Miami is a major port city on the Atlantic coast of south Florida in the southeastern United States. As the seat of Miami-Dade County, the municipality is the principal, central, and the most populous city of the Miami metropolitan area and part of the second-most populous metropolis in the southeastern United States. According to the U.S. Census Bureau, Miami's metro area is the eighth-most populous and fourth-largest urban area in the U.S., 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. In 2012, Miami was classified as an "Alpha−" level world city in the World Cities Study Group's inventory. In 2010, Miami ranked seventh in the United States and 33rd among global cities in terms of business activity, human capital, information exchange, cultural experience, and political engagement. In 2008, Forbes magazine ranked Miami "America's Cleanest City", for its year-round good air quality, vast green spaces, clean drinking water, clean streets, and citywide recycling programs. According to a 2009 UBS study of 73 world cities, Miami was ranked as the richest city in the United States, and the world's seventh-richest city in terms of purchasing power. Miami is nicknamed the "Capital of Latin America" and is the largest city with a Cuban-American plurality.
Miami has the third tallest skyline in the U.S. with over 300 high-rises. Downtown Miami is home to the largest concentration of international banks in the United States, and many large national and international companies. The Civic Center is a major center for hospitals, research institutes, medical centers, and biotechnology industries. For more than two decades, the Port of Miami, known as the "Cruise Capital of the World", has been the number one cruise passenger port in the world. It accommodates some of the world's largest cruise ships and operations, and is the busiest port in both passenger traffic and cruise lines. Metropolitan Miami is also a major tourism hub in the southeastern U.S. for international visitors, ranking number two in the country after New York City.
Commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Miami, Fort Lauderdale, West Palm Beach, Florida. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!
The national average total real estate commission in 2015 was 5.26% *
In Miami, Fort Lauderdale, West Palm Beach, Florida you will find the following real estate commissions charged*:
Typical Asking Commission: 6.00%
Competitive Commission: 5.0%-5.9%
Very Competitive Commission: 4.5%-4.99%
The median existing single-family home price in the South rose 6.7%, to $229,400, in the second quarter of 2017 compared to the the second quarter of 2016. Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:
In the State of Florida, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
|Cape Coral-Fort Myers||$240,000||6.70%|
|Miami-Fort Lauderdale-West Palm Beach||$340,000||7.90%|
|Port St. Lucie||$229,900||12.10%|
|Deltona-Daytona Beach-Ormond Beach||$195,000||11.40%|
|Crestview-Fort Walton Beach-Destin||$269,900||6.10%|
Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home. In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).
In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent. Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”. This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client. This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).
When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.
At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business. These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm. This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Florida.
Sellers who are also buying a home in the same local market have a volume discount advantage. ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home. Be sure to check the box that you are also buying a home locally to receive these better rates.
Click here to see your savings in just 24 hours…
The city proper is home to less than one-thirteenth of the population of South Florida. Miami is the 42nd-most populous city in the United States. The Miami metropolitan area however, which includes Miami-Dade, Broward and Palm Beach counties, had a combined population of more than 5.5 million people, ranked seventh largest in the United States, and is the largest metropolitan area in the Southeastern section of the country. As of 2008, the United Nations estimates that the Miami Urban Agglomeration is the 44th-largest in the world.
The 2010 US Census reports that of the Latino population in Miami proper, 34.4% of those were of Cuban origin, 15.8% shared a Central American background (7.2% Nicaraguan, 5.8% Honduran, 1.2% Salvadoran, and 1.0% Guatemalan) and further, 8.7% were of South American descent (3.2% Colombian, 1.4% Venezuelan, 1.2% Peruvian, 1.2% Argentinean, and 0.7% Ecuadorian), 4.0% had other Hispanic or Latino origins (0.5% Spaniard), 3.2% descended from Puerto Ricans, 2.4% were Dominican, and 1.5% had Mexican ancestry.
As of 2010, those of African ancestry accounted for 19.2% of Miami's population, Out of that, 5.6% were West Indian or Afro-Caribbean American origin (4.4% Haitian, 0.4% Jamaican, 0.4% Bahamian, 0.1% British West Indian, and 0.1% Trinidadian and Tobagonian, 0.1% Other or Unspecified West Indian), 3.0% were Black Hispanics, and 0.4% were Subsaharan African origin.
