What was once considered a tourist destination for seasonal residents and international vacationers has now transformed into a glamorous, vibrant, and trendy city to live in. Miami, with its beautiful Atlantic Ocean and peaceful waters of Biscayne Bay, is now an area of not only famous hotels and resorts, but also luxurious condominiums and homes located on waterfront and non-waterfront properties.

Although the US real estate market is currently undergoing a slow-down due to rising interest rates as well as shifting economic conditions and global issues, Miami is quickly growing regardless. Over the course of ten years the Greater Miami Real Estate Market will see the debut of about 90 new high-end Miami condo buildings, in areas such as Brickell, The Miami Design District, Downtown Miami, Miami Beach, and Coral Gables. Projects with promenades, shopping, offices, and condos will transform the city.

Of course, Miami is not invincible. The city, like most in the US, is feeling shifts in the market that are moving in the buyers’ favor. Due to increasing inventory and leveling prices, it now takes much longer to sell properties. The strong sellers’ market where buyers had to act quickly and compete against multiple offers, and frequently pay over full price, is gone. Sellers who are serious about selling must now price their pro-perties at the right price. However, sellers will continue to benefit from years of significant property appreciation. Buyers too may take advantage of considerably low mortgage rates, more options to choose from, and serious sellers who are more flexible with their terms. Clearly, it is a good time to buy and sell.

So, where in Miami is the right opportunity for investment? Luckily, most of the central areas have much to offer for everyone. The climate, as well as the nature it nourishes, is perfect all year round. The ocean and its beaches, the nightlife, and the culturally diverse population add flavor and audacity to a city that is ever so popular and intriguing to those who visit.

Brickell/Downtown - Like many cities around the country, Miami is trying to remake its business district into a place where people live, shop, and play, instead of just coming to work and leaving the area dead at night. Downtown is in the midst of a major building explosion, which will undoubtedly bring thousands of new residents to this area. Further, this building boom has been fueled by several factors, including a major drop in crime, better investment rates, and a local government, which became friendlier to the idea of development.

Still, some skeptics fear that the growth has been too rapid and undisciplined to support such a huge influx of new residents. Issues such as an inadequate mass transit, lack

 of parking and water systems, and not enough support services come up often.

On the other hand, in a boom market, development always outpaces planning. These newly created neighborhoods will certainly grow in terms of retail, transportation, culture, and entertainment. Moreover, the demand is there. Many of the new condos under construction have been bought out by foreign investors as well as second home owners who simply want a piece of this hot pie.

Coral Gables - A more residential, suburban-like pocket of Miami is Coral Gables. Anchored by the University of Miami, this area is filled with students, faculty, and staff that spend their weekdays on one of the most beautiful campuses in the country. The city’s professionals and their families reside in small, gated lavish communities that offer all of the amenities one could hope for.

Acres of green sprawl out along the canals, which serve as golf courses for the residents. When not golfing, most of the locals in Coral Gables have boats parked on their properties. The canals empty out into the Atlantic and therefore allow for a dense boating traffic that is active all year long.

When not outdoors, residents may opt to start their days by visiting Coconut Grove, an art inspired area in Coral Gables that offers many boutiques, galleries, cafes, and restaurants. If looking for an adventure, one may go south of Coral Gables, through other smaller neighborhoods of South Miami, and end up in the Keys where relaxation is guaranteed. With endless opportunities, this area is perfect for those who seek quiet and comfort.

Miami Beach - Finally, for those who just want to have fun, Miami Beach is the place to be. The Beach continuously upholds its reputation as a party town with ever-changing clubs, new restaurants and hotels, and a constant influx of wild twenty-somethings who are ready to work by day and party by night.

South Beach is the most expensive area in Miami Beach with new construction selling at approximately $1500 per square foot. Re-sales and conversions are still attainable in the $200s for one-bedroom condos, which is ideal for those not making an adequate income to afford new construction. However, this only applies to mid-land as anything along the water, whether the beach or the bay, is in a much higher price bracket.

For those more price sensitive, moving north is the trend. This includes the intra-coastal properties throughout 71st Street. Also, new high-rise condominiums along Collins Avenue are affordable at about $300 per square foot. Whatever the area, the proximity to the beach and nightlife is ideal.

Miami was, is, and always will be considered a perfect get-away. Where else in this country is a city of such rich culture, nature, and climate? Miami has something for everyone and it gains more admirers as it continues to grow. It’s a smart investment, both financially and mentally.