Is Now a Good Time to Buy in Miami?
Have you been thinking about moving to Miami? Florida has seen an unprecedented number of US homeowners opting to move to the Miami area. A majority have been coming in from the North East including, New York, The Hamptons, New Jersey, Connecticut, and the surrounding areas. Other states such as Chicago and Los Angeles have also seen an outbound migration to Florida.
Approximately 950 people move to Florida every day. Of those, 45% end up in South Florida. While it has always been favorable for people from high tax states to make Florida their homestead, recently enacted tax laws have created new incentives for many wealthy individuals to move their homes and businesses here. Billionaire Carl Icahn, recently relocated his offices to Sunny Isles beach. He is in good company with the many high net worth individuals who have moved their families and enterprises to Florida to take advantage of the $0 state tax laws and the favorable business climate.
With the advent of the Corona Virus, Florida has seen an influx of people wanting to leave packed city buildings and move their families to the open spaces of Miami to take advantage of the outdoors and enjoy the temperate weather. Since March of this year, sales of homes have been brisk, with listings not lasting for more than a few days on the market. The condo market has not been as robust, however, there are some outstanding deals in the condo sector.
According to the ISG Market and the ONE Sotheby's Realty Trends Reports, (Request a copy here ), the forecast is quite bullish for 2021. They anticipate a shortage of new development inventory as there is almost no planned construction in the pipeline now.
As for current inventory, while certain areas and specific buildings always weather the storm, there is an abundance of inventory in Florida. There are deals not to be missed.
I have listed a few prices drops worth noting in each market. I look forward to showing them to you personally.
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