US Grand Prix vs. Miami: How Miami's luxe first race compares to Austin's festival-esque F1 experience
With an estimated 300,000 expected to pour into Miami for the freshly-minted Miami Grand Prix race this weekend, Austin's Circuit of the Americas will no longer be the only F1 race in the States.
COTA, which was the U.S.'s sole F1 headquarters for a decade, has new competition in Miami as the fellow up-and-coming tech hub gears up for the inaugural Grand Prix at Hard Rock Stadium May 6-8.
Here's a side-by-side comparison of the two Grand Prixs:
While Austin's track is still the only permanent purpose-built F1 track in the United States, Miami's temporary track has also been custom-made for Formula 1's open-wheel racecars.
Here's a look at the two tracks:
Circuit of the AmericasNew amusement park to bring rollercoasters to COTA
- Built on an 890 acre-plot in southeast Austin
- 20 turns
- 3.41 miles
- Holds a weekend attendance record of ~400,000
Miami International Autodrome
- Built around the Miami Dolphins' Hard Rock Stadium
- 19 turns
- 3.36 miles
- More than 300,000 are anticipated for the first Miami Grand Prix
While F1 is known for its popularity among the wealthy, Austin's brand of F1 has become the people's F1 race. General admission tickets for each of the first two race days, which include preliminary races, entertainment and more, are on sale for as low as $59, while tickets to the Sunday U.S. Grand Prix are yet to go on sale. Single-day Sunday tickets started at $210 in 2021, while sold-out 3-day grandstand tickets started at $724 for the 2022 race.
Miami, however has embraced the luxury appeal of the global racing sport. Raceday tickets are averaging at $2,179, three times more expensive than Austin's 2021 race, according to SeatGeek. Some immersive packages are being resold for upwards of $25,000, while the lowest Friday ticket is selling for around $100.
The rest of Miami is bracing for the surge of wealthy ticketholders, with spending expected to exceed the 2020 Super Bowl's $571.9 million in revenue. Price tags over $100,000 are dotting the city over the weekend, with some hotel suites and exclusive nightclub tables priced at six figures each.
“This is going to be the biggest week in Miami history,” Jeff Zalaznick, managing partner of Major Food Group, told NBC. “It’s going to be a very hedonistic experience.”
Meanwhile, COTA claims it brings in almost $1 billion each year as hundreds of thousands file into Austin for one of the city's biggest travel weekends of the year.
While on the throne as the U.S's sole F1 experience, COTA has sought to bring a festival-like atmosphere to each USGP. Every year, celebrities from Megan Thee Stallion to Ben Stiller and Gordon Ramsay dot the Austin event, while famous performers including Billy Joel, Shaquille O'Neal and Twenty One Pilots took to the stage at last year's race.
The 2022 event will feature Ed Sheeran as its headliner, with more announcements to come. And if it's anything like last year, the event will come packed with dozens of local food venues, musical guests, and amusement park-style entertainment from the Major League Eating Championship to stilt walkers and on-site tattoo artists.
"Austin is such a great host city, and an absolute highlight of the sport’s global tour," COTA Chairman Bobby Epstein told Austonia. "With the campgrounds, the entertainment, and the themed villages, the grand prix at COTA takes on an unrivaled atmosphere. The COTA experience is much more like that of a historic, traditional Formula 1 track."
Among others, Miami's race is expected to host celebritiesLeBron James, David Beckham, Michael Jordan and Serena Williams, who attended the 2021 USGP. The event will also last for three days and include local food, music and entertainment, including a Miami-style beach club zone with poolside views of the race in the center of the track. And just like the hoity-toity Monaco F1 race, the luxe Miami GP will include a "Yacht Club"—one that the landlocked venue has created entirely from scratch with a faux marina and about a dozen dry-docked yachts.
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So you want to buy a house?
To anyone trying to get on the "housing ladder," it's been a discouraging couple of years as prices skyrocketed in a market crowded with buyers bidding against each other for just about any available home.
