The Viability Of Miami Beach Real Estate
By admin at 17 November, 2009, 3:33 pm
The city’s current South Beach market is growing at a fast pace, & according to analysts, is a fabulous place to invest for the long-term. With very limited space, an exciting & eclectic nightlife scene, fabulous outdoor restaurants, the new Performing Arts Center (PAC) in Downtown Miami, the American Airlines Arena, the Financial District of Brickell & the wonderful stretch of world-famous beaches.
A lot of people have asked, what makes living in Miami Beach so special. Among lots of reasons, great property inventory, low interest rates, for those who need financing, & an assortment of very motivated seller’s.
These are among a quantity of the reasons for living in Miami Beach, despite the backdrop of the US housing crunch looming in the horizon. The local housing market, in tandem with the city’s local government, have been doing their part in easing property developers & buyers in their concerns about the direction of the city’s real estate market.
New Development Designs Ensure Proper Planning & Zoning
The City of Miami , along with Miami Beach, has further made concrete its commitment to ensure the success of this recent development surge.
Outdated zoning ordinances are now being retooled & revamped, as well as a new citywide development plan, which is managed & overseen by the Miami Downtown Development Authority, is being implemented, that city officials vow “will balance new development with revitalization & preservation of the neighborhoods”. These development districts are created & unified under the Biscayne Boulevard Special Area Plan to provide continuity & coherent zoning & land use regulations.
Recently, the Miami Beach City Commission has unanimously given preliminary approval to the city’s new $231 million budget, which would take effect on Oct. 1. The city’s commission has set the tax rate at $5.897 for every $1,000 of assessed property value. This move represents a significant 23 percent drop from this year’s rate of $7.67, according to City Manager Jorge Gonzalez.
Miami Beach Cuts Home Property Taxes
According to the 2007-08 budget, taxpayers throughout Miami Beach are likely to see increments in city service fees levied, such as water & sewer fees, to rise from a combined total of $7.04 a month to $12 a month. Miami Beach will also stop absorbing the cost increases for these services & will pass them directly onto taxpayers.
Under the new tax rates, a homeowner whose house is valued at $295,000 , which is the the median price in Miami Beach – taking the standard homestead exemption will pay $1,636 in city taxes. However owners of commercial properties & non-homesteaded properties may not be able to get the same kind of tax relief. The new fiscal year begins Oct. 1.
There would also be an increase in franchise fees for sanitation services for commercial properties, apartments & condominiums from $37.57 a month to $38.25 a month. Along with other increases, parking fees will also have to go up, from $60 to $70 a month for monthly parking passes & from $10 to $15 for special event parking.
Miami Beach has emerged as six of the most vibrant cities, & throughout the recent decade, the real estate markets have also been very vibrant & appealing. A lot of people from across the world have descended on the city & have driven an unprecedented rebirth & revitalization of this once-neglected tropical paradise. This new revitalizing force has added to infuse an explosive boom in Miami’s real estate market.
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