As of 2010, those of (non-Hispanic white) European ancestry accounted for 11.9% of Miami's population. Out of the 11.9%, 1.7% were German, 1.6% Italian, 1.4% Irish, 1.0% English, 0.8% French, 0.6% Russian, and 0.5% were Polish.
As of 2010, those of Asian ancestry accounted for 1.0% of Miami's population. Out of the 1.0%, 0.3% were Indian people/Indo-Caribbean American (1,206 people), 0.3% Chinese (1,804 people), 0.2% Filipino (647 people), 0.1% were other Asian (433 people), 0.1% Japanese (245 people), 0.1% Korean (213 people), and 0.0% were Vietnamese (125 people).
In 2010, 1.9% of the population considered themselves to be of only American ancestry (regardless of race or ethnicity.) And 0.5% were of Arab ancestry, as of 2010.
As of 2010, there were 158,317 households of which 14.0% were vacant. 22.7% had children under the age of 18 living with them, 31.3% were married couples living together, 18.1% have a female head of household with no husband present, and 43.1% were non-families. 33.3% of all households were made up of individuals and 11.3% had someone living alone who was 65 years of age or older (4.0% male and 7.3% female.) The average household size was 2.47 and the average family size was 3.15.
In 2010, the city population was spread out with 18.8% under the age of 18, 9.4% from 18 to 24, 33.1% from 25 to 44, 25.0% from 45 to 64, and 13.6% who were 65 years of age or older. The median age was 38.8 years. For every 100 females there were 99.2 males. For every 100 females age 18 and over, there were 98.1 males.
As of 2010, the median income for a household in the city was $29,621, and the median income for a family was $33,379. Males had a median income of $27,849 versus $24,518 for females. The per capita income for the city was $19,745.
In 2010, 58.1% of the county's population was foreign born, with 41.1% being naturalized American citizens. Of foreign-born residents, 95.4% were born in Latin America, 2.4% were born in Europe, 1.4% born in Asia, 0.5% born in Africa, 0.2% in North America, and 0.1% were born in Oceania.
In 2004, the United Nations Development Program (UNDP) reported that Miami had the highest proportion of foreign-born residents of any major city worldwide (59%), followed by Toronto (50%).
In 1960, non-Hispanic whites represented 80% of Miami-Dade county's population. In 1970, the Census Bureau reported Miami's population as 45.3% Hispanic, 32.9% non-Hispanic White, and 22.7% Black. Miami's explosive population growth has been driven by internal migration from other parts of the country, primarily up until the 1980s, as well as by immigration, primarily from the 1960s to the 1990s. Today, immigration to Miami has slowed significantly and Miami's growth today is attributed greatly to its fast urbanization and high-rise construction, which has increased its inner city neighborhood population densities, such as in Downtown, Brickell, and Edgewater, where one area in Downtown alone saw a 2,069% increase in population in the 2010 Census. Miami is regarded as more of a multicultural mosaic, than it is a melting pot, with residents still maintaining much of, or some of their cultural traits. The overall culture of Miami is heavily influenced by its large population of Hispanics and blacks mainly from the Caribbean islands.
Miami is a major center of commerce, finance, and boasts a strong international business community. According to the ranking of world cities undertaken by the Globalization and World Cities Study Group & Network (GaWC) in 2010 and based on the level of presence of global corporate service organizations, Miami is considered a "Alpha minus world city". Miami has a Gross Metropolitan Product of $257 billion and is ranked 20th worldwide in GMP, and 11th in the United States.
Several large companies are headquartered in or around Miami, including but not limited to: Akerman Senterfitt, Alienware, Arquitectonica, Arrow Air, Bacardi, Benihana, Brightstar Corporation, Burger King, Celebrity Cruises, Carnival Corporation, Carnival Cruise Lines, Crispin Porter + Bogusky, Duany Plater-Zyberk & Company, Espírito Santo Financial Group, Fizber.com, Greenberg Traurig, Holland & Knight, Inktel Direct, Interval International, Lennar, Navarro Discount Pharmacies, Norwegian Cruise Lines, Oceania Cruises, Perry Ellis International, RCTV International, Royal Caribbean Cruise Lines, Ryder Systems, Seabourn Cruise Line, Sedano's, Telefónica USA, UniMÁS, Telemundo, Univision, U.S. Century Bank, Vector Group, and World Fuel Services. 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.
