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Investors Drive North Miami Beach's Real Estate Boom
The North Miami Beach area is experiencing a significant surge in real estate activity, with the recent acquisition of a $73.3 million construction loan for the Nexo Residences condo project by Fortune International Group and Blue Road. This loan, secured from Tel Aviv-based Bank Hapoalim, underscores the growing appeal of the region for both domestic and foreign investors.
What Is the EB-5 Visa Program?
The Nexo Residences project, which features 254 condo units spread across 16 stories, is greatly benefiting from EB-5 visa investors. The EB-5 program is designed to attract foreign nationals to invest in U.S. businesses in exchange for U.S. residency. Currently, over 30 countries are participating, including nations like Israel and Turkey. This global appeal is making projects like Nexo even more valuable in a competitive real estate market.
A Pressing Need for Short-Term Rentals
With Nexo Residences set to be short-term rental-friendly, it perfectly aligns with market demands for accommodations catering to tourists and seasonal visitors. As Miami continues to attract a diverse crowd looking for vacation homes and investment properties, developments like this not only contribute to housing supply but also invigorate local economies. The anticipation for completion next summer has led to a remarkable 90% presold status, showing high demand amid growing short-term rental opportunities.
Future of North Miami Beach Development
Projects like Nexo Residences are part of a larger wave of developments in North Miami Beach, bolstered by nearby master-planned communities like SoLé Mia. As more people discover the benefits of living in a region that offers both luxury amenities and investment opportunities, future constructions are likely to follow suit, further transforming the landscape of South Florida real estate.
What Buyers Can Expect from Nexo Residences
The Nexo Residences will offer a wide range of units from studios to three-bedroom apartments and even townhomes. With modern amenities, including a lounge, pool, and outdoor theater, future residents are promised a luxurious lifestyle. Starting prices are competitive, making these units accessible to a broader demographic. Whether as an investment or a primary residence, buyers are entering a flourishing market.
As the real estate market evolves, staying informed is crucial. For Florida homeowners, understanding the dynamics of newly developed properties and their potential impact on market values can facilitate better investment decisions. Keep an eye on the North Miami Beach area, where opportunities abound and growth is expected!
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