Perhaps you want to live a high-profile “lifestyle of the rich and famous”, or maybe you’re ready to start house flipping and want to stake your claim on the investment property with the most promising potential. Or, maybe you’re in the market for a place to hang your hat after retirement or during your next summer vacation. Miami and surrounding cities are seeing a dramatic spike in U.S. and foreign property investment activity, and rightly so. With the tons of perks that come along with investing in South Florida property, it’s easy to see how South Florida is not only the place to buy, but also the place to be.US Florida Property Management
- Amazing Views
Florida has (and still) prides itself as a beloved vacation destination and oceanfront paradise, containing many of the world’s best beaches. Bahia Honda State Park, for example, is widely recognized as one of the top ten beaches in the United States with its untouched shoreline and crystal clear waters. South Beach in Miami intersects Ocean Drive, and it’s not uncommon to spot sunbathing models and photo shoots in action here amidst the long, powdery strip of sand.
When it comes to getting your money’s worth out of an investment property, location is everything. And since the majority of South Florida’s homes, condos, and resort hotels include breathtaking oceanfront window views within convenient proximity of popular boardwalks and pristine beaches, the value of these residencies are expected to increase with time. The economy in South Florida is booming and the population is growing; and both factors may be attributed to the popular notion that nothing beats being in arm’s reach of the world’s best beaches.
- World Class Entertainment
You’ll never be bored in South Florida, because there’s always something to do! When Will Smith sang, “I only came for two days of playing. But every time I come, I always wind up staying,” in the pop hit “Welcome to Miami”, he hit the nail on the head. Is it any wonder that Miami is a favorite vacation and living destination for big-name Hollywood stars and A-Listers? Luminous skyscrapers, open-air hangouts and lively locals make for a vibrant nightlife with a tropical feel.
Ocean Drive is a must-visit, harboring some of the hottest oceanfront night clubs. The Clevelander, Club Deep, and Nikki Beach Club provide night-long dancing and spirits, while eclectic art galleries, museums, boutiques, and shops sprawling Lincoln Road create exceptional day-time mingling and shopping opportunities. Miami is jam-packed with shopping districts, including the three-floor CocoWalk, which is located just south of downtown Miami. And although Miami is undoubtedly one of South Florida’s most frequented cities, it’s just the tip of the iceberg.
- Five-Star Dining
Lincoln Road in Miami is home to a range of enticing outdoor dining areas. Visit Da Leo Trattoria to whet your appetite for Italian, Yuca Restaurant for a taste of Cuba, or Van Dyke Café for its bluesy atmosphere. Joe’s Stone Crab, a long-standing favorite with the locals, can be found on Ocean Drive. Mall Road on South Beach hosts a fresh farmer’s market on Sunday mornings, while Miami’s local grocery stores and fresh fish markets are hidden gems that deserve their fair share of recognition. Many of South Florida’s restaurants have garnered serious accolades from the likes of renowned food critics and dining magazines, including Food Network. Capital Grille in South Beach, for example, has been ranked by Zagat’s survey as one of the top ten steak houses, while Food Network mega-star Emeril Lagasse houses one of his five-star, self-titled restaurants in Miami.
- Unbeatable Pricing Options
According to a recent New York Times article, South Florida is seeing an insurgence of second-home investors in comparison to other popular vacation destinations, such as Las Vegas and Phoenix. Why? Because growing interest from foreign investors is making the market boom. Foreign investors see greater potential in Miami’s healthy market where homes are appreciating in value versus other U.S. destinations.
- Preconstruction Opportunities
Stemming from unbeatable prices, preconstruction projects present yet another reason to invest in South Florida property. Saving money on a solid investment is one thing, but imagine taking saving one step further by receiving a return on your investment. There’s certainly income potential with buying traditional investment property, but preconstruction presents its own perks. Lock in a retirement home at today’s prices, or flip an appreciating unit upon ownership to make an instant profit.
- Tax Advantages
Purchase property in South Florida, and you’re automatically privy to tax deductions on property taxes and mortgage interest payments. More tax breaks may be rewarded depending on frequency of personal and rental use. If you rent out your property for less than 15 days per year at fair market value, all rental income goes tax-free. You won’t be required to report any of your rental income to the IRS with this option, and you’ll still be able to deduct property taxes and interest payments on your mortgage.
Planning to use your rental home personally for less than 14 days per year? If so, it qualifies as a rental property and all income must be reported. The advantage that accompanies this option is the ability to report rental expenses, such as utilities, repairs, depreciating value, and property management fees. If you and any relatives utilize the property for personal use for more than 10 percent of the time per year, your property will qualify as a residence and rental income must be reported. Much like owning a rental property, owning a residence offers deduction options on a wide range of rental expenses up to your total yearly rental income.