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Miami Real Estate

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The Miami real estate market is the largest in Dade County, Florida, with residents in excess of 2,400,000. Population growth rate of Miami has slowed considerably, averaging only about 6.6%, compared to 13.2% for the whole of Florida. Miami’s population comprises of about 60% Hispanic or Latino, largely from the emigration of individuals coming from the nearby island of Cuba and other Latin America countries. Although English is the official language, most of the Hispanic residents try to maintain their culture and thus speak Spanish even though some of them are fluent in English It is, therefore exceptionally helpful to be able to speak Spanish, as well.

The average property value of a residential home in Miami is $387,800. It’s recently been reported that, over the course of the last year, in the wake of the sub-prime crisis, the property values for a single family residence in Miami has depreciated 20% on average.

Single-family new house construction building permits:

	Buildings	Average Cost
1996	46	$128,500
1997	41	$194,000
1998	39	$262,100
1999	50	$217,300
2000	60	$440,600
2001	79	$402,100
2002	112	$226,900
2003	132	$197,700
2004	N/A	N/A
2005	107	$298,500
2006	133	$232,200

Source: http://www.city-data.com/city/Miami-Florida.html

Property taxes in Florida are among the lowest in the country, ranking #45 among the 50 states. Recently, Florida residents voted overwhelming to approve legislation that would effectively give them a $240 property tax rebate by increasing the homestead exemption. The proposal was touted as a victory for Florida homeowners by the governor who acknowledged that increasing property values and resultant tax increases were troubling to already financially strapped Florida residents. In addition to that exemption, residential property owners in Miami may also be eligible for the following exemptions:

Homestead Exemption - $25,000 exemption
Senior Citizens Exemption - $25,000
Widow and Widower Exemption - $500 Exemption
Disabled Person Exemption - $500
Blind Person Exemption - $500

It’s important to recognize that Florida, each year, bears the brunt of tropical storms and hurricanes that originate in the Atlantic Ocean. These storms can be devastating to life and property, and Miami is one of the areas most likely to suffer the effects of one, given its proximity to the coastline. In 1992, Hurricane Andrew caused more than $24 billion in property damage to Homestead, Florida, a city just south of Miami.

Sources:
http://www.nytimes.com/2008/04/29/business/29econ-web.html?_r=1&oref=slogin http://www.miamiherald.com/548/story/399006.html
http://www.ens-newswire.com/ens/may2008/2008-05-01-091.asp
http://miamirealestate.lifetips.com/cat/62434/tips-about-miami-taxes/

Last update: May 22 2008, 11:50 AM EDT by billgray (content history | content tools) (help)

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