Sotheby’s International Reality brings the best overseas properties to UK buyers. In this seminar Sotheby’s representative, ……, guides us through the iconic city of Miami and the fabulous properties currently available in and around the area.
Why buy in Miami?
Miami is synonymous with glamour and fun and many of the world’s rich and famous choose to become residents in the city. For those looking for luxury properties, Miami offers attractive and accessible pricing for top quality residences. Compared to London and New York the property is very competitive.
In terms of the basics, Miami speaks for itself. With its ideal climate and beautiful beaches, its wide variety of restaurants, shopping and nightlife, the city has a huge amount to offer. The quality of life in Miami is high with a range of cultural activities and events such as Art Basel, Food& Wine Festival and the International Boat Show.
As a number one destination for tourists it is also highly accessible with direct flights from most major destinations, offering real estate opportunities for investment.
From a commercial perspective, Miami has a skilled multilingual, multicultural work force drawn from more than 100 nations.It also boasts a strong-growing domestic economy serving more than 5.5million South Floridians.
With all this in mind, it is no wonder that Miami’s property market is stronger than ever. The condo market in particular is making a come-back with a re-sale surge driven by international investment. There are over 30 new projects being launched in the market and the rental market is also very strong. This is because prices are increasing and locals are unable to buy, meaning there is a strong rental demand which international investors have the potential to capitalise on. Some developments have rental programmes, allowing investors to spend a specified number of days each year, for the remainder the property is let – making you money!
Financing Requirements & Steps for Foreign Nationals
The following steps should be followed if you wish to invest in property in Miami:
Fill out a standard mortgage application with personal information regarding residence and work location
Provide valid email address
20-35% in deposits required, determined on a case by case basis
Provide letter from accountant showing 3 years of income
Provide source of funds for closing – bank statement – all monies must be in the US before approval
Must provide two types of photo ID
12 months of total payments on deposit with lending bank for auto pay
Foreign National and US credit report
Must be present, no mail away and no Power of Attorney
Buyer has the ability to close in name of corporation
No limit to purchase price
No investors, second homes only
If buying property in Miami property interests you take a look at our example properties below:
Paradise Found! Amazing BEACH HOME! OCEAN views everywhere. Custom kitchen & baths! Wolf gas range/Oven Sub Zero Fridge. 2 Dishwashers. Over 2000ft of Balcony with endless views of Ocean Park & intra coastal. Access from all rooms. Enjoy Full Moons, Sunrise and Sunsets. Outdoor kitchen. Custom shower w/over head rain, 2 shower heads and 10 jets with view to Ocean Peter Starke air jet tub Pvt. Elevator. On Hollywood Boardwalk minutes to Ft. Lauderdale, Gulfstream Village, Hard Rock Casino and South Beach.