Miami is a major television production center, and the most important city in the U.S. for Spanish language media. Univisión, Telemundo and UniMÁS 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. In 2011, 85% of Telemundo's original programming was filmed in Miami. 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.
During the mid-2000s, the city witnessed its largest real estate boom since the Florida land boom of the 1920s. During this period, the city had well over a hundred approved high-rise construction projects in which 50 were actually built. Rapid high-rise construction led to fast population growth in the city's inner neighborhoods, primarily in Downtown, Brickell and Edgewater, with these neighborhoods becoming the fastest-growing areas in the city. Miami's skyline is ranked third-most impressive in the U.S., behind New York City and Chicago, and 19th in the world according to the Almanac of Architecture and Design. The city currently has the eight tallest (as well as thirteen of the fourteen tallest) skyscrapers in the state of Florida, with the tallest being the 789-foot (240 m) Four Seasons Hotel & Tower.
A housing market crash in 2007 caused a foreclosure crisis in the area. In 2012, Forbes magazine named Miami the most miserable city in the United States because of a crippling housing crisis that has cost multitudes of residents their homes and jobs. The metro area has one of the highest violent crime rates in the country and workers face lengthy daily commutes. Like other metro areas in the United States, crime in Miami is localized to specific neighborhoods. In a 2016 study by the website 24/7 Wall Street, Miami was rated as the worst U.S. city in which to live, based on crime, poverty, income inequality and housing costs that far exceed the national median.
Miami International Airport and PortMiami are among the nation's busiest ports of entry, especially for cargo from South America and the Caribbean. The Port of Miami is the world's busiest cruise port, and MIA is the busiest airport in Florida, and the largest gateway between the United States and Latin America. Additionally, the city has the largest concentration of international banks in the country, primarily along Brickell Avenue in Brickell, Miami's financial district. Due to its strength in international business, finance and trade, many international banks have offices in Downtown such as Espírito Santo Financial Group, which has its U.S. headquarters in Miami. Miami was also the host city of the 2003 Free Trade Area of the Americas negotiations.
Tourism is also an important industry in Miami. Along with finance and business, the beaches, conventions, festivals and events draw over 38 million visitors annually into the city, from across the country and around the world, spending $17.1 billion. The Art Deco District in South Beach, is reputed as one of the most glamorous in the world for its nightclubs, beaches, historical buildings, and shopping. Annual events such as the Sony Ericsson Open, Art Basel, Winter Music Conference, South Beach Wine & Food Festival, and Mercedes-Benz Fashion Week Miami attract millions to the metropolis every year.
Miami is the home to the National Hurricane Center and the headquarters of the United States Southern Command, responsible for military operations in Central and South America. In addition to these roles, Miami is also an industrial center, especially for stone quarrying and warehousing. These industries are centered largely on the western fringes of the city near Doral and Hialeah.
According to the U.S. Census Bureau, in 2004, Miami had the third highest incidence of family incomes below the federal poverty line in the United States, making it the third poorest city in the USA, behind only Detroit, Michigan (ranked #1) and El Paso, Texas (ranked #2). Miami is also one of the very few cities where its local government went bankrupt, in 2001. On the other hand, Miami has won accolades for its environmental policies: in 2008, it was ranked as "America's Cleanest City" according to Forbes for its year-round good air quality, vast green spaces, clean drinking water, clean streets and citywide recycling programs.
|Miami-Dade County Public Schools||48,571|
|United States Government||19,500|
|University of Miami||16,100|
|Baptist Health South Florida||13,376|
|Florida International University||8,000|
|Miami Dade College||6,200|
|Precision Response Corporation||5,000|
|City of Miami||4,309|
|Florida Power and Light Company||3,840|
|Carnival Cruise Lines||3,500|