Saturday, January 28

Miami low cost: Homestead and Pompano, two destinations in the sights of Argentine investors


Some of these new areas that are being targeted are Homestead and Pompano, both less than an hour from Miami Beach, the former to the south and the latter to the north. a little further, Orlando and Tampa, are also receiving Argentine investors, especially with the news of the forthcoming inauguration of a high-speed train that will link miami and orlando in just 26 minutes.

“Orlando is a city in full expansion and transformation with the same natural, tax, and quality of life attributes as Miami, but with a long way to grow, and be valued from the real estate point of view,” he says. Andrés Aller, CEO of Aller & Co., a firm specializing in financial, tax and accounting advice for Argentines with real estate investments in the United States. The price of a square meter in Orlando is around 2,000 dollars while in Miami it is already over 6,000. “Both the city of Orlando and its surroundings are growing at a faster rate than any other urban center in Florida. This is due to the fact that for the past five years the city has been changing from a purely touristic place to a business and corporate center. “Today many companies are choosing Orlando to move their offices. They first choose Florida for its low taxes, the Personal Tax Rate is 0%, and for its quality of life, and finally they choose Orlando for its more competitive prices,” says Aller. .

For Darío Rizzo, CEO of Alternativa Properties, real estate agency with offices in Buenos Aires and Miami, another option for those who do not want to go so far is Homestead, just 90km from Miami Beach, a city in full expansion where you can get brand new town houses and with immediate delivery from US $ 330,000, and for which average monthly rents of u$s2,400 can be obtained, or 7% per year.

“It is believed that while Miami has reached its ceiling in terms of square meter appreciation, 4 to 5% per year, areas such as Homestead, Pompano, Orlando and Tampa have much to grow in the coming years, it is estimated that in the order of 15% One of the reasons for these forecasts is the example of the upcoming inauguration of the high-speed train that will connect Miami with Orlando in just 26 minutes, which is carried out by the company Brightline, and which would be operating this year. transportation will turn Miami and Orlando into a single district, and it is expected that the high-speed rail will then be extended to Tampa,” says Rizzo.

Florida for all pockets

For investors with capital between US$190,000 and US$250,000 We recommend you buy in Orlando, either well or brand new. In Miami for those values, although it is usually achieved in old buildings that may require renovations or adaptations that have a strong impact on expenses. In Orlando, on the other hand, with this capital, units are obtained in projects in development of great category and with amenities, and that can be paid in installments until 2023, and that are aimed at a local market with which rents of 7% in dollars can be obtained. in traditional rental contracts”, they recommend in Alternativa Properties

For investors with capital between US$300,000 and US$350,000 We recommend cities like Homestead, 40 minutes from Miami, where you can get brand new town houses with immediate delivery for which you can get average monthly rents of US$ (7% per year). Meanwhile, for investors with capital between US$350,000 and US$400,000, we recommend well projects in areas of high demand in Miami such as Downtown, which can be paid 50% in installments during construction, and the balance to possession in 2024. They are also smart buildings already designed for the temporary rental business, which is known as Airbnb Ready, which in turn maximizes the rental business”, they conclude.

From BH Developers, they warn that For investors with capital of more than US$700,000 We recommend Premium projects in buildings even with prominent brands such as Fendi, Porsche, Armani, Aston Martin, etc. This public generally buys as a third or fourth home, for their own use, not for rent. In Bay Harbour, for example, the BH Community Club project is a complex of only 30 luxury apartments with spectacular views of the bay and exclusive amenities whose prices start at US$1,500,000. Among the buyers we have several Argentines”.

Comparative

  • The profitability in Orlando is 25% more than in Miami, and 300% more than in Buenos Aires. While in Miami it is around 5%, in Orlando it is around 6.5%, and in Homestead it is 7.5%.
  • The average value of brand new m2 in Miami Beach is around US$6,000, in Orlando around US$1,900, in Homestead US$2,000, and in Pompano US$2,100.



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