Lifestyle

Category: Investment property

  • Feeling over-taxed in Miami? Maybe. But it’s four times worse in New York.

    Feeling over-taxed in Miami? Maybe. But it’s four times worse in New York.

    Property taxes may be high in Miami, but they’re not New York high.

    An analysis by Attom Data Solutions found the average owner of a single-family home in Miami-Dade paid $4,129 last year. That’s higher than most large counties across the country, but still trailing 100 of the priciest large counties for tax bills.

    There’s Marin County in California, across the bay from San Francisco, with an average tax bill topping $10,500. That’s not even a Top Five bill, though. The highest rankings go to the New York suburbs. Number One on the list, New York’s Westchester County, sent out an average tax bill of more than $16,000 for single-family homes last year.

    High tax bills in South Florida

    The average tax bill in South Florida is steep. In terms of taxes paid, Miami-Dade and Broward both land in the top 25 percent among the country’s 586 largest counties. Those counties each have a population of at least 100,000 and have at least 10,000 single-family homes.

    The rankings compare only property taxes charged to single-family homes, offering a broad look at a a top household expense across nearly 600 of the country’s largest counties.

    “Nobody likes to pay property taxes,” said Daren Blomquist, a senior vice president at Attom, an Irvine, California, firm that tracks public record real estate data and operates RealtyTrac.com. “Property taxes are a major but largely hidden cost of home ownership that may not be clear to buyers until they actually own a home and start receiving the tax bill.”

    South Florida tax rates are about average

    Miami-Dade and Broward counties’ tax rates straddle the middle of the pack. Miami-Dade has a lower effective tax rate than 54 percent of the country’s largest counties. Broward charges a bit more for property taxes with an effective rate that’s lower than just 42 percent of the country’s largest counties. This data looks at the country’s 586 largest counties, defined as having a population of at least 100,000 and having at least 10,000 single-family homes.

    Miami-Dade’s average tax bill of $4,129 is higher than those in 75 percent of the country’s 586 largest counties. That’s largely thanks to Miami-Dade’s pricey real estate market, where the average single-family home is worth more than its counterpart in 88 percent of the other large counties.

    In terms of the actual tax rate, Miami-Dade comes in lower than more than half of the large counties. The average single-family owner pays an “effective” tax rate of 1.01 percent.

    Home values super high in South Florida

    South Florida’s single-family home values are some of the highest among the country’s largest counties. Miami-Dade County’s home values are higher than 88 percent of the country’s 586 largest counties, defined as having a population of at least 100,000 and having at least 10,000 single-family homes. Broward’s values are higher than 85 percent of counties.

    Miami-Dade property owners actually pay property-tax rates of between 1.6 percent and 2.6 percent, depending on the city.

    Attom calculated its “effective” tax rate by limiting the data to single-family homes across the country. That excludes condominiums, which make up a significant chunk of Miami-Dade’s housing stock. Census data from 2015 show just 51 percent of Miami-Dade’s homes are detached single-family residences.

    “It’s good news for taxpayers to see that kind of a tax rate,” Blomquist said. “That may be a small consolation. It’s still more than $4,000 a year.”

    In Broward, the 1.19 percent effective tax rate is higher than Miami-Dade’s. The average tax bill is a bit steeper too, at $4,295. That gives the average single-family-home owner in Broward a higher tax bill than 78 percent of the country’s largest counties.

    SOURCE

  • Real Estate Investing for Novices

    Real Estate Investing for Novices

    An Overview of Real Estate Investing Basics for Beginners

    Simply stated, when investing in real estate, the goal is to put money to work today and allow it to increase so that you have more money in the future. The profit, or “return”, you make on your real estate investments must be enough to cover the risk you take, taxes you pay, and the costs of owning the real estate investment such as utilities, regular maintenance, and insurance.

    Real estate investing really can be as conceptually simple as playing monopoly when you understand the basic factors of the investment, economics, and risk.

    In order to win, you buy properties, avoid bankruptcy, and generate rent so that you can buy even more properties. However, keep in mind that “simple” doesn’t mean “easy”. If you make a mistake, consequences can range from minor inconveniences to major disasters. You could even find yourself broke or worse.

