4 main reasons you should invest in Brickell

Since the American Dream seems uphill in overpopulated cities such as New York, Miami stands up as the most relevant spot for starting a business, raising a family and starting a whole new life. Here is the secret: the Florida market is still young, its relentless but gradual growth keeps the prices moderated, which helps people to easily establish.

One of the golden starts of Miami is the Brickell district, the financial center of Florida that has gained popularity among foreign investors for the last 15 years, due to its liberal policies. Nowadays, Brickell is the 3th marketplace in the U.S, with fast-moving dynamics, highly focused on banking, real estate and retail.

The “Wall Street South” is living a great moment in its history, becoming the perfect ground for opportunities for new Florida residents. Today, we tell you 4 main reasons to invest in Brickell in 2018.

Reasons to invest in Brickell

1. An uprising market for long-term investments: the boom of Brickell’s real estate industry is still emerging. Over the last 15 years, there has been a huge increase in new building projects, and many of them are still under construction.

In a city where fiscal business, tourism, luxury and multiculturalism take center stage, it’s a smart idea to be part of the first stages of building a brand-new economy. Just imagine the value of condo units in the next 20 years, in a faster, more populated Miami.

2. It’s a high demand rental area: Brickell is the favorite district of young professionals between 20 al 40 years old, with an income 38% higher than citywide Miami. This youth appeal might be influenced by its convenient location near commercial areas, where day business and nightlife meet.

As young people tend to rent instead of buying, it has increased property profitability by rental benefits and demand.

3. Miami is the most popular destination in the U.S: according to a study by LendingTree, Miami is the 1st destination of the 50 states. The research shows that during 2017, there was an increase in the number of purchase mortgage loan requests from U.S. residents, who were looking to move to Miami.

This migration will benefit real estate in the next years, especially in commercial areas.

4. A strong bar and restaurant industry: Brickell gathers up to $8 million per year through restaurant and bar industry, that’s why it comes as no surprise that Brickell has become a foodie attraction. Currently, it stands out for its creativity, diversity and community engagement. 

If you think you are ready to take the next step, contact us. We’ll help you find the best investment opportunity for you in Brickell District.

Property Insurance: Which one is right for your investment?

It’s true that investing in the real estate market is one of the safest ways to increase your patrimony over time. However, your property can also suffer damages when you least expect it. And if you’re not ready to face these events, you could lose money, or worse, your initial investment.

Before you start renting, working, or living in your new home, you should acquire an appropriate insurance for your case. Today, we present 4 types of Property Insurance to help you make the right decision.

4 Property Insurance types especially necessary in Florida

●   Homeowner’s insurance: are you moving to a new place or investing in a second home? Everything’s not ready until you purchase home insurance. This is the plan with the widest coverage in the market; however, it doesn’t cover floods and other natural disasters, which is a problem if you live near the coast.

This insurance includes coverage for large damages, accidents that occur at home, replacement of damaged items, and it has a low deductible compared to the cost of repair.

●     Landlord insurance: it’s a versatile plan whose budget is deducted from your taxes. It covers any kind of damages to the property caused by accidents or tenants. And it also includes the cost of a tenant defaulting on rent.

On the other hand, landlord insurance is expensive, especially if you use it in your first investment, and it doesn’t extend the protection to items or furniture inside the building.

●     Flood insurance: extremely useful if your property is located near a body of water. It offers protection for total loss, damages to physical structures, and replacement of lost items; however, it doesn’t cover living expenses. You may complement this plan with natural disaster insurance.

●     Commercial property insurance: if you are starting a business, you must purchase a plan to protect you from losing money. Florida is a very competitive market, both prosperous and risky. That’s why you need to run your project in the safest way possible.

Business insurance protects companies from unexpected damages to the physical structures and keeps you away from bankruptcy after disasters.  It also has cons, because this plan involves an extra cost that might be difficult to afford if the business is new in the market.

At Gables Riches we can help you protect your investment from the unexpected, with our Property Insurance services. Contact us.