Custom «Miami Statistical Data on the Real Estate Market» Essay Paper

Miami is the 42^nd biggest city in the United States located in the west coast of southeast Florida. It is the county headquarters for the county of Miami Dade in Florida. The city is one of the most diverse cities in America having a significant proportion of different races living in the city. According to census reports released by The US census bureau in 2006, the city has a population of 2,531,769. Out of this population, the white population account for 534,482 (23 percent of the population), the black population accounts for 457 421 or 20, 3 percent of the population. The Hispanics are the largest ethnic group in Miami accounting for, 997,234 or 57.3 percent of the population.

The city is leading center of commerce, a cultural melting point culture, a media and entertainment center and a leading fashion icon. It is the city ranked seventh in the United States in terms of finance, entertainment, education and fashion. The city has a reputation for being the cleanest t city in the United States and has good supply of air drinking water and good waste recycling programs (GMSVB, 2011).

The city is home to many international institutions of finance and many other local and international companies like research institutions and biotechnology industries. Miami city has many attractions but the cruising industry is among one of its finest attractions the city. The Miami port has always been referred to as the cruise capital in the world because it hosts the highest number of cruise passengers , cruise ships and records one of the highest numbers of cruise ships traffic in the world. The city enjoys mild climate all year and the location on a beachfront makes the city to be attractive to many visitors from the world over (DPODC, 2006).

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The city hosts many top golf courses, tennis courts and other sporting facilities. Miami is therefore a number one destination for many travelers and immigrants of all skill, levels and ages from around the world making the Miami cities population very diverse. There is a large concentration of immigrants into Miami like Asians (0.81 percent of the population), Chinese Koreans and Vietnamese and other nationalities in reduced proportions. The city's demography is good because the majority of the population is between the ages of twenty to forty years. The streets of the town are very busy because some of the cities attraction makes huge crowds. Miami has great to offer in terms of leisure and recreation, finance, industry and shipping (MB, 2009).

Miami city also attracts foreign direct investment because of its diverse nature. There are many business FOREIGN OWNED BUSINESSES IN MIAMI. For example, the Espirito Santo financial group financial group based in the Portugal has a headquarters for its United States banking subsidiary in Miami city (DPOD, 2006).

The real estate sector in Miami has many impressive buildings like the Mint .This building is a 56 stories condo located in the waterfronts of Miami river, the building hosts a variety of traditionally designed floor, plans ,kitchen appliances, bathrooms and floors made of marble. The building was designed by the architect Veda Leon and hosts many residential flats and very beautiful interiors. The mint hosts excellent recreational facilities because it has sprawling sporting facilities. There is spa, health clubs, saunas, swimming pools and children playgrounds in the mint building (GMSVB, 2011).

The mint building is also a gated community with a twenty-four hour system security system. The mint also has a performing arts center, gardens for meditation, and outdoor sports on a 13 acre landscaped oasis extending on a 900 feet river frontage. The convenient location of the mint condominium also makes the building very attractive because the building is just a ten-minute drive away from the main airport. It is also next to the shopping center, and next to the financial and commercial capital, of Miami .The mint building offers ultra convenience luxury in the heart of Miami (GMSVB, 2011).

Another magnificent building in the heart of Miami is the epic hotel. The hotel is located on a two-tower building. One tower is a 54 storied and the other is a 60-story building soaring into the horizon of Miami. The building also hosts a condominium. The two towers are collectively known as the epic DuPont .The larger sixty-storied tower hosts a hotel in 14 stories while the 54-story tower hosts one to three bed roomed apartment and townhouse units (DPOD, 2006).

The epic hotel is also located on a waterfront on the north side of the Miami River with a footpath lining the riverside. The architect Revultas Luis designed the epic DuPont building. The architect featured contemporary and modern America themes in the design of the building. The grounds neighboring the epic hotel are well landscaped and offer visitors in to the hotel experience aesthetic beauty. There are cascading waterfalls, tropical botanical gardens and parks in these grounds offering scenic beauty. These epic grounds are among the most expensive and most luxurious properties in the waterfronts of Miami River in the whole of Florida (MB, 2005).

Another famous building in the heart of Miami is the axis on Brickell.The axis condominiums are two three stories architectural distinct towers located on the western side of Brickell avenue. The axis building host over seven hundred residencies and is a home to many residents. There luxurious buildings offer many features like the state of the art videoed conferencing facilities, spectacular view of the city and view of the Miami bay. The interior of the axis condominiums are furnished with spacious closest, air conditioning, and air heating systems (DPOD, 2006).

The two stories that make up the axis building are separated by a common outdoor pool. The axis building is conveniently located near shops, supermarkets, entertainment centers and served well by public transportation. The building also has it has a Sauna, gym and a concierge. It also hosts a business room and a business center in the building. The axis buildings is located in the south west 1^st avenue in Miami (DPOD, 2006).

One of the South American owned banks in Miami; the Banco popular bank has its headquarters in Miami. The headquarters are at the Bunco popular building located at the northeastern side of Miami along the garden drive. The buildings occupy about 36, 610 square foot of space. The building is classified, as class B office building .The location of the building is strategic because it is located in Miami garden drive in the middle of the city of Miami (GMSVB, 2011).

This building is strategically in area adjacent to Skylake center, which is the regional center of shopping. The region hosts many businesses like shopping malls and many other buildings located within a short distance from the Banco popular building like supermarket s, fashion stores all located within a short distance from the building. The Ventura mall in Miami city is also located on a short distance from Banco popular building. The Banco popular building was opened in the month of august 2000 to cater for high number of Hispanic population in Miami since majority of its clients is from South America. This bank is a subsidiary of Banco de Puerto Rico and is one of the leading banks in Puerto Rico (DPOD, 2006).