    The 4 Ways Real Estate Investors Make Money

    When you invest in real estate, there are several ways you can make money:

    1. Real Estate Appreciation

    This is when the property increases in value due to a change in the real estate market, the land around your property becoming scarcer or busier like when a major shopping center is built next door, or upgrades you put into your real estate investment to make it more attractive to potential buyers or renters. Real estate appreciation is a tricky game. In fact, it is riskier than investing for cash flow income.

    2. Cash Flow Income

    This type of real estate investment focuses on buying a real estate property, such as an apartment building, and operating it so you collect a stream of cash from rent, which is the money a tenant pays you to use your property for a specific amount of time. Cash flow income can be generated from well-run storage units, car washes, apartment buildings, office buildings, rental houses, and more.

    3. Real Estate Related Income

    This is income generated by “specialists” in the real estate industry such as real estate brokers, who make money through commissions from buying and selling property, or real estate management companies who get to keep a percentage of rents in exchange for running the day-to-day operations of a property. This type of real estate related income is easy to understand. For example, a hotel management company gets to keep 5% of a hotel’s sales for taking care of the day-to-day operations such as hiring maids, running the front desk, mowing the lawn, and washing the towels.

    4. Ancillary Real Estate Investment Income

    For some real estate investments, this can be a huge source of profit. Ancillary real estate investment income includes things like vending machines in office buildings or laundry facilities in low-rent apartments. In effect, they serve as mini-businesses within a bigger real estate investment, letting you make money from a semi-captive collection of customers.

    Tips for Purchasing Real Estate Investment Properties

    There are several ways to buy your first real estate investment. If you are purchasing a property, you can use debt by taking a mortgage out against a property. The use of leverage is what attracts many real estate investors because it lets them acquire properties they otherwise could not afford. However, using leverage to purchase real estate can be dangerous because in a falling market, the interest expense and regular payments can drive the real estate investor into bankruptcy if they aren’t careful.

    SOURCE

  • Buy a Second Investment Property: Why and When?

    Buy a Second Investment Property: Why and When?

    Owning an investment property is no easy feat. The general perception from the public is that how hard can it be to own and rent a property. Well it turns out its not that easy. Being the owner of an investment property comes with many risks, planning, hard work and ability to constantly evolve. Those who investment and taste the path of success in investment property become accustomed to that lifestyle and they start to see a path being carved for themselves. That path leads them to buy a second investment property.
    If you read through real estate blogs about investor’s experiences and what made them get into real estate investments then you would be surprised how much you would relate to that. Each person enters real estate for a different reason, whether it is financial stability, enthusiasm about the market or building a small empire. Investors who succeed with their first investment property start seeing the potential of the real estate market. Their natural reaction is well if I could be successful with my first attempt then my second attempt must be easier. What they see is the potential to make double or triple the money they aimed for before it all started. It is all about ambition in real estate.

    There are so many reasons why it is recommended to buy a second investment property if you have the means for it. Wanting to expand your horizons might be risky, but its one worth every ounce of risk involved in it. The purpose of the first investment venture was making money, so why would an investor back down when more money is being involved. More profit means a better reputation, creativity and hard work. This is why it is absolutely crucial for the investor to know the correct timing to buy a second investment property.

    The reasons involved that will determine whether your timing is correct to buy a second investment property or not is mostly personal but some are general.

    5 Reasons to Buy a Second Investment Property

    Testing the Waters

    Before even thinking to buy a second investment property it is important for you as investor to go through a year or two with your first one to see how it fares. When you enter a new investment which you lack experience in, it is normal to be hit with unexpected costs or be unaware of how the taxing system will work. The taxation of your property’s income will depend on how much you make which you are certainly not aware of. This is why it is advisable to wait for a short time before contemplating buying your second investment property.

