Located on the Atlantic Ocean in southern Florida, the Magic City is close to some of the best attractions in the state, including world-famous Miami Beach and the mysterious Everglades National Park.
A huge assortment of celebrities and entrepreneurs also have homes here, including LeBron James, Shakira, Shaquille O’Neal, Lionel Messi, Pharrell Williams, and Jennifer Lopez. Nearby on Indian Creek Island, famed businessman Jeff Bezos has also purchased three ultra-luxurious homes, signifying his faith in Miami’s long-term viability.
Gorgeous Miami has it all: a booming economy, amazing weather, and a dizzying array of options for those seeking to purchase their second home. Today, we’ll take a look at why everyone is clamoring to begin their home buying journey in Miami.
The Thriving Economy Promises Great Returns
Miami’s hot economy shows no sign of slowing down anytime soon, which is excellent news for those wanting to buy vacation properties here. As of right now, the Miami-Dade metropolitan area has a shockingly low unemployment rate of just 2.2%, dropping by 0.3% in the past year. Given that the nationwide unemployment rate is at 4.3%, you can see exactly how powerful the job market is here.
The reason that Miami has developed such an incredible market is the flood of entrepreneurs and businesses seeking to set up shop thanks to Florida’s lack of state income tax. For example, Microsoft moved its Latin American division to Brickell, Miami, in 2021, and other major tech firms like Amazon, Oracle, HP, and Nvidia also maintain offices in the city.
Additionally, it has an enormous tourism industry buoyed by cruise ship companies, including Norwegian Cruise Line, Royal Caribbean, and Carnival Cruise Lines. The Greater Miami Convention & Visitors Bureau announced that greater Miami and Miami Beach welcomed 27.2 million visitors in 2023, generating approximately $21.1 billion in spending.
Miami’s Beautiful Weather Is Perfect for Snowbirds
While financial considerations are important when choosing where to purchase, so is the quality of life, and Miami delivers on all fronts. Miami’s weather averages between 62 and 90°F throughout the year, and it has only gotten over 100°F once in recorded history, back in 1942.
January is the coldest month of the year, but don’t expect subzero temperatures that leave your teeth chattering; instead, it averages about 68°F. Miami is sunny for about 248 days out of the year and receives about 61.9 inches of rainfall annually.
If you intend to stave off chilly Midwestern or North Atlantic winters in Florida, you’ll be happy to know that January, February, and March are the driest parts of the year. While the northern part of the country is dealing with the slushy misery of late winter, Miami residents are basking in sunshine and perfect temperatures.
However, it is important to note that Miami does experience some extreme weather at times, including flooding and high humidity. On average, a major hurricane passes within 50 miles of Miami every six to eight years, but this may increase as climate change continues to alter weather patterns.
Luxurious Pre-Construction Options Provide the Hottest Amenities
Those still pondering their second home options will be pleased to know that there are many pre-construction options due to open within the next few years, giving them plenty of time to prepare for warm weather and sunny skies. One such example is The Residences at Mandarin Oriental, Miami, masterminded by the world-famous hospitality brand Mandarin Oriental.
Set to open in 2029, this 76-story, 220-unit condominium will be adjacent to the Mandarin Oriental hotel, sharing an 80,000-square-foot amenities platform filled with the best and brightest in entertainment. Situated on the exclusive Brickell Key, Mandarin Oriental Residences, Miami promises a combination of easy access to Miami’s entertainment with a sense of privacy and seclusion.
Residents can meander to a multi-tiered swimming pool with lushly landscaped gardens or book a delightful pampering session at the newest of Mandarin Oriental’s famed spas. The hospitality brand’s spas have won countless awards over the years because of their unique “Time Rituals,” which allow clients to book a time slot rather than a particular treatment. Then, they and their service provider can determine what is best for them based on their current needs, offering a more individualized experience.
There are plentiful other options available to discerning buyers, such as Viceroy Brickell – The Residences, 72 Park Miami Beach, or Dolce and Gabbana Residences, each of which has its own strengths. Anyone will be able to find the right property for their price point, which is another advantage that Miami provides.
Enjoy the Magic of Miami With a Second Home
A vacation home or second home offers purchasers flexibility; it’s a great choice for digital nomads who can split their time between locations, or retirees who want somewhere to retreat to when it’s too chilly in their hometown. You’ll be in great company, too, as dozens of famous celebrities and high-powered executives have also set their sights on Miami.
Whether you’re seeking the exclusivity of Brickell Key or want to be right in the action downtown, there are plentiful options, both built and in pre-construction, that you can select from at your leisure.
