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Is Buying A Condo In The Miami Market A Good Short-term Investment Now?

Miami is gradually changing from an international city to a national one. One of the primary reasons is because of low taxes and great weather, which make it attractive for many tech-minded entrepreneurs. These factors make Miami a good investment.

In the past, Miami has been known for foreign investors and some national coming and buying lots of properties and use them not as personal homes but as business opportunities.
However, since Covid-19, things have changed. Most of the sales of condos and homes in the Miami area are now national, not international.

Reasons For This Change

There are a few ideas why. First, because of the travel restrictions caused by the pandemic, international sales have dropped considerably. There are still some properties sight unseen that foreign interests are purchasing, but this is not in great numbers as it was in the past with foreign investment. Secondly is the fact that after Covid-19, everything has changed. People want to get out of states where the taxes are high and the snowfall is high. They are not looking for investments but instead homes to live in, not rent out. This is why there is so much interest with national buyers. They are looking for homes where they can live and work from if need be and where the kids can home school on zoom. The third reason is that Miami is slowly not becoming just an international city, but many tech businesses are looking to put up roots in the sunshine state in the coming years. The lure of tropical weather and a lack of state income tax is why new startups and established companies are looking at Miami to be the next tech hub.

So What Does This Mean For Short-term Investments?

While most sales lately have been to families looking to move to the Emerald City, Miami has always been a good investment because there are still so many renters in the area. There are more renters in Miami than there are in Los Angeles or New York City. With so many renters come great opportunities still despite the covid pandemic. Rental prices are some of the highest in the country, but there is still a considerable demand despite this. This trend will not go away, so if you invest in some property that can attract rentals, short-term or long-term, this shows excellent profit potential. So for the keen investor, you can still profit from the short-term market here in South Florida, and this trend is not going to change. More people will be moving to the city and its surrounding areas, and while many are looking for roots, there will still be many that cannot afford to buy a home or condo and therefore will need to rent.

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