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Buying a second home in Florida is the desire of many. Many are attracted to the dream of having a property in Miami or Orlando, including Americans, especially those who live further north of the country, where winter is harsh. Canadians and Europeans also seek in the pleasant and warm climate of Florida a refuge for the cold.
Whether to spend a weekend, weeks or months, the idea of staying in a hotel is no longer convincing. Tourists want flexibility in the periods of stay, without having to be held hostage by the high rates charged by hotels. In addition, they also want to feel part of the community. Many choose to rent for seasons, as is very common in holiday homes near Disney in Orlando. However, Miami no longer offers so many options in this regard. Most condominiums require long-term contracts, a trend that is gradually changing.
After visiting Florida many times and staying at the destination for long periods, a tourist could come to the conclusion that the best thing to do is to buy a second home in Miami or Orlando. The investment becomes even more attractive when it is possible to rent the property for short periods and obtain income, either to face maintenance expenses or even to make a profit in the operation. In many cases, the income pays up to the installments of the financing.
When it comes to buying, Florida offers numerous options. There are those who prefer the properties by the sea, to relax and enjoy the view of the ocean. Others prefer more busy and central regions, such as Brickell and Downtown. In this way, they can walk to shops, shopping malls, art centers and restaurants. No matter the buyer’s profile, Florida offers options for all tastes.
The Brickell and Downtown regions have undergone a major transformation for the better in terms of transportation and pedestrian areas. The concept of walkability is widely rooted in the region, which makes the community extremely attractive to investors, tourists and families.
Glued to Brickell and Downtown, the Edgewater neighborhood begins to emerge on the city map, since it has not yet lost its residential characteristics and is very close to the hype of the center.
Another region that has been evolving a lot in this direction is Aventura. The neighborhood, which is home to one of the largest shopping malls in the United States, the Aventura Mall, is receiving large investments, train stations and is beginning to attract commercial and office projects. Many banks are choosing the Aventura region to open offices, rather than the traditional Brickell neighborhood, the financial center of Miami.
Several projects emerged in the region within the mixed-use profile, mixing in the same condominium hotel and residential units and, in some cases, commercial units as well. The great advantage is that most of these projects allow the practice of seasonal rental, which makes the investment extremely advantageous. Some even guarantee the minimum return on rent in the first years.
This is the case of the YotelPad development in Downtown. The mixed-use project began construction at the end of 2019 and is already 100% sold-out. A record sales. There will be 231 residences and 220 hotel rooms.
Several other hotels decided to settle in South Florida by creating similar projects. Luxury brands, such as Ritz-Carlton, have launched resorts with residences so that buyers can buy a second home and, at the same time, take advantage of the 5-star services of the hotel chain. Another example is the Okan Tower development, operated by the Hilton & Resorts network, which is expected to be delivered in early 2020.
The two most recent ventures in Miami in this profile are Natiivo and Legacy. Natiivo is the first project in Miami powered by Airbnb, that is, the online platform entered as an developer. Legacy is part of the Miami World Center and will offer residential units and hotel rooms. Both developments allow rental for short seasons.
