of New York, Miami residents often steer clear of touristy areas, and that includes crowded spots like South Beach. There’s plenty to do in Miami that doesn’t involve a swimsuit.

    4. Art Deco architecture is at your fingertips.

    If you’re interested in Art Deco architecture moving to Miami can be a great choice for you. Beautiful white and pastel buildings from the 1920s and 1930s abound. The Miami Design Preservation League offers Art Deco District Walking Tours, and there are self-guided options as well.

    5. Calle Ocho is everything it’s cracked up to be.

    Miami’s Calle Ocho is the historic center of Miami’s Cuban population. It’s home to famous spots for Cuban dishes and cafecitos, parks where retirees play dominoes – and a hugely popular annual festival that closes Miami’s Carnaval celebrations. Calle Ocho is also a hub for Cuban-American political activism. It’s definitely worth adding to your list of Miami haunts.

    6. Things run a little later in Miami.

    Traffic in Miami can be brutal, and the generally laid-back attitude means lateness is a fact of life. If you’re always early, you may find yourself waiting alone for the rest of your party to show up. Unexpected traffic can happen to anyone, and if the Brickell Avenue drawbridge goes up, well, delays are inevitable. Try not to take it personally if your friends or business associates are consistently running a little late.

    7. The art scene is booming.

    Miami’s design district (pictured above) is a major attraction, and Art Basel (an international art fair and general party) in Miami Beach has also raised the city’s profile as an arts destination. According to the fair’s website, Art Basel is where “leading galleries from North America, Latin America, Europe, Asia and Africa show significant work from the masters of Modern and contemporary art, as well the new generation of emerging stars.” What’s not to love? And with Florida’s low taxes, you might be able to afford to support the arts after moving to Miam

     8. You might live at the gym.

    Moving to Miami might make you a little more conscious of your image. That in turn might mean you decide to step up your fitness. Yes, Miami could turn you into a gym rat even if you’re not currently living in a fitness-friendly city. Of course, not everyone is cultivating the look that will get them in to the city’s most exclusive clubs, but being “swimsuit-ready” is a year-round concern for some Miami residents.

    9. The weather can be a challenge.

    Miami residents have a lot to put up with when it comes to the weather. Even if you like heat and humidity you’re probably not a fan of flooding, which in Miami is always a concern. While there’s talk about making the city more resilient to flooding and sea level rise, for now, residents live with significant flood risk. If you’re buying a home you might want to check where it sits in the floodplain, particularly if you want to avoid high homeowners insurance.

    10. So can the bugs.

    Have you ever seen a Palmetto bug? You probably will after moving to Miami. Bugs, snakes, spiders, gators – Miami has it all. If you’re squeamish about bugs your ideal roommate or partner is someone who can take care of them for you. In Miami, a totally bug-free house year-round is not realistic.

    11. You’ll use your Spanish.

    It’s a lot easier – and more fun – to get to know the city of Miami if you have some Spanish under your belt. That’s not to say that you can’t get by without it, but Miami is very much a bilingual city. Why miss out? Even if you haven’t used your Spanish in years, moving to Miami is a great excuse to dust off your skills.

    12. Your job doesn’t define you.

    While in cities like New York and Washington, D.C. strangers at parties tend to spend a lot of time talking about their respective jobs, in Miami conversations tend to be a little less career-focused. If you’re feeling like a walking resume in your current city, moving to Miami may be a welcome relief. That’s not to say that people don’t work hard – it’s just that they seem to know how to separate work and play.

    13. You’ll need another layer for the AC.

    Even when it’s hot and humid outside, indoor spaces in Miami tend to be air conditioned to within an inch of their life. If you’re going a museum, movie theater or restaurant you may want to bring an extra layer so you’re not shivering when you get inside. And any time the temperature dips below 75 you’ll see Miami residents sporting jackets.

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