Property prices may rise and fall, global conditions may shift, wealthy buyers may come and go but in any case, Miami's magic is here to stay. The city has developed a solid ground of globally recognized appeals that go beyond temporary booms. There is currently unsettling news such as foreign currencies weakening, countries losing their buying power due to falling oil prices and it all affects the U.S. real estate. But there’s no need to overly worry, at least when it comes to the Miami of today.
The city started making a name for itself back in the 1930s with its Art Deco architecture. Since then Miami has gone through many stages. The early ones would have not survived less-than-prosperous economic conditions. Those were the days of movies like Scarface or shows like Miami Vice, which portrayed the city as a dangerous place. It did, if fact have dangerous neighborhoods such as Downtown or the Biscayne Corridor. You would not want to find yourself there after 6pm. But look at those areas now; trendy and thriving, they are home to luxury condominiums, such as Related's Paraiso collection in Edgewater, with its untroubled residents that jog along the bay and take their dogs for a play at the park.
Today, Miami is the playground for professionals who find in Miami a gateway to their career aspirations. Taking the culinary scene as an example, we have names like Michael Schwartz, Michelle Bernstein or Adrianne Calvo that are benefitting from a solid and prolific clientele in Miami. These professionals are part of the thread that webs Miami's glamour and appeal. They have invested their time and effort because they know Miami is ready to be a big city of the world.
Experts say that there is a bright road ahead, supported by growing labor markets and a new breed of buyers (boomerang buyers) that are joining the real estate game now. Investors believe in Miami's talent and infrastructure to bring their money and business. According to the "Emerging Trends in Real Estate" a study by Urban Land Institute and PWC, Miami's economy is fully recovered and ready to support strong activity in 2015.
Miami will feel global shifts like any other big metropolitan area, but the city is now standing on solid ground and it enjoys the enthusiasm of the young and the drive of entrepreneurs who know the opportunities a developing city can offer.