Tell me where you want to invest and I’ll tell you which type of person you are

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.

Five Reasons to Rent in Coral Gables

Moving into a new town can be a very stressful thing to do, especially if you are arriving somewhere you know nothing about. The good thing about South Florida is that its citizens are very friendly and always willing to help you. Still, if you’re deciding among Florida cities to move in, then here are five reasons why you should consider Coral Gables as your next destination, especially if you’re looking forward to renting a home.

1)     If you’re looking for comfort, then Coral Gables is your best option. You’ll find infinite amenities that will adapt to any lifestyle. It has one of the most unique public pools: the Venetian Pool. You’ll also find gyms, clubhouse facilities, bars, sports courts, a shopping district, all kinds of restaurants, libraries, and so much more.

2)     The Marina at Coral Gables is always an extra plus. If you’re a boat and sea lover, then you’ll find peace of mind at the Marina.

3)     If you have a family, education is always an important factor you need to think about. In Coral Gables you have excellent schools for your kids to study, and you also have the University of Miami for more advanced studies (which, by the way, was envisioned by the developers of Coral Gables).

4)     If you’re moving with your family, Coral Gables is perfect since it’s a very safe area for your kids. Also, Coral Gables offers big houses, with lots of rooms and bathrooms for your comfort. You have a great variety to choose from.

5)     Right now, there are lots of great rental deals. You can rent a home at Coral Gables for less than $1,400 a month. There are even 2-bed/2-bath units available for a family of three or even four members.

Check Gables Riches’ website for all the great rental deals Coral Gables has to offer: www.gablesriches.com. You can also contact us and we’ll take care of finding your dream home!

Local Residents and US Citizens are back in the Market!

The real estate market is continuously changing. A few years ago, it seemed to slow down, and most of the main investors were immigrants that were looking for a second vacation home. However, the market had seemed to turn upside down, and since 2016 and 2017, local residents and U.S. citizens are coming back for real estate investments.

            The Miami real estate market seems to be one of the favorite for the upcoming years. The weather, coziness, and investment stability in this city is dragging investors every day. The most interesting part is that those investors come from every generation.

            Ten years since the housing crisis, middle-aged people have fixed their credit offer. This is offering them the opportunity to reinvest their money back in the market. They seem to be buying second homes and also investing in properties as a way to gain future profits (either by reselling or renting). And due to the great deals in Coconut Grove and Coral Gables, this seems to be an amazing opportunity for this generation.

            Regarding the Baby Boomer generation, they’re downsizing or buying second homes. People from this generation already own a property, and are settled in life. But real estate is pretty attractive to them since it’s the safest way to use and keep your money, while making a profit. However, most of them are just investing in real estate to purchase a second home to spend their vacations. And there’s no destination like Miami to do so. So, you can figure out that this is a great move for South Florida’s real estate market.

            Last, there’s the Millennial generation. This is the youngest generation to have the economic opportunity to invest in real estate. Since they are tired of paying rent, the Millennials have done some great work at saving money, and now have enough to get into the market and buy a property of their own. This is a generation mostly made up of single families and full-time local residents, so this will help the Coral Gables and Coconut Grove housing market, since the properties here meet the needs of these types of investors.

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