The South Florida real estate market has been hot for quite some time. However, due to harsh weather conditions amongst other things, the market is hotter than ever. Right now, Miami offers a few perks that residents in other states do not currently have. For example, warmer temperatures and more lenient Covid-19 restrictions. Right now, South Florida’s real estate market shows signs of a boom that is here to stay for a while.
In the last couple of months, South Florida has experienced a series of top-tier real estate sales. Many celebrities and business elites are buying properties in South Florida. For example, Ivanka Trump and Jared Kushner recently purchased a $31M waterfront plot on tony Indian Creek.
During most of other South Florida’s real estate booms, a majority of buyers for most high-end properties were foreign. However, since the pandemic started, the numbers have flipped, and now most high-end buyers are domestic. This can be due to the fact that many foreign buyers have not been able to travel to the United States. However, with the aid of technology, this has not stopped some buyers from making big purchases in South Florida.
On a recent report by ONE Sotheby’s, data shows how well the market in South Florida has been. For example, sales of homes over $3M have increased for seven consecutive months. Not only that, but 17% of all single-family homes across all price levels closed in January sold above list. Since June 2020, the South Florida real estate market has performed amazingly. Buyers are primarily 40 to 60 years old, and most of them are hedge fund, private equity, and finance people who have cash in hand. In addition, there is a boom in Silicone Valley elites buying properties in the area as well.
By the numbers, this is fantastic for South Florida’s real estate market and developers. In addition, it is also good news for the long-term sustainability of the region’s economy.
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