Buying property à Miami with a dedicated expert

Miami's property purchase market is highly segmented by neighborhood, with significant price variation reflecting location, lifestyle, property type, and proximity to water or urban amenities.

• Brickell: Miami's financial district and one of the most sought-after urban neighborhoods. Dominated by high-rise condominiums. Entry-level units start from approximately $400,000–$500,000 USD; luxury and waterfront units reach several million dollars. Price per square foot in the luxury segment averaged approximately $1,027 USD/sq ft in Q2 2025 (source: CondoBlackBook, Q2 2025). Attracts young professionals, executives, and international investors.
• Wynwood / Edgewater: A creative and rapidly gentrifying corridor. The median sale price per square foot in the Wynwood-Edgewater area was approximately $706–$709 USD/sq ft as of mid-2025 (source: Redfin / Movoto, 2025), with median sale prices around $654,000 USD. Attracts buyers seeking urban lifestyle, arts culture, and proximity to Brickell and Miami Beach.
• Coral Gables: One of Miami's most prestigious residential neighborhoods, known for Mediterranean Revival architecture, tree-lined streets, and top-rated schools. A primary single-family home market with strong and consistent demand. Inventory remains tight, with 2–4 months of supply for homes priced up to $5 million USD (source: David Siddons Group, Q2 2025). Prices reflect the premium character of the neighborhood.
• Coconut Grove: A lush, walkable neighborhood with a village atmosphere, strong school catchment, and high demand from families and out-of-state buyers. The market is segmented by price range: $1M–$3M USD, $3M–$6M USD, and $6M+ USD (source: David Siddons Group, 2025). Considered one of Miami's most coveted neighborhoods.
• Downtown Miami: Offers the most affordable entry point into Miami's luxury condo market, with a median price of approximately $718 USD/sq ft in Q3 2025 (source: CondoBlackBook, Q3 2025). Attracts investors and first-time buyers seeking urban living at a relative discount to Brickell.
• Miami Beach / South Beach: Iconic waterfront and beachfront properties command significant premiums. The luxury condo market here is among the most expensive in the metro area, with prices per square foot well above the city average.
• Little Havana: A more affordable entry point into the Miami market, with a strong cultural identity. Attracts buyers seeking value relative to adjacent neighborhoods, with ongoing gentrification increasing purchase interest.
• Key Biscayne: An exclusive island enclave with limited inventory, waterfront access, and a family-oriented community. Commands among the highest per-square-foot prices in the Miami metro area.

Buying property in Miami follows a structured legal process governed by Florida law. Below are the key steps from initial search to final closing.

1. Define your search criteria and budget: Establish your target neighborhoods, property type, and maximum acquisition price. If financing, obtain a mortgage pre-approval before making offers.
2. Engage a licensed real estate agent: Since the 2024 NAR settlement, buyers must sign a written buyer representation agreement with their agent before touring properties. Buyer agent compensation is now negotiated separately from the seller's side.
3. Property search and viewings: Visit properties listed on the MLS (Multiple Listing Service). In Miami, days on market for the overall market averaged around 68 days as of mid-2024 (source: The APT Team, 2024), though this varies significantly by neighborhood and price range.
4. Submit a written offer: Your agent prepares a formal written offer using the Florida Realtors/Florida Bar purchase and sale agreement (the standard FAR/BAR contract). The offer specifies the purchase price, earnest money deposit, contingencies (inspection, financing, appraisal), and proposed closing date.
5. Negotiation and executed contract: The seller may accept, counter, or reject the offer. Once both parties sign, the contract is executed and the transaction enters escrow.
6. Earnest money deposit: The buyer deposits earnest money — typically 5–10% of the purchase price — into an escrow account held by a title company or real estate attorney within a few days of contract execution (source: Marina Title, 2024).
7. Due diligence and inspection period: The contract typically provides an inspection period (commonly 10–15 days for residential) during which the buyer may conduct a home inspection, review HOA documents, verify title, and assess any issues. The buyer may renegotiate or withdraw during this period.
8. Title search and title insurance: A title company or real estate attorney conducts a thorough title search to confirm clear ownership, identify any liens, encumbrances, or easements, and issue a title commitment.
9. Mortgage application and appraisal (if financing): The buyer submits a full mortgage application. The lender orders an independent appraisal of the property.
10. HOA approval (if applicable): For condominiums or HOA communities, the buyer must receive formal approval from the association before closing.
11. Final walkthrough: Typically conducted 24–48 hours before closing to confirm the property's condition matches the contract terms.
12. Closing: All parties (or their representatives) sign the closing documents at the title company or attorney's office. The buyer pays the remaining balance and closing costs. The deed is recorded with Miami-Dade County, and keys are transferred. The entire process from executed contract to closing typically takes 30–60 days for financed purchases and can be shorter for cash transactions.

