By Luis Vieira | Bricksave
December 09, 2024
News > Blog Article > Everything you need to know: Miami
Miami, often referred to as the Magic City, earned its nickname during a period of extraordinary growth in the early 20th century. Today, it remains a global destination, seamlessly blending history, innovation, and culture. Known for its pristine beaches, dynamic cultural scene, and investment opportunities, Miami is more than just a city—it’s a lifestyle.
Experience real estate made easy.
Miami’s founding story highlights the remarkable contributions of visionary women. Julia Tuttle, a widow from Cleveland, is celebrated as the “Mother of Miami.” Her foresight and persistence convinced Henry Flagler to extend his railway to the city, enabling its incorporation in 1896. Alongside Tuttle, Mary Brickell played a pivotal role in shaping Miami’s development, particularly in establishing its financial district, which still bears her family’s name. These trailblazing women transformed Miami into a thriving city and left a legacy of leadership and determination.
Miami is a true mosaic of cultures, with a 64.5% Hispanic population, making it one of the most culturally vibrant cities in the United States. Its streets pulse with Latin American influence, from Cuban cafes to Venezuelan arepas and Colombian music. Beyond its Spanish-speaking majority, Miami is also home to significant Haitian Creole and Portuguese-speaking communities, with an increasing presence of Brazilians contributing to its cosmopolitan flair. The city’s diversity enriches its cultural fabric, offering a global experience like no other.
Miami’s real estate market is as dynamic as its culture. The city’s homeownership rate of 30.1%, far below the national average, highlights a robust rental market driven by high demand. The median rent for single-family homes is $4,000, with a low vacancy rate of 6.2%.
At the same time, Miami’s property values have skyrocketed, with a 114% increase since 2016. Despite high prices, homes sell close to their listing prices, underscoring steady demand. The price per square foot, now at $499, continues to rise, making Miami an attractive location for those seeking both rental yield and appreciation potential.
The Federal Reserve’s recent rate cuts in late 2024 have created a unique moment for buyers and investors. These reductions are expected to boost mortgage accessibility, increasing demand in the market. However, Bricksave investors enjoy a distinct advantage. By acquiring properties with cash, we bypass the complications of fluctuating mortgage rates, enabling us to secure valuable investments efficiently. For those looking to capitalise on Miami’s booming market, the time to act is now.
Miami’s architectural landscape is a testament to its rich history and forward-looking vision. Home to the world’s largest collection of Art Deco buildings, with over 800 preserved structures, the city pays homage to its past while embracing modernity.
Recent decades have seen a high-rise boom, with buildings like the Panorama Tower, Aston Martin Residences, and Four Seasons Miami defining its skyline. At the same time, the city celebrates its unique Miami Modernist (MiMo) style, marked by bold and extravagant designs that emerged in the post-war era. Historic Mediterranean Revival homes and Spanish-style properties add a touch of timeless charm, reflecting influences from the Renaissance and Moorish architecture.
Explore our exclusive opportunities in the Magic City. Invest today, from USD 1000.
Miami is more than a city—it’s a hub of opportunity, cultural richness, and architectural brilliance. With its thriving real estate market, multicultural population, and forward-thinking urban development, Miami offers unparalleled potential for residents and investors alike. Whether you’re drawn to its history, its lifestyle, or its investment opportunities, Miami is a city where dreams take root and grow.
Investing carries risks, including loss of capital and illiquidity. Please read our Risk Warning before investing.
