Properties in Miami
The Miami real estate market is stabilizing in 2026: last year's frenzy has cooled into moderate growth, homes spend 50–87 days on market, and roughly 44% of sales close in cash. The median single-family home price runs $685,000–$700,000; condos sit at $420,000–$445,000 — a separate figure from the blended average across all listing types — with luxury condos starting at $3.6M and villas at $4.1M. Brickell and Downtown anchor the financial district, with new towers like Okan Tower and Cipriani Residences. Coral Gables and Coconut Grove are historic, family-friendly neighborhoods with top-rated private schools. Sunny Isles Beach remains the traditional hub for Russian-speaking buyers. Under Florida's SB 4-D reform, older condo associations must now fully fund structural reserves.
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Miami Neighborhood Guide: Price per Square Foot
| Neighborhood | Price per Sq Ft | Best For | What Buyers Get |
|---|---|---|---|
| Brickell | $790 | Dense high-rise district on the bay | Condos for rental to business travelers |
| Coral Gables | $605 | University of Miami, low crime rate | Single-family homes on a lot |
| Sunny Isles Beach | $885 | Beachfront resort lifestyle | Oceanfront condos |
| Wynwood | $650 | Arts district, younger buyers | Lofts and new-build condos |
| Downtown Miami | $695 | Urban, walkable, high-rise living | Condo towers |
| Edgewater | $725 | Biscayne Bay waterfront | Bay-view condos |
| Key Biscayne | $1,020 | Secluded island, high-income households | Single-family homes and villas |
| Fisher Island | $1,670 | Private island, ferry or yacht access only | Ultra-luxury villas and penthouses |
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Questions from property buyers
No — this is a common misconception. Simply purchasing a home or condo does not confer any immigration status. The investment-based path to residency is the EB-5 visa: under USCIS rules (the EB-5 Reform and Integrity Act of 2022), you must invest at least $800,000 in a Targeted Employment Area, or $1,050,000 in a standard area, into a commercial enterprise that creates a minimum of 10 full-time jobs — not simply buy a personal residence.
FIRPTA (the Foreign Investment in Real Property Tax Act) is a federal IRS rule requiring the buyer to withhold 15% of the gross sale price when a foreign seller disposes of US real estate, and remit it to the IRS. That amount can be refunded when filing a tax return if the actual tax liability is lower, or the withholding can be reduced in advance by filing Form 8288-B before closing.
For most foreign buyers, no — Florida places no blanket restriction on purchasing residential real estate. The one exception is Florida's SB 264 (2023, Florida Statutes §692.201–205), which restricts citizens of seven specific countries — China, Russia, Iran, North Korea, Cuba, Venezuela, and Syria — from buying agricultural land or property within 10 miles of a military installation or designated critical infrastructure. Citizens of China face additional, stricter limits under the same law. A standard condo or house outside that radius isn't affected for buyers from the other six countries, but anyone from this list should verify the distance to nearby military or infrastructure sites and sign the required affidavit at closing. The law is currently being challenged in court, so the rule could change.
On top of the purchase price, buyers pay Florida's documentary stamp tax — 0.70% of the sale price — a regulated title insurance premium of roughly 0.5–0.6% of the transaction amount, plus recording fees and transaction attorney fees. Total closing costs typically run 2–5% of the property's price.
It depends on whether the property sits in a FEMA-designated flood zone. If it's located in a Special Flood Hazard Area and financed through a federally regulated lender, flood insurance is mandatory. Check the specific address on the FEMA Flood Map Service Center before signing the contract — this should happen during due diligence, not after closing.
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REAL COSTS
Beyond the purchase price, budget for three recurring costs. Property tax runs about 2% of value per year for non-resident owners, who don't qualify for the Homestead Exemption (Miami-Dade Property Appraiser). HOA fees start around $900/month for a typical condo, climbing to $1,900+/month in full-amenity luxury towers (First Service Residential, 2026). Foreign national mortgages are available with 25–30% down (America Mortgages, 2026). Rental yield adds another layer of return and varies significantly by neighborhood, so evaluate each property individually. Budget for flood insurance too, if the property falls within a FEMA-designated risk zone.
Miami Beach is home to the Art Deco Historic District in South Beach — the largest collection of Art Deco architecture in the United States, protected as a historic district. The city has a notably young population (median age around 40) and a subtropical climate with no real winter.