Picture this: you’re traveling in another city and strike up a friendly conversation with a local. As you’re exchanging information, they ask where you’re from to which you excitedly exclaim, “I’m from Miami!” Instantly, your conversation partner thinks your life looks like an episode of Miami Vice or that you’re a South Beach regular. The smile vanishes from your face.
For years, that’s all Miami was ever associated with. However, as most South Florida natives know, there’s so much more to the Magic City than a cheesy ‘80s TV show.
In fact, if you’ve lived in Miami for over 15 years, you’ve noticed the massive transformation that the city has undergone. And for this, we must thank Art Basel. This premiere festival began in 2002, attracting wealthy art collectors due to the city’s pristine weather in December (which is when Miami hosts the almost week-long event). But, it’s also how far their money can go that attracts investors. After all, don’t you just love a vacation spot where you get more bang for your buck?
Since then, we have seen different Miami neighborhoods thrive – Wynwood, Edgewater, Design District, Brickell and Downtown Dadeland. Comprised of mostly high-rise condominiums and “micro cities,” Miami offers a completely different lifestyle than was available a mere 15 years ago.
The hordes of travelers visiting Miami are not just wealthy investors, they’re foreign nationals and U.S. citizens of all ages.
Young professionals love Miami due to career opportunities, cost of living and an exciting lifestyle change. Families love Miami due to the optimal weather (say goodbye to layering clothes and shoveling snow).
The retiree community loves Miami thanks to its urban setting and slow pace.
And foreign nationals love Miami thanks to the acceptance of many languages and culture.
This is why we are a thriving global city.
As locals, we have only seen this city increase in cost. A condo purchase price. The cost of a drink at a club. The cost of dinner at a restaurant. Tolls. Practically everything costs more and more these days. What we don’t realize is that these things are still only a fraction of the cost when we look at other global cities.
According to the Knight Frank Wealth Report, a million US dollars in prime location will get you around 840 sq ft in Miami, while in New York it’s 269 sq ft, in London it’s 301 sq ft and in Monaco it’s 172 sq Ft. Looking at these numbers, Miami is 1/3 cheaper than New York.
It’s no surprise why so many New Yorkers are flocking to Miami. Yes, the weather and tax incentives are also nice, but the ultimate reason is that their money simply goes farther here.
A more recent survey indicates that over 100 people are moving to Miami per day. Yes, PER DAY!
According to Miami Mayor Suarez, if we are to keep all zoning codes the same, the city has the capacity to grow 10 times over. If you think the city is large now… imagine it 10 times larger.
We are no longer in our Miami Vice days. We are a relatively new city breaking into the global space with a multicultural population, diverse residents and acceptance of all industries. Add amazing weather, culture, arts and entertainment, and it’s no wonder why Miami’s presence will only grow stronger. Most of the world hasn’t even discovered this no longer hidden gem. But that will soon change!
This article was written by Joanna Jimenez with the Opes Real Estate Group. If you need any help with buying or selling in Miami contact email@example.com or 305-302-6384.