Miami Property Values Continue to Increase
With Miami property values steadily increasing in all 37 districts of the Miami-Dade county area, now is the time to invest in real estate. Investors have seen a 9.4% increase in Miami property values from 2014. In fact, sales prices have appreciated 60.6% over the last 5 years in Miami. Additionally, Miami ranked among the 10 highest median rent rates in the nation in an August 2015 report, leading to strong returns for investors. Miami property values will continue to rise as new development increases to keep up with the growing demand to live in one of the most desirable cities in world. Here is a list of the top five areas where Miami property values have increased the most.
1. Sunny Isles Beach
Sunny Isles beach recorded the most growth with a 16.7% increase in property values from 2014, from more than 6B to more than 8B. This is a trend that will continue due to the amount of new projects already under construction. This sore in property appraisals has provided Sunny Isles with an steady increase in general and assigned reserves of $19 million in 2015.
2. Key Biscayne
Key Biscayne had the most growth in construction, with over $564 million in new real estate development on the books in mid-2015. The city saw a 15.3% increase in taxable value from 2014 to July 2015. The Ritz-Carlton is the biggest development in Key Biscayne with more than $400 million in construction investment, the 153 unit condo is estimated to sell each unit at around $3 million.
3. El Portal
El Portal recorded an increase of 15.4% in taxable value since 2014. These numbers are only expected to increase since new projects are being completed in the next few years. From 2014 to 2015 El portal spent over 1.5 million in investment for new real estate developments. Additionally, in August 2015 a budget of $1.8 million was estimated in to finish new projects in 2016, including a new low pressure sewer system for the village. The city also reported $700,000 in reserve funds.
4. Miami Beach Normandy Shores
Normandy Shores was saw the biggest growth in its existing property values with 14% from 2014. Increasingly high demand for rental properties combined with a low supply of available units contributed to a 26% increase in rental rates within three months, from June 2015 to September 2015.
5. Miami Beach
Miami Beach has several new developments scheduled for completion as early as the end of 2015 and numerous other projects throughout the next five years. These new developments include Peloro on the Bay, Chateau Ocena, Bath Club Estates and many more that will continue to raise the value of real estate. The rise in new construction projects has contributed to 13% increase in Miami Beach property values from 2014.
Buy real estate in Miami with the help of OMG Brokers!
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