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Buying a second home in Florida is the desire of many. Not only foreigners are attracted by the dream of having a property in Miami or Orlando, but so are Americans, especially those who live further north in the country, where the winter is harsh. Canadians and Europeans alike seek Florida’s pleasant, warm climate as a retreat from the cold.

Whether to spend a weekend, weeks or months, the idea of ​​staying in a hotel is no longer convincing. The tourist wants flexibility in periods of stay, without having to be held hostage by the high fees charged by hotels. In addition, they also want to feel part of the community. Many opt for short-term rentals, as is very common in vacation 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.

South Florida for the Second-Home Buyer

After visiting Florida many times and staying at the destination for long periods, the tourist comes 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 cover maintenance expenses or even make a profit on the operation. In many cases, the income pays off the mortgage.

When buying real estate, Florida offers numerous options. There are those who prefer beachfront homes for sale in Florida, to relax and enjoy the view of the ocean. Others prefer busier and more central regions, such as Brickell and Downtown. In this way, you can walk to shops, malls, art centers and restaurants. No matter the profile of the buyer, Florida offers options for all tastes. Others enjoy boating in Miami. There are many condos with boat slips in Florida for that purpose, as well.

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 is beginning to emerge on the city map, as it has not yet lost its residential characteristics and is very close to the hustle and bustle of the center.

Another region that has been evolving a lot in this sense is Aventura. The neighborhood, home to one of the largest shopping malls in the United States, Aventura Mall, is receiving major 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, Miami’s financial center.

Several developments have emerged in the region within the mixed-use concept, mixing hotel and residential units and, in some cases, commercial units in the same condominium. The great advantage is that most of these projects allow the practice of seasonal rent, which makes the investment extremely advantageous. Some even guarantee a minimum rental return for the first few years.

This is the case of the YotelPad project in Downtown. The mixed-use project started construction in late 2019 and is already 100% sold-out. A sales record. 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 the 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 project, operated by the Hilton & Resorts chain, which is due to be delivered in early 2020.

The two most recent developments 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 ventures allow short-term rentals.

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