    Mortgage Rates

    The most obvious reason for all investors whether they are first time investors or multiple investors is the very mortgage rate levels. It is just sensible to use the advantage of a stable economy and a mortgage rate that has descended to its lowest rate in ten years. If an investor who is looking to buy a second investment property thinks it is too risky because of expenses and mortgage rates for two properties. Well think again. The upside of owning two properties is that the mortgage rates basically pay themselves and pay off your property as well. Having the second property for rental generates more money that allows you to easily pay off interest for two properties and cover their expenses.

    Experienced Investor

    The best indicator of correct decisions and timings is your own personal experience. Before buying a second investment property and you ask yourself, how did I fare with the first property? If your property is meeting your needs, generating money and being rented then you have probably done a decent job. Experience makes the difference in these situations, and with that vital experience it will be easier to save money on the second property by avoiding some of the mistakes you did first time. The learning experience from the primary property you have owned will be invaluable.

    Managing Properties

    Being the landlord of one investment property is enough to cause a serious headache with all the requirements and hard work necessary to remain at the top. When there are tenants involved it all becomes harder for the landlord or investor because they have to meet the demands of tenants on a regular basis. This results in a loss of time, energy and willingness for the job, so imagine how much tougher it is when there are two properties involved. There are investors who have been able to manage these problems either by themselves or by using property management professionals. This proves that they are ready to take the next step in real estate investing.

    Understanding Gains and Expenses

    Making studies that combine the first property you own with the second property you’re considering in terms of expenses and profits is advisable for you to understand where it is heading. The key to know if it is time to buy a second investment property is expanding your financial goals. Not being satisfied with the financial gains from one property is the go ahead you need to start looking at other properties.

    In conclusion, to buy an investment property is a matter of understanding your personal willingness for it. Understanding the reasons mentioned above and evaluating each of them will of course make the decision easier to make based on more assessments and assurances. If your goal is to become a real estate big player that leads you to financial growth with every step then considering your second property is vital.

    SOURCE

  • Vacation Home or Income-Producing Investment?

    Vacation Home or Income-Producing Investment?

    The American Dream has undergone a fair amount of change over the last 50 years

    It has expanded to include being able to buy a second home — a vacation home. These are the cottages on the lakeside, the cabins in the mountains and the huts on the beach that all sit empty 90% of the year while their owners are banking time for the next vacation — and footing the bill for the mortgage and property taxes.

    There is, of course, an alternative to letting your cottage collect dust during the down time. You can rent it out to other people looking to enjoy some time away from work. This article will look at some of the issues that surround renting out a second home.

    Buying a Second Home

    Keeping a primary residence is an enormous financial decision. If you’re considering a second home, use a mortgage calculator to research interest rates from lenders in the area where your vacation property is located. Then, once you’ve gathered estimates of the total cost of your monthly mortgage payments, go over your financials to see if you may be better served to go with a mortgage or to pay cash.

    Here’s why. Keeping a second home is a step up in magnitude because a second home has all the costs (often more) of your first home without the easy write-offs from the IRS. Also, if you are set on getting a vacation home but don’t have the capital for an all-cash purchase, do not take a second mortgage on your home. The IRS has closed the loophole whereby a person could use a second mortgage to purchase a separate investment property while still deducting his or her mortgage from taxes. If you take a mortgage on your primary residence to buy a second home, you will not be allowed to deduct the payments as personal mortgage interest. Thus, if you intend to borrow for a second home, you will have to take out another mortgage that allows for tax-deductible interest.

    As It Stands

    Current tax rules surrounding second homes, vacation homes and investment-class second homes have changed more frequently than those of primary residences. As of 2010, if you currently own a second home for personal use, you are allowed to rent it, or your primary residence for that matter, to another party for up to two weeks (14 nights) without reporting any of the income. On the flip side, a second home is considered an investment property if you spend less than two weeks in it and then attempt to rent it the rest of the time. It is important to remember that, with the advent of resorts and such, the demand for a cabin in the woods may only come at the peak times – the same period you would probably want to use the property yourself. (To learn more about being a landlord, see Tax Deductions For Rental Property Owners, Investing In Real Estate and Tips For The Prospective Landlord.)

