Residential real estate in the Sunny State decreased drastically in price during the 2008 economic crisis. Florida's property market saw a slow recovery, but many parts of the state still provide investors with bargains. Miami is the premier tourist destination, and property prices reflect this.
For an investment of $350,000 buyers get a spacious three-bedroom house that is second-hand. A budget of around $290,000 will buy a resale property with two bedrooms and two bathrooms. An off-plan one-bedroom apartment in the Bay area in the centre of South Beach may cost around $380,000, but buyers can expect up to 5% annual returns. For the real bargains investors need to head further out.
Throughout the year, Miami hosts a wide range of events, for example the Miami Home Design and Remodelling Show or the Miami Open tennis tournament. Tourist attractions include Bayside Marketplace with its artisan stalls and shops, Grapeland Water Park, Miami Shores Aquatic Center, Miami Seaquarium, South Beach and Jungle Island. The most easily recognizable attractions are the pastel-coloured Art Deco hotels on Ocean Drive. Here film stars of Hollywood's Golden Era used to come for their holidays.