Things may be calming down, with the Austin Board of REALTORS reporting fewer sales and more available homes this summer.
Mortgage rates have more than doubled in the last year, from around 3% to well over 6% on a 30-year fixed rate loan, getting even more of a bump this week after the Federal Reserve raised bank rates on Wednesday.
So how affordable are homes right now? That, of course, depends on what you want and how much you're able or willing to pay, but here are some rough estimates of what a typical buyer would pay to buy a $650,000 home, which would be considered "mid-price" in today's market.
Mortgage banker Chris Holland (NMLS 211033) of Austin's Sente Mortgage ran some numbers for Austonia to illustrate a typical purchase.
Holland says that while the 30-year fixed rate mortgage is often mentioned in the media, the most popular loan that he's seeing now is a 7/1 adjustable rate mortgage, which has a fixed rate for 7 years and then adjusts every year based on market rates, with a limit on how much it can increase each year. The interest is amortized over a 30-year period. Adjustable Rate Mortgages (ARMs) offer lower rates than fixed rate loans.
Here are the numbers, which are examples. In practice, exact numbers vary with a buyer's credit rating and overall financial situation, and with the rate, which can move up or down at any time.
- $650,000 home purchase price
- 7/1 ARM at 5.875%
- 5% down payment, equals $32,500
- 95% financed, equals $617,500
- $4,990 payment, including principle and interest (P&I), insurance, and property tax
- Typically, a borrower's debt to income ratio needs to be at or below 45%. So for this mortgage, a borrower, or borrowers, would need income of roughly $11,100/month, or $133,200/year. That number could be higher, depending on the buyer's outstanding credit balances on things like credit cards and car loans.
Holland says he's had a lot of clients approved for loans who were house hunting but have put that on hold, hoping prices come down.
Camp Fimfo Waco, a brand new camping resort, is kicking off football and fall camping season in style! With top-notch amenities, premium accommodations, and 10 weekends of fall fun, there’s no better place to have a fall camping getaway, especially if you’re a Baylor football fan!
Fall promises to be a one-of-a-kind camping experience. From Sept. 16 to Nov. 24, weekends will be packed with fall-themed activities, including special Halloween weekends in October. Campers can enjoy activities like fall crafts, campground trick-or-treating, costume contests, site decorating, outdoor movie nights, and more!
Packages and Ways to Stay
Camp Fimfo Waco
Located just 5 miles from McLane Stadium, Camp Fimfo Waco is the perfect place to stay during home game weekends. Skip the stuffy hotel room and embrace the great outdoors before cheering on the Baylor Bears! Campers can purchase a Baylor Tailgating Package that includes a pre-game meal from Executive Chef Sean Kelley and transportation to and from the game! Chef Kelley will also be cooking up delicious, elevated tailgating meals near the stadium so make sure to check out The Plaid Plate food truck before the game.
Stay in style and comfort, no matter your camping preference! At Camp Fimfo Waco, there are multiple ways to stay. Red Carpet RV sites come with a concrete pad and patio, full hook-ups, cable hook-up, a charcoal grill, fire ring and fire pit. Back-in or pull-thru options are available, as well as coveted spots tucked along the Bosque River!
Don’t have an RV? Not a problem, Camp Fimfo Waco has cabins too! Book a Riverview Firewheel Cabin if you’re looking for an air-conditioned oasis for the whole family. Complete with a kitchen and private bathroom, this cabin can fit up to 10 people. Elevate your stay by adding on a golf cart or snag a private cabana by the pool for guaranteed shade. With wifi available throughout the park, you can stay connected during your stay!
Amenities and Activities
Camp Fimfo Waco
Camp Fimfo Waco features lots of amenities to fill your days with fun, whether you’re a kid or kid at heart. After challenging your friends to a game of pickleball, basketball, or mini golf, go for a dip in the resort-style, heated pool - open daily through October! Stay on the weekends through October to enjoy the interactive splash playground. With plenty of ways to burn off energy, like the jumping pillow or playground, you can be sure to end the day with a peaceful night around the campfire!
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