    The IRS on Vacation-Home Investment

    Although taxes for investment properties have been traditionally softer than for other types of investing, second homes seem to be a gray spot for the IRS. All rental losses are “passive losses” or “hobby losses”; and, these can only be used against — written-off against — income from other passive activities like other rentals, a private partnership you don’t help operate or an S-corporation. Passive losses that you can’t use are carried forward until you sell the vacation home. When you sell the property, the past losses can be used to offset any gains and, if you have more passive loss write-offs afterward, you can claim them against regular income.

    You can, however, deduct up to $25,000 a year, if:

    – Your adjusted gross income is less than $100,000 or
    – You actively participate in the management of the property.

    This tax break vanishes at $150,000 adjusted gross income (AGI). If you are between $100,000 and $150,000 you qualify for half the deduction. This seems foolish, as most of the people who can afford to buy a second home will have an AGI far above these numbers. Still, the real challenge is in the second condition. You can use the yearly deduction if you or your spouse want to become a qualified real estate professional and actively manage the property that is posting the passive losses. Be warned, however, the IRS is not likely to believe that you hold a full-time job and moonlight as a property manager. You will need a detailed journal on why, when, where and what you are doing as a property manager in order to prove your case.

    Selling a Vacation Home

    Properties in popular vacation areas usually tend to see higher-than-average appreciation, so there may be a time when you want to cash-in and find a new place to stay. When selling a vacation home, the length of time you have held it affects your capital gains tax. If you sell before a year has passed, you will be subject to the short-term capital gains rate. If you sell after a year, your federal tax will be calculated at the long-term capital gains rate. (To read more about capital gains tax, see A Long-Term Mindset Meets Dreaded Capital-Gains Tax, Capital Gains Tax Cuts For Middle-Income Investors and To Sell Or Not To Sell.)

    You can, however, do a bit of a dodge if you are willing to completely relocate. If you sell your primary residence with the $250,000 per person tax-free, and then move into the vacation home and declare it your new primary residence, you will be able to use the $250,000 ($500,000 for couples) exemption again – providing you live there for two years. Unfortunately, this strategy is often only practical for the self-employed or retired. There also other restrictions on the use of the capital gains exclusion for vacation homes that have been converted to a primary residence. (For more insight, see Is it true that you can sell your home and not pay capital gains tax?)

    Tips for the Second Homeowner

    If you own a second home for the purpose of renting it, and you have an AGI under $150,000, then get in there and start managing. This means that you won’t be able to use an agent to find tenants, and you will be arranging repairs personally, but it will give you passive losses to write off. Or, if active management doesn’t appeal to you or your AGI is too high, you can spend more time at the cabin and turn it into a mixed-use property rather than an investment property. This means that the taxes change with the change of designation – mainly that you can’t use passive losses, but you will be able to claim a percentage of the mortgage interest and property taxes as deductions against your income tax.

    The Bottom Line

    Turning a vacation property into a profitable rental tends to be an uphill battle. Before you jump into being a vacation-home landlord, take a good look at how your taxes will be affected. Most people who own second homes would be better served by getting them classified as a mixed-use property for tax purposes and renting them out for only the tax-free 14 nights in a given year. The people who do become second-home landlords, however, usually are driven by the same compulsion that forced them to buy the place in the first place. If you are one of those people, your best course of action is to get actively involved in managing your own property.

    What Do Other Investors Know That You Don’t?

    If it seems like you’re always late to the party when the market is swinging, it’s because other investors are beating you to the news. If you’re tired of making losing trades day after day and are looking for an edge then feel free to contact us and start your day better informed and ready to take on the markets.

    SOURCE

  • Foreign Investments in Miami Real Estate

    Foreign Investments in Miami Real Estate

    With Donald Trump as the current president of the United States of America, the roles of figures on the political and business chess board have changed. No one can say with certainty that Trump’s policies will revitalize the nation’s economy, but it is evident that many opportunities are starting to arise, mainly because the US is finished with policing the rest of the world. This resolve has already softened relations with Russia, China, and many influential European countries; and money from foreign real estate investors is expected to pour into the Magic City as a result.

