Aventura is a suburb of the prestigious Miami resort, located in the state of Florida. The city is situated in the northwest and boasts high investment potential. The area is characterised by modern premium-quality developments, an abundance of exotic vegetation, proximity to beaches, and numerous opportunities for shopping. Aventura is home to the third-largest shopping centre in the USA, the Aventura Mall, which houses over 300 stores. Let's discuss the advantages of real estate in Florida in this region and its attractiveness for investment.
Content:
- City features
- State of the local real estate market
- Advantages of investing in Aventura real estate
- Property management as a convenient format for investors
- Conclusion
City features
Aventura, situated in Miami-Dade County, derives its name from the Spanish word for "adventure." One of the main advantages of the city, established in 1995, is the quality of its buildings: it’s dominated by multi-story houses offering both compact apartments in Florida and luxurious penthouses. The area has a convenient location: the beaches are just a 5-minute drive away, and downtown Miami is less than an hour's drive. The internal infrastructure provides locals with a vibrant cultural environment, along with access to shops, restaurants, and nightclubs. Comfortable conditions also enhance the investment attractiveness of the housing.
State of the local real estate market
Over the past year, housing in Miami-Dade has appreciated by an average of 7.9%. Per the Miami Association of Realtors, the year 2022 saw the sale of 31,627 houses and 19,377 condominium apartments in this region. Economists believe that a drop in mortgage rates, which are currently at 6.78%, can further stimulate the market. Nonetheless, this facet holds little significance for investors intending to acquire properties without relying on loans.
According to NeighborhoodScout analytical data, over the past 10 years, real estate in Miami has appreciated by an average of 188.09%, further confirming the benefit of buying property in this resort region. While specific data for Miami's districts are not provided by the analysts, the overall situation allows conclusions about the demand for real estate.
As for the Aventura housing market specifically, here you can find a wide variety of offerings to suit any budget. The current listings for properties in development projects in Florida have the following prices:
- a 1-bedroom apartment can be bought for $200,000;
- a residence with 2 bedrooms is offered for $250,000;
- 3-bedroom apartments are priced at $370,000.
A villa in Florida with an area of 313 sq. m (approx. 3,369 sq. ft) featuring 5 bedrooms is on sale for $3.5 million. Meanwhile, a more compact house with an area of 126 sq. m (approx. 1,356 sq. ft) and 3 bedrooms can be purchased for $665,000.
Advantages of investing in Aventura real estate
Investing in housing in a resort suburb with rising real estate prices will be a profitable move. Among the advantages are:
- Convenient location near a seaport and two international airports. The Fort Lauderdale airport is a 20-minute drive away, while the Miami airport can be reached in a 30-minute drive.
- Attractive prices compared to similar properties in other, more well-known Miami resorts.
- High-quality housing. Residents of apartments in new buildings have access to a wide range of additional amenities, including swimming pools, fitness centres, sports and playgrounds.
- The real estate market experiences demand for both short-term and long-term rentals.
When purchasing condominium housing, it's important to review the residential complex's charter documentation. Many condos only allow long-term rentals of six months or more. This way, residents strive to maintain a more tranquil lifestyle, shielded from tourist hustle and bustle.
Property management as a convenient format for investors
Often, when deciding to buy a house in Florida, the question arises of how to rent the property if the owner does not plan to reside in the US permanently. This shouldn't deter individuals from seizing the chance to broaden their investment portfolios. Local real estate agencies provide a comprehensive suite of property management services, encompassing promotional activities to draw prospective clients, tenant evaluations, handling rent collections, and overseeing property upkeep. The owner receives a net income after deducting the agency's commission fee.
Conclusions
Investing in real estate, especially in the Miami-Dade county of Florida, continues to be a lucrative venture. It enjoys high demand, making it easy to resell an apartment. Given the price increase, such a transaction will bring a profit. Moreover, one can earn rental income without any effort.