Did you know that Miami is home to approximately 455.000 people? And, did you know that every day more and more people move to the Magic City? They do that because of Miami’s beautiful beaches, sunny weather, great entertainment, and of course, because of the booming real estate market. When people think about Miami’s real estate, they either envision huge beachfront properties or strange suburban family homes. Yes, that was Miami in the past. But, nowadays, Miami’s real estate market is famous for its luxury. That comes as no surprise as Miami is currently one of the most metropolitan places you can call home. However, if you plan on moving to Miami and either buying or renting some luxury real estate, there are some things you have to know (things that are important, but not that easy to find out). However, there is nothing to worry about. We are here to share those things with you. Thus, without further ado, here are some little-known facts about Miami’s luxury real estate.
Home Values
Have you considered all the pros and cons of moving to Miami? And, is Miami’s median home value a pro or con to you? The median home value in this city is approximately $238,600. Of course, when people look at this price, they sigh out and say that this is great. However, what they do not know is that this is the price for ‘normal’ properties, not luxury ones.
Namely, the median home value for Miami’s luxury real estate is around 1 million. And, yes, this applies to houses, apartments, villas, and all other types of luxury real estate you are interested in. Typically, homes with water views and those located in the downtown area are the most expensive and can go even over 2 million. If you want to get first-hand information about the prices of luxury properties in Miami, it would be best to contact a real estate agency that specializes only in luxury properties.
Prices Keep on Growing
Be warned – the prices of Miami’s luxury real estate keep on growing! Believe it or not, but the prices of all properties have grown by about 10% when compared to the prices of last year. This is a significant increase! And, according to real estate experts, the prices will only continue to grow in the upcoming year. So, if you really want to move to Miami, better look for assistance close to you right now. With prices growing this quickly, you should find movers that can handle your quick move as soon as possible.
Average Days on the Market
How many days homes stay on the market is not a secret. This is something you can see online (when researching the market and checking the available listings). Or, this is something that your local real estate agent can tell you. Or, this is something that we can tell you. So, the average number of days homes stay on the market, that is, the average number of days a certain home remains listed before it is purchased is 83. To be more precise, homes stay on the market anywhere between 65 and 92 days. This is normal – people need to do some researching, do home viewings, and do all those questions asking before buying a home.
However, that is not the case with Miami’s luxury real estate. With these, you never know. Sometimes, a luxury home stays on the market for months. And, sometimes, it stays only for a day. And, trust us, the latter one is more common. So, if you already found luxury real estate in Miami and if you fell in love with it, do not wait. Buy it and call Pro Movers Miami to help you move in immediately!
You Need a ‘Special’ Real Estate Agent
Another little-known fact about Miami’s luxury real estate is that you can not go on a luxury real estate quest with just any agent. No, you need a special kind of agent. And, when we say special we mean an agent that specializes only in luxury real estate. These agents are the only ones that actually have the access to all the luxury properties in Miami – those that are never listed and that do not have a ‘for sale’ sign in front of them. This kind of agent can assist not only with your home-finding and home buying process but can also connect you to movers that will organize your moving like a pro, to financial advisors that will help you organize your finances, with home inspectors and contractors, etc.
Cost of Living in Miami
When one considers moving to a certain state or city, one also has to consider the cost of living there. Let us be real – no matter how much money you have, you do not want to move to a place where everything is crazy-expensive. Luckily, you do not have to worry about that in Miami. This city, even though famous and metropolitan, is not as expensive as you think. The prices of pretty much everything here are approximately 4% higher than the national average. So, if you were worried about the costs, there is nothing to fear. Feel free to start packing your bags and look for specialists to give you a hand with your relocation.
Yes, things such as groceries, bills, entertainment, etc., are not expensive. But, the costs of maintaining your luxury property as well as certain utilities there can come with a hefty price tag. So, be sure to know what you are getting into before you make this big purchase. But, if money is not the problem, you have nothing to fear. Moving can make you happier, and moving to Miami can make you thrilled – that is for sure.