    According to Knight Frank, a global real estate consultancy based in London, Russian interest in the US luxury real estate market has jumped 35 percent. Unlike Obama, Trump has drastically managed to improve relationships with Putin and he also has a long history of doing business with the Russian elite. With this in mind, it is no wonder why Russians are so pleased with the outcome of elections – it finally gave them the confidence to invest money in building infrastructure on American soil.

    For instance, Vladislav Doronin, a prominent international businessman and realtor, has already paid a hefty sum of $54 million for realizing his 2-acre condominium project in Miami’s Edgewater neighborhood, and this is just one of many projects he is developing. Still, no matter how strong the Russians started to elbow their way into the scene, they are still overshadowed by Canadi10ans who currently spend the most on South Florida real estate and had enough time to make their empire.

    On the other hand, many are wondering how Latin American investors are going to react to Trump’s proposed policies, especially since Miami is the unofficial capital of Latin America. “Building a wall” along the border of Mexico may represent the president’s blatant effort to forcefully repel any foreign economic influence, but the truth is, good business will always take precedence. The U.S. will remain an entrepreneurial haven for people from around the globe, which means Latin American money will surely continue to contribute to the luxury real estate development of Miami.

    A very large percentage of buyers also come from Europe and South America. The reason money keeps pouring in from all corners of the world isn’t just because of Miami’s unique appeal and vibrant lifestyle, but the fact that the U.S. is the most secure country in which to invest. Trump’s presidency may have raised a lot of eyebrows, which even brought this title to question, but he is fully aware that uncertainty is the scourge of investment. Trade is a corner stone of his campaign because it leads to growth and employment, so there is no reason for him to deliberately prevent real estate workers from investing in Miami.

    It still may take some time to digest Trump’s rhetoric, policies, and ethics, but it is expected that he will have a positive effect on the real estate industry. Realtors all over Florida hope that he will create more incentive to encourage real estate development and protect favorable real estate tax laws which are currently in place. If you look at things short term, the dollar is currently destabilized and the nation’s economy is looking a bit dim, but this is what creates opportunities for foreign investors and prompts them to act.

    However, Miami has always been a magnet for investors for more than 30 years. Regardless of different presidents, political parties, values, and moods, the real estate business is pragmatic and clings solely to numbers and returns. If Trump reduces income tax rates, capital gains, and eliminates real estate tax, he will do a lot of people a favor, but South Florida will remain at the helm of luxury real estate development, with or without him.

  • Miami Real Estate – A Gold Mine of Opportunities

    Miami Real Estate – A Gold Mine of Opportunities

    Is investing in Miami luxury real estate like Russian roulette, or is it a safe move? Nobody can tell for sure, that’s a fact. But the majority of experts agree, Miami’s luxury real estate development is on the rise, and looking forward to a steady future.

    A new economic perspective

    Nowadays, America focuses more on economic growth and less on international policies. The president said he aims to “soften up” economic relations with other countries and continents (China Russia and Europe). This combination can easily lead to more foreign investments which can boost Miami’s real estate development as well, not to mention, it will provide more work for the luxury real estate agencies.

    Some experts thought that the outcome of the presidential election will make South American countries pull out from the market, but as it seems, South Florida is still their “hot spot”, when it comes to real estate. Miami is currently in the world’s top ten luxury property markets due to its long list of attributes, and experts claim the city to be a gold mine from this perspective!

    So, investing in luxury estates in Miami might not be such a bad idea, since the city will attract more foreign agencies and developers, and the market will pick up steam by next year. Experts on the topic state that the upcoming seasons will be steady and in the first step, luxury condos will play the main role in the field, but other projects will emerge later on.

    Will the market supersaturate?

    What the future holds, nobody can tell for sure. Some might say, that over-development is inevitable in these situations. For now, luxury condos sell well, but more and more developers are starting to “tone down” and offer less luxurious but still pricey properties. The plenitude of high-end condos will probably lead to a drop in prices, but still, experts say the future can only bring good things.

