Miami is the largest metropolitan area in Miami-Dade County with a population of 362,470. Miami's population constitutes 60% of Hispanics, 22.3% of African-Americans, and 11.9% of whites.
The Miami real estate market in Florida has experienced an incredible appreciation of value over the past four years and is considered one of the country's leading real estate markets. Rapid population growth, low interest rates, and a combination of very desirable subtropical regions have contributed to the dramatic rise in real estate development and real estate value in this sunny and warm city.
According to the 2000 U.S. census data, there are approximately 148,388 housing units in the real estate market located in Miami. About 35% of urban residential real estate stocks are self-occupied and 65% are hired. The city's owner's occupancy rate is about 24% lower than in Miami's Dade County. Miami's total residential real estate inventory is divided into single-family residential units (1 unit and subsidiary units) and multi-family residential units (5 units or more).
These single-family villas (45,523 units) and more than 20 multi-family home structures (39,636 units) together account for 57.3% of the city's total residential real estate inventory. The current median housing price in the city is $114,000, while the average price in New York State is $92,000. The median value of self-occupied housing units is currently $120,000.
As we all know, Miami's real estate boom has indeed become one of the country's best and most sought after investment projects. People from all over the world are widely fulfilling a series of Miami pre-transaction agreements. The fast pace of pre-construction transactions gives people the opportunity to establish equity in the property they choose, without having to pay for normal inclusive taxes such as taxes, maintenance fees, or mortgage loans.
The construction of high-rise residential and commercial buildings and apartment units has rapidly increased throughout the city. As more homes, apartments and apartments have been built and refurbished, the value of the real estate market has risen at an alarming rate. Towards the middle of 1998, Miami Beach's taxable property value was US$6.96 billion, which has more than doubled since the beginning of 1980. In addition, in the past five years, the total projected value of construction activities remained unchanged, with more than 3,000 permits issued between US$150 million and US$200 million. This shows that investment in residential and commercial construction activities in the 1990s exceeded US$1 billion.
Despite concerns over the overheating of the real estate market, the Miami real estate market continues to grow. Developers will continue to launch new high-rise apartment projects. The number of these projects is record-breaking and unprecedented. An example is the proposal to build two 1200-foot towers on Biskan Avenue in the northeast of the Three Streets.
According to the current large-scale development report in Miami City, about 14,000 apartment units are currently under construction, and more than 63,000 units have been approved for construction, or are currently in the process of licensing. Planning department. According to the report, Miami has only completed about 9,250 units in the past 10 years.
Miami Real Estate - http://miami-realestate.net
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Orignal From: Information that any real estate investor in Miami should know
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