Miami Beach

Condo values in Miami Beach run the full gamut — $350,000 in the older stock climbing to $20 million and up for oceanfront penthouses. At trophy addresses such as Faena, Four Seasons, and Surf Club, prime oceanfront units start no lower than $2-3 million.

For sheer breadth of lifestyle, Miami Beach stands nearly alone — world-famous beaches, an iconic Art Deco streetscape, dining that competes with any global capital, and nightlife that pulls in an international crowd. If you want resort-caliber living stitched into a real urban fabric, little else compares.

Every sub-market here carries its own personality: South Beach lives for nightlife and Art Deco heritage, Mid-Beach is calmer and family-minded, North Beach holds the most accessible entry prices, Surfside offers upscale residential quiet, and Bal Harbour anchors the ultra-luxury end.

Whether you can rent short-term hinges largely on the specific building and how it is zoned — a handful permit it freely, others forbid it outright. On top of building rules, Miami Beach enforces its own vacation-rental ordinances, so before any investment buy, check both the condo association bylaws and the city's regulations.

Expect annual property taxes in Miami Beach near 2% of assessed value. On a $1 million condo, that works out to roughly $20,000 a year. Full-time residents can trim the bill with the homestead exemption.