  • How to Invest in Miami Property

    How to Invest in Miami Property

    From sports cars, tans, and an influx of spring breakers to high-end fashion, art, and fine dining, Miami is experiencing a cultural revolution, which is also greatly contributing to real estate investing. The Magic City is listed among world’s top 10 luxury property markets due to its excellent location, bi-lingual workforce, and high concentration of international banks. However, what sets this city apart from other top-ranked cities, such as New York, Sydney, London, and Paris, is the relative property value it offers, especially to foreign buyers. Investing isn’t necessarily a difficult trade, in fact, it is all about good timing, and Miami is currently a real estate goldmine.

    Real estate investing as a business

    If you are absolutely sure you want to start a career in investing in Miami property, you need to treat it like a business. Gathering sufficient and relevant information to create a sound business plan is the first thing that should be on your to-do list. Detail all of the nuances, check out your competition and their previous successes, assess your advantages and disadvantages, and create realistic short-term, mid-term, and long-term goals. Remember, a megalomaniacal approach won’t get you anywhere, especially if you are new on the scene, so it’s better to take calculated baby steps first, rather than to rush into everything immediately.

    Relationship with local bank or mortgage broker

    Planning finances with expert help is extremely important and beneficial. You need to find a reliable person or group willing to lend you money when good opportunities arise, so establishing a strong professional relationship with a local bank or mortgage broker will do you wonders.

    Creditors and keeping tab on the score

    Keeping a credit score of at least 700 or better is what can keep you in the game because no real estate investor will cooperate with you if your credit is shot. The better you score, the higher the chance you are going to successfully borrow money for investing in your properties and the less interest you are going to have to pay. Trans Union, Equifax, and Experian are excellent credit card reporting agencies to keep tabs, or use the services on Credit Karma website free of charge.

    Scan for Miami properties

    Scanning neighborhoods for attractive properties is something everyone should do thoroughly, especially international investors who aren’t entirely familiar with Miami. Determine what type of real estate speaks to you, what you feel can make you good money. A word of advice, stick to residential areas, since these properties are currently the best thing available on the market.

    Speak with local Miami investors

    If you are fresh on the Miami real estate market, there is absolutely no reason for you to do go through the entire process completely alone. Plenty of investors are doing the exact same thing as you are and they understand the struggles which need to be endured. Feel free to connect with such people and ask them for information about the landscape, hot properties, interesting facts and happenings in Miami’s realtor world. Asking for help and letting experienced people guide you will certainly pave a smoother road to success.

    A few more tips

    • Since every transaction is done under different circumstances, consult your attorney and accountant to create an optimal structure under which you acquire property.
    • US tax laws need to be greatly considered, so it’s best to find a skilled American tax advisor who understands how the national tax code system works.
    • Similar to social security number, you should also apply for an ITIN, or International Tax Identification Number.
    • File an annual US tax return so you can have more insight on your property’s activity and preserve your tax losses.  

    Conclusion

    The real estate investment process tends to be slow at the beginning and just like everything else it takes time to get the hand of things and start noticing progress. Miami is currently a fertile ground for realtor businesses, so follow these instructions, study every aspect of it from additional reliable sources, and when you finally feel ready, weigh your options and seize your opportunities.

  • Luxury Homes of Miami

    Luxury Homes of Miami

    Miami is home to richest of the rich- and we don’t just mean money. Miami boasts some of the country’s- some of the world’s– most beautiful coastline. Neighborhoods are dense with culture and livelihood. The people of the city treasure Miami so affectionately, it is impossible not to see the see the city by the sea for the treasure that it is.

    With some of the most favored land in the world comes big investors after property in Miami. Investors with pocketbooks that take daydream homes off paper and onto the sand. Big time architects are no stranger the development of Miami’s modern luxe. Zaha Hadid, Renzo Piano and Rafael Viñoly all of their hands in the fire and are pushing to keep Miami as the leader of the property game.

    High-end properties are not hard to come by in Miami. The market is in such demand of the perfect post-modern high rise by the beach, that a new and more beautiful building enters the city’s skyline every turn of the head.

