Miami: A Global Art Stronghold
Miami Florida is known for a lot of things such as its vibrant entertainment scene, busy beaches, spring break, The Miami Dolphins, waterfront condos and the famous South Beach. It is also known as a global mecca for contemporary art. Some have even dubbed Miami’s art week “The Superbowl of the art world “ given that more people visit the annual Art Basel art fair in Miami Beach during art week than attend the Superbowl.
Miami’s transformation into a huge art scene started with the arrival of Art Basel in 2002. Art Basel is a privately owned international art fair staged annually in Basel Switzerland, Miami Beach, Hong Kong and Paris. Art Basel works in collaboration with the host cities to help grow and develop art programs by providing a platform for artists to sell their work. Miami’s Art Basel has showcased many of Miami’s assets such as the beachfront areas, the Vizcaya Museum and Gardens, the New World Symphony and many Latin American artists who have really boosted the popularity of Miami’s art scene.
The impact that the art scene has had on the local community, its residents and investors in Miami Beach is unmeasurable, as it has had a positive impact on jobs, hotels, restaurants, bars and real estate. Another way it has had a positive impact on residents and investors is the positive effects the art scene has had on the Airbnb industry. Estimate reports have indicated between $400 to $500 million dollars annually in economic impact has been generated from Art Basel Miami Beach; generated revenue from the Short term rental industry is included in those figures.
Finding the best place to invest in real estate requires careful consideration, research and investigation. Criteria such as location, amenities and lifestyle that an area offers are commonly used by investors, but another important criteria investors could use when deciding what city, town or village to invest in is its economic potential. For example, over the last few years Florida has seen an increase in large corporations relocating their headquarters or establishing major distribution centers to the state. In South Florida, this trend is expected to continue as more companies realize the benefits of doing business there, thus creating more jobs and economic growth.
Miami Beach is a prime example of the wide variety, range and potential opportunities the state of Florida has to offer as a top destination for the savvy investor.
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