After many years in the Real Estate business, with a
growing client list and a constantly changing market, we can now say with some
accuracy which is the average profile (or stereotype) of an investor here in South
Florida. We can tell a lot about the
type of person you are just by knowing where and how you want to invest!
Let’s take Coral Gables, for example, and make a quick
review. It’s a city made with great taste, it has a solid history (Spanish
ancestors and Spanish architecture), it features sophistication, luxury and a
relaxing atmosphere. Now let’s talk about numbers. Population: over 50,000. Median
household income: $93,000. Median age: 41 years old. 95% of Coral Gables population has a high
school degree and 61% has a bachelor degree, which is one of the highest rates
in the area. This is just some great stuff about this city but there’s plenty
more.
Most people investing in Coral Gables nowadays are
doing it for profit, or simply getting a second home at a beautiful place (one
that looks like a vacation spot). Many immigrants put their minds in this city,
and what most of them have in common is that they are looking for a legal
immigration status (if they are looking for it at all), and a high percentage
of these investors are business men and women with a high level of education.
In the particular case of Coral Gables, a place where the median age goes
around 40 years old, people who come to live here are men and women with
families (married with children).
The profile for the type of person who wants to invest
in this area is starting to look quite sharp, and this is just a glance. To
conclude this statement, let’s separate the people who want to invest in Coral
Gables from the ones preferring Miami. The profile is actually quite similar,
with one particular difference. Coral Gables is more of a retiring city. This
doesn’t mean people don’t work there; it means it’s a quieter area with a
slower pace, where people with a very stable financial situation can go and
enjoy all the comforts of a beautiful city. On the other hand, people who
prefer Miami tend to be younger (a little bit), and with the one goal in mind
of making money and start settling the bases of their future. A high percentage
of them are single or recently married but with no children. Miami has a faster
pace and it features more business opportunities for people anxious to learn,
grow and have fun all at the same time.
Of course these are all stereotypes, these are not
absolutes, and at the end of the day, every person is different, but it’s
important to recognize patterns when you are working in the Real Estate
business, and you, as a client (or a potential client), should know what you
are going to find where you want to live or invest.