    Miami beach luxury homes are something of their own ideal. Twenty-million for a home fails to turn heads. Let’s take a look at some of the mega-famous properties around Miami. With our help, you will be living in and amongst the very best and most exclusive local real estate.

    Here are seven of the most expensive homes on the market (or recently snagged, but included for perspective) in Miami:

    North Bay Road is classic baller status Miami. The palm-lined road is modest, letting the property homes speak for the street. Palm Road is home to four of Miami’s most expensive homes:

    1. Coming in at $32 million, Miami’s most expensive home overlooks the ocean and has a private pool for those fresh water days. The 8,000 square foot property houses six bedrooms and seven baths. The renovated 1930s pad has views that span both downtown Miami and the Intercoastal Waterway.
    2. Not far down the road, we head to the water and onto the private deck where this 19,000 square-foot mansion’s guests watch ships of the Atlantic pass by. You can call these eleven beds and nine baths home for $30.5 million.
    3. No need to leave the North Bay Road address line to get to the city’s fourth most expensive home at $25.5 million. This property’s nine baths and seven beds are housed by a stately exterior whose bright white serves as a class contrast against the palms and sky.
    4. Wrapping up our gawking on North Bay Road, we look at a seven bed, eight bath property across 9,000 square feet. The Spanish-style home, characterized by its courtyard, foliage, and floor-to-ceiling windows is listed at $25 million.

    Next, we head to Palm Avenue, one of the most glamourous strips to call home in South Florida. Palm Avenue runs close to the bars and restaurants of Miami Beach.

    1. On the market for $32 million, the other most expensive home in Miami sits on 14,000 square feet- ample space for nine baths and eight beds. This home is well loved for its floor-to-ceiling windows, lavish gardening, and variety of swimming pools.
    2. Surrounded entirely by palm trees, six bed and seven baths on 9,000 square feet hits the market at $25 million. Looking for the swimming pool? It’s in the garden.

    Last but not least, we turn to W 27th street.

    1. This last property is a steal at a modest $23 million. Its seven beds and nine baths sprawl endlessly across the property’s 11,000 square feet. Lavish gardens encase the stunning, classic Miami architecture that boasts an open and contemporary plan design with large windows and glass staircases.

    Want more information on modern high-rises and luxury villas Miami? Get in touch with our team of agents at VIAC.

  • Condos are a Worthy Investment in Miami Beach

    Condos are a Worthy Investment in Miami Beach

    Situated on a barrier island and surrounded by Biscayne Bay to the east and the Atlantic Ocean to the west, Miami Beach is just a short distance from the city center but has its own vibe. Its proximity to beautiful beaches has made Miami Beach a prime location for condo complexes. Whether you are looking for Miami luxury real estate or a less opulent, more affordable condo to invest in, the Miami Beach area is a sound choice.

    Some of the reasons that buying a condo in Miami Beach is a worthy investment include:

    Variety of Condos at Different Price Points

    The condo market in Miami Beach is very diverse, with units ranging in price from around $200,000 to several million dollars. The wide price range allows a variety of people to invest in Miami Beach condos, as there are many options at every price point. There is also a mix of older condo buildings and new construction condos; if you want to invest in a lower priced or mid-priced Miami Beach condo for sale, consider looking in the Mid-Beach areas. Several new luxury condo projects, like the Eighty Seven Park, are being developed in the Mid-Beach area, and the addition of these luxury buildings should help increase condo values in the surrounding area.

    Shift to a Buyer’s Market

    While the luxury condo market in Miami Beach and the surrounding areas is still thriving, the market is showing signs of a correction after the large price increases seen over the past few years. This is great news if you are looking for a condo for sale in Miami Beach that is priced under $1.5 million.  With a larger inventory of Miami Beach condos for sale, buyers have more room for negotiations and finding great deals. As any savvy investor knows, buying when the prices are lower allows for the greatest return on investment. Working with an experienced real estate agent will help you discover the best condo deals in the Miami Beach area.

