Miami Beach is a city in Miami-Dade County, Florida. Miami Beach has always been one of America’s finest beach resorts for almost a century, and the city is often referred to under the umbrella term of “Miami.” So why is it a good spot for real estate investors?
New Upscale Projects
For prospective Miami real estate investors, it would be nice to know that a new Miami Beach condominium development has made it into the top 10 places mentioned in Forbes’ feature story “Where We Want To Live In 2006.” The list includes such large development projects, like Donald Trump’s new $125 million Palm Beach estate and Ian Schrager’s Gramercy Park in New York where some $10 million-units are on offer.
Canyon Ranch Living, an upscale new real estate development in Miami Beach makes the cut because of its deluxe spa services in a 70,000-square-foot Canyon Ranch Spa as well as the elegant amenities, common to the 10 listed, that take luxury living further into hedonistic fantasy land.
New developments are constantly being made to this area, which can become more attractive to tourists (depending on the construction) and those who want to move to Miami. Not only could it benefit your real estate investing career but who doesn’t want a beach house to rent out and visit every summer?
A lot of new Miami Beach real estate developments are ongoing at the famous South Beach district, also known as SoBe, or The Beach. This is one of the most popular areas of Miami Beach. Before the TV show “Miami Vice” made the area popular, SoBe was under urban blight, with vacant buildings and a high crime rate.
Today, it is regarded as one of the richest commercial areas on the beach. Miami Beach, particularly Ocean Drive of what is now the Art Deco District, was also featured prominently in the 80’s Al Pacino movie, Scarface. Lincoln Road is famous worldwide for its great outdoor dining, bike riding, rollerblading and shopping facilities.
Investors Keep Coming
Residents, both full-time and seasonal visitors, have nearly taken over Miami Beach, thus lifting housing prices into the heavens and demanding more services that tourists never did before. Demand for everything from goods and services to entertainment to million-dollar condominiums continues to rise, according to most Miami Beach business owners.
Miami is a key real estate investing spot, and a great place for a vacation home. There are certain areas in Miami that were desolate 10 years ago, but with urban development, it has become increasingly popular.