It's no coincidence that crowds of people are moving to Miami. After a long year of unprecedented events we have realized many important life lessons, one of them being to simply slow down. So, herds of people have turned to warmer weather and blue waters in an attempt to do so (and, of course, the lower tax rate doesn't hurt). But what does this mean for real estate? Major A-List celebrities, power brokers and world-renowned innovators are flocking to "The Magic City" and branding it the hottest new place to live.
Let's talk numbers. The Association of Miami Realtors recently estimated the number of total home sales to be around $4.3 billion in several major counties, starting from mid-2020. This makes 2021 the perfect starting point for potential homeowners. Plus, the price will only appreciate...meaning that this is not only time sensitive, but once you buy a home, you invest in a home as well. The Miami Herald also positioned Miami at a 68% rental-to-homeowner rate, knocking out its major competitors: New York and Los Angeles. We can expect plenty of luxury condos to be guzzled up in the blink of an eye.
Now, let's take a look at the properties. David Beckham recently made his move to Miami purchasing a five-story penthouse at 1000 Museum. Alongside him, Ivanka Trump brought her family and relocated to the simplistic design of Arte Surfside, right along the beach. Acqualina recently stepped up their game and brought in a top NYC restaurant to their kitchens, and are in the midst of reviving the late Karl Lagerfeld's designs. Most of Silicon Valley has made its move, and we can expect Amazon to expand their office here as well. This surely will create a lot of buzz, and a new atmosphere for the city. From all different branches and corners of the world, huge figureheads are flocking in alongside people looking to simply leave behind the Northeastern chill.
Are you ready to make the big move? Email me- let's get started.
Take a look at the recent market report released on One Sothebys to read about the new market trends and curated insights.