    There is no reason to believe that the price correction for Miami Beach condos valued at less than $1.5 million is a sign that condo values in the area won’t begin rising in the future. Many people who have been investing in condos in Miami Beach and the surround areas have been from Latin America; at this time the currency of most Latin American countries is weak compared to the U.S. dollar, but currency values constantly fluctuate and this situation can change at any time. Now is a great time for an American to buy an investment condo in Miami Beach—don’t wait for the prices to trend upwards again.

    Proximity to the Water

    No matter where you are investing in real estate, beachfront, oceanfront, and ocean view properties tend to be highly desirable and almost always increase in value over time. Miami Beach is home to some of the most beautiful beaches in Miami; South Beach is very well known, but there is also North Beach, Haulover Beach Park, and Surfside Beach on the Atlantic side, as well as Oleta River State Park along Biscayne Bay.  

    Miami Beach covers less than 19 square miles of land, so there are many opportunities to invest in a condo that is in close proximity to one of the wide, sandy beaches located along the Atlantic side, or a unit that is situated on Biscayne Bay. An ideal investment is a condo that is located in a beachfront or oceanfront unit, but even being within walking distance to the water can be a huge bonus that can make your investment condo more valuable. Getting in touch with Viac Luxury Real Estate is the first step toward making your Dream Condo a reality. 

  • Top Reasons to Invest in Miami

    Top Reasons to Invest in Miami

    Miami has transformed from a sunny beach vacation destination into a cosmopolitan international city, and investors have noticed. The number of investors in Miami luxury real estate is on the rise, with a number of people from Manhattan and Latin America purchasing new luxury homes and condos. There are many reasons that Miami has become so popular with investors, such as:

    High Quality of Miami Properties

    Many new luxury properties, especially Miami condo projects, have been designed to appeal to the most discerning investors. New properties are built to the highest standards and feature upscale design and quality finishes. Condo properties offer every amenity that a person could want, from spas, fitness centers, and pools to roof top decks, lounges, concierge service, and even access to exclusive beach clubs.

    Tax Benefits

    One big draw for people who invest in Miami real estate is the tax laws in Florida. The state does not have capital gains taxes, estate taxes, or state income taxes, so the potential return on a luxury property is higher than in other states in the country. It is not uncommon for high-earning individuals to invest in Miami luxury properties and make it their main residence so they do not have to pay tens of thousands of dollars in state income taxes.

    International Financial Hub

    New York City is considered the financial capital of America, but Miami is now second. Many large companies, especially those tied to Latin America, have established headquarters in Miami, and a number of international banks now have large branches in Brickell, Miami’s thriving financial district. The financial growth in Miami is reassuring to investors, and many high earning individuals purchase luxury real estate in Miami when they relocate from other places.

    Luxury at the Right Price

    Miami has been named one of the top 10 most luxurious cities in the world; the only other city in North America on that list is New York City. Those seeking luxury may begin choosing Miami over NYC is the fact that the cost of living is currently much lower in Miami. While some luxury properties in Miami sell for a price of several million dollars, right now the cost per square foot of Miami properties is below the cost per square foot of similar luxury real estate in New York City. As more luxury properties and buildings are developed, investors are lining up to make purchases.

    Art, Culture, and Entertainment

    Miami has redefined itself into a sophisticated international metropolis. Art Miami and Art Basel- Miami Beach have grown into large annual events that garner a lot of attention. A number of quality museums can be found in Miami, including the Miami Museum of Science and the Perez Art Museum Miami.

    The culinary scene in Miami has exploded, and the city is now home to some of the top-rated restaurants in the world.  Some say that Miami can even compete with major cities such as New York, London, and Tokyo when it comes to culinary offerings. The number of luxury hotels and upscale night clubs in Miami has also grown exponentially, and Miami also has a Design District where people can shop for luxurious clothing and accessories from top designers.

    Climate

    Located between Biscayne Bay and the Atlantic Ocean, Miami has a tropical climate with year-round sun and comfortable temperatures. The beautiful weather, gorgeous views of the water, and access to great beaches is very appealing to luxury buyers. Miami has grown into a city that is able to fulfill the wants and needs of high-net-worth investors, and the climate is an added bonus.