Summary. Miami is the 42nd largest city proper in the United States, with a population of over 400,000, it is the second largest city in Florida. We know, however, that Miami is more than just the city proper. The Miami metropolitan area is the second most populous metropolis in the Southeastern United States. Miami’s metro area is the eighth most populous and fourth-largest urban area in the entire United States, with a population of around 5.5 million. Miami is a major center and a leader in finance, commerce, culture, media, entertainment, the arts, and international trade. Miami ranks seventh in the United States in terms of finance, commerce, culture, entertainment, fashion, education, and other sectors. It ranked thirty-third among global cities. Forbes magazine ranked Miami “America’s Cleanest City”, for its year-round good air quality, vast green spaces, clean drinking water, clean streets and city-wide recycling programs. Miami was ranked as the richest city in the United States, and the world’s fifth-richest city in terms of purchasing power.
Whether you call Miami proper, Coral Gables, South Beach, Kendall, Key Biscayne, Pinecrest and Palmetto, or any of the other neighborhoods or towns in the region home, we know that when we come out to inspect we will find a a variety of housing that ranges from high-rise condos and private waterfront homes, to golf course communities and planned subdivisions. We understand that the Miami area is the definition of diversity and offers a wide choice of housing alternatives. Each of the towns and villages within the area have varying access to the local amenities and accessibility to both the beaches and to downtown Miami and it’s attractions. As much as people outside the area like to believe that everyone in Miami lives in South Beach, each of the towns in the area are unique and care must be taken to evaluate the differences in each area.
Education. School districts and the proximity to the commuter transit system and highways are often determining factors when new residents begin their search for a home in the area. As such, these factors can have a direct impact on your valuation. Lot size and subdivision amenities are also important to buyers in these markets. Wherever your home resides, it is important that your appraiser be familiar with the impact that all of these factors can have on your home’s value.
Commerce. Miami is a major center of commerce, finance, and boasts a strong international business community. Over 25 large Fortune 500 companies are headquartered in or around Miami, Because of its proximity to Latin America, Miami serves as the headquarters of Latin American operations for more than 1400 multinational corporations, including AIG, American Airlines, Cisco, Disney, Exxon, FedEx, Kraft Foods, LEO Pharma Americas, Microsoft, Yahoo, Oracle, SBC Communications, Sony, Symantec, Visa International, and Wal-Mart.
Entertainment. Miami is a major television production center, and the most important city in the U.S. for Spanish language media. Univisión, Telemundo and TeleFutura have their headquarters in Miami, along with their production studios. The Telemundo Television Studios produces much of the original programming for Telemundo, such as their telenovelas and talk shows. Miami is also a major music recording center, with the Sony Music Latin and Universal Music Latin Entertainment headquarters in the city, along with many other smaller record labels. The city also attracts many artists for music video and film shootings. All of these economic factors contribute to a unique and ever-changing housing market that requires a distinct local perspective.
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