Another foreign owned bank with operations in Miami is BAC Florida bank .The bank is owned by the Pella's group a company based in Latin America where the bank has majority of its customers. Its presence in the Miami is a way of tapping into the large Hispanic population in Miami. The bank offers a variety of services like investment services and products and wealth management services. The bank is located at the Coral Gables section on the southwestern side of Miami. It is also on the 22^nd street in Miami at a location called miracle mile area (MB, 2009)

The infinity building is another magnificent building that has spectacular condominiums in Miami city. This 52 storied buildings consists of one to three bed-roomed apartments with 20 feet long windows, 10-foot ceilings and an in built poolside lounge for relaxation. The infinity consists mainly of luxurious condominiums at the heart of Brickell village. The 56-story building has many lofts, flats and apartments. The building also hosts a restaurant. The infinity has state of the art fitness center for exercise and a private area for television library and catering rooms (GMSVB, 2011).

On the outside of the infinity building, the building has a well-maintained and secure garage maintained by the well-monitored twenty-four hour security surveillance. The building also has an air conditioning system and well-designed interiors and designer appliances. The infinity at Miami has distinct lofts with a variety of floor pans. The building is located to the east of Blackwell Avenue and offers a spectacular view of the Biscayne Bay and the beach because there are no high-rise buildings behind it to block the view (GMSVB, 2011).

Infinity building is a luxurious and prestigious building that offers the best of Miami. The building officially opened in 2008 and it is located on the southwestern side of Brickell in south Miami. It is also near the 13 street in southern Miami. This is a very great and convenient location because it is a walking distance form shopping centers like Publix ,supermarkets and shopping malls like Mary Brickell village and restaurants such as segaferdos which I just down the lower places of the street. Infinity building is a low cost building because it has units selling for less than 200 0000 dollars (DPOD, 2006).

Corus bank is the bank that financed the construction of the affinity building and later went under. The variety of designs in the building makes it to have spectacular because there are two storied lofts flats and studios in the building. The lofts in the building are very spacious it is only high-rise that gives a spectacular view of the skyline and the view of Biscayne Bay in Miami. This building offers unmatched but affordable luxury in the heart of Miami city (DPOD, 2006).

One of the most magnificent buildings projected to grace the skylines of Miami is the construction is the capital at Brickell project. This project located in the southern end of the Brickell financial division overlooks the Charles Simpson park and the Biscayne bay. The construction of the project commenced in the year 2007. The project was expected to be complete by the year 2012. The capital at brick project is a mixed user office and condominiums complex within two towers. The south tower has 53 stories and northern tower has 57 stories. The architect Fullerton Diaz designed this building. It has unique one, two and three bedrooms houses and lofts. It occupies a space of about two thousand and two hundred square feet of space (Mizrahi, 2005)

The capital at Brickell project also includes amenities such as air conditioning, temperature control, swimming pools, sports lounges steam baths and sauna fitness center. The building also has a twenty-four hour security system. The contractors that won the tender of constructing the house are the cable developers. The building design closely resembles the empire state building located in Manhattan (MB, 2009).

This capital at Brickell building after completion was supposed to be a mixed user building and housing many businesses in one building like groceries, residential houses and supermarkets. The plan of this building is endowed with every utility an urban dweller can dream off ranging from spectacular views of Biscayne Bay and Simpson Park, enhanced 24 hour security surveillances; business centers café gourmet, sports and swimming facilities and many other recreational facilities like aerobic centers and high-speed elevators. The plan also included the installation of High-speed internet and cable TV and valet parking. The capital building was also projected to have modern kitchens equipped with stainless steel fringes microwaves and dishwashers (Mizrahi, 2005).

The Ventura group of companies based in Mexico owns the capital and Brickell project. The completed project was projected to cost around 888 units of houses near the financial center in Miami. The capital project being constructed by the cable developers was first projected to cost around 584 million dollars to build. The estimated values of the annual tax revenue that was projected to be generated from the building on completion is 2.98 million dollars .revenue in taxed for the Miami city (Mizrahi, 2005).

The GICSA group of Mexico that build many offices residential and industrial facilities in Mexico owns the cable group cable group of companies selected to build the project. However, the construction of the capital project stalled due to a number of factors. One is the problem of pricing where the price of building materials peaked and affected the cable company because they had to revise the allocation prices to respond to the surge in price of construction materials (MB, 2009).

Another factor that slowed the pace of the construction is the housing bubble and the resulting global financial crisis that began in 2007. This financial crisis affected the pricing of house significantly in the United States, the housing bubble made many buyers of property to shy away and resulted to low investment and sale of many houses in the housing sector in the United States. The cable construction company that was building the project was severely affected by the crisis and the project stalled (Mizrahi, 2005).

The global financial crisis did not just slow the construction of the capital at Brickell in Miami. It has also affected the development of other condominiums in Miami as well. For example by the year 2005, the Miami city was in the spotlight over the planned construction of over 58317 condominiums in Miami and the surrounding areas. However, the housing bubble and the global financial crisis resulted in many projects either coming under complete halt or slowed down the pace of construction of these buildings due to a slump on property finances. Most of the buildings earmarked for construction, about 37 percent of the buildings have either completely stalled and others have slowed down on the pace of completion (MB, 2009).

However, many skyscrapers have been constructed altering the skyline of Miami since 62 percent of the buildings have been constructed despite the global financial crisis (Mizrahi, 2005). The high number of condominiums completed despite the severely of the global financial crisis represent the strength of Miami city even in the face of the global financial crisis meaning. Miami city is holding up well to the crisis. Although there has been a halt in construction of not only the capital at Brickell condos, other the developers of condos in Miami are slowly picking up and the future promises what could herald a return into big scale construction of condos in the downtown Miami and the suburbs of Miami.