Miami is one of the most visited tourist destinations in the world and there are many reasons why! In addition to pleasant weather all year round, the city offers beautiful beaches, great restaurants, shopping malls, nightlife and a super hospitable multicultural population. But why is it known as “The Magic City”? Understand in this article why and also know other nicknames that the city has gained in the last 10 years.
The Magic City
The title “Magical City” that Miami received was not due to spells, ghosts or witches. The magic has to do with another reason: The fast pace at which the city transforms each year.
For those who don’t live in the city and usually visit it once a year, on vacation, you can already witness the clear difference from one year to the next. And this can be seen in the different neighborhoods that compete with each other to see who attracts the most attention on the Miami map.
Brickell, for example, was a predominantly office district and known as the city’s financial district. It still is, but it is no longer exclusively commercial and has evolved into a hybrid atmosphere, housing some of the most desirable residential condominiums in Florida.
The central area of Miami, Downtown, not so long ago, was a decadent area, with many homeless people, and far from being the epicenter of the real estate revolution that Florida is experiencing today. The central region of Miami has received tens of billions of dollars in investments in recent years and the main condominiums aimed at short-term rental (Airbnb) are concentrated in this part of the city.
Maybe you’ve heard of Coconut Grove, or even know the neighborhood personally. The fact is that the region, also known as “The Grove” was, a few years ago, a bucolic and quiet area, more exclusive, and that did not intend to compete for attention. Visitors to Coconut Grove today realize that even this exclusive enclave, south of Brickell, is transforming itself to “steal” a little bit of the urban “vibe” of the central area for it too.
And we can continue commenting on the true revolutions that are taking place in Wynwood, until then an industrial neighborhood full of factory sheds. Even the Aventura neighborhood, much loved by tourists, is attracting major banks and is daring to challenge the giant Brickell neighborhood as the city’s financial district.
And what is the “magic” behind its fast transformation?
Florida, in general, is attracting a variety of companies, from large corporations to small restaurant chains. Giants of the financial world such as Goldman Sachs and Citadel chose the city to host part or all of their operations. In the technological field, Miami adopted the position of being a new hub, which gave the city another nickname: “The New Silicon Valley”. The title refers to the many companies that are leaving California in search of a friendlier corporate environment and lower taxes.
And these are the main factors that make Florida the perfect destination within the USA: 1 – “Business Friendly” environment and 2 – Less taxes.
In fact, Florida does not have the so-called State Income Tax, a big difference in relation to states like New York and California.
In addition to “Magic City” and “Silicon Valley”, another nickname that the city gained in recent years was “The Wall Street South” , due to the various financial institutions migrating to the city.
Do you want to buy a property in the “Magic City”?
AMG International Realty is a global real estate company specialized in Florida. If you want to know more about real estate opportunities in the “Magic City”, get in touch right now and chat with me via WhatsApp: +1 (305) 318 6968 (Heloisa Arazi).