Foreign nationals and non-U.S. residents can obtain mortgage financing to purchase property in Miami, though the terms differ from standard U.S. resident loans. Several lenders offer dedicated foreign national mortgage programs.

Eligible lenders: Not all banks offer mortgages to non-residents. Institutions with known international buyer programs include HSBC, Citibank, Wells Fargo (international program), Centennial Bank, and First Southern Bank, among others (source: Buying Property in Miami as a Foreigner, 2026). Specialist mortgage brokers familiar with the Miami market can identify the most suitable programs.

Down payment requirements: Foreign national buyers should expect significantly higher down payment requirements than U.S. residents:

• Primary residence purchases (less common for non-residents): approximately 20–30% of the purchase price.
• Investment and vacation properties: commonly 30–50% of the purchase price (source: Foreign National Mortgage Miami Beach, 2025).

Maximum loan-to-value (LTV): Alternative and specialist lenders typically offer a maximum LTV of 75–80% for purchase loans, meaning a minimum down payment of 20–25% (source: DAK Mortgage, 2025).

Documentation required for a foreign national mortgage:

• Valid passport and secondary ID
• Proof of current residence
• Foreign bank statements covering 3–12 months, with explanations for large deposits
• Proof of income: tax returns, payroll records, or company financials with certified English translations
• Source-of-funds evidence
• ITIN (Individual Taxpayer Identification Number) — required for tax compliance
• U.S. bank account details (recommended for smoother fund transfers)
• International credit references or alternative credit verification

Condo warrantability: For condominium purchases, lenders assess whether the building meets criteria related to HOA financial health, reserve funding, litigation status, and owner-occupancy ratios. Non-warrantable buildings may limit financing options and reduce available LTVs.

Interest rates and fees: Foreign national mortgage programs typically carry higher interest rates and fees than standard U.S. conforming loans, reflecting the additional risk and documentation complexity for the lender.

Cash purchases: A significant proportion of international buyers in Miami purchase with cash, avoiding the complexity of cross-border financing entirely. Cash transactions also offer a competitive advantage in negotiations.

Real estate agent commissions and professional fees in Miami are structured as follows, reflecting changes introduced by the 2024 NAR (National Association of Realtors) settlement.

Post-2024 commission structure: Following the August 2024 NAR settlement, sellers and buyers must now negotiate agent fees separately. Buyers must sign a written buyer representation agreement specifying the agreed compensation before touring properties. Sellers and buyers each contract independently with their respective agents (source: What To Know About Realtor Fees in Florida, 2026).

Typical commission rates:

• Listing agent (seller's agent): Typically 2.5–3% of the sale price.
• Buyer's agent: Typically 2.32–2.5% of the purchase price, negotiated directly with the buyer (source: Real Estate Commissions in Miami, 2024).
• Combined total commissions historically averaged around 5–6% of the sale price, though this is now more variable following the 2024 reforms.

New-construction purchases: When buying directly from a developer, the developer typically covers the buyer's agent commission. Buyers receive professional representation at no direct cost to them.

What a buyer's agent service typically includes:

• Market analysis and neighborhood guidance to identify suitable properties
• Scheduling and accompanying buyers on property viewings
• Comparative market analysis (CMA) to assess fair purchase value
• Drafting and submitting the purchase offer using the standard FAR/BAR contract
• Negotiation of price, terms, contingencies, and repairs on behalf of the buyer
• Coordination of the inspection, due diligence, and escrow process
• Liaison with the title company, lender, and seller's agent through to closing
• Final walkthrough coordination and closing attendance

Additional professional fees:

• Real estate attorney: While not legally required in Florida, many buyers — especially foreign nationals — engage a real estate attorney to review contracts and protect their interests. Attorney fees vary by firm and transaction complexity.
• Title company fees: Title search, title insurance premium, and closing/settlement fees are paid at closing.
• Home inspector: A professional home inspection typically costs between $300–$600 USD or more depending on property size, and is strongly recommended.