Miami Real Estate

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 …

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:

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 BuildingsAverage Cost
199646$128,500
199741$194,000
199839$262,100
199950$217,300
200060$440,600
200179$402,100
2002112$226,900
2003132$197,700
2004N/AN/A
2005107$298,500
2006133$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/

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