Florida’s Real Estate Market Surpasses New York, Becoming The Second Most Valuable Market In The US Posted on September 29, 2023 by Sarah Elles Boggs The mass exodus from New York to Florida is showing in newly-released market reports conducted by Zillow. Florida has now surpassed New York to take the second place spot of Most Valuable Residential Real Estate Markets in the United States, trailing only behind California. Florida’s uptick in value has been credited with the population surge that began after the pandemic in 2021. New residents flocked in from metro areas including New York and Chicago. We have also seen a migration of new residents from the Connecticut area as savvy residents escape mounting taxes and search for a warmer climate. In order to offer housing for the new Floridians, the construction industry has been full-steam ahead with new condo towers being announced nearly every week. The value of Florida’s residential real estate now tops $3.62 Trillion in December 2022, ahead of New York’s $3.32 Trillion. In December of 2021, Florida’s real estate was valued at $3.01 Trillion and the number is continually growing. A Jump In Value While most of this value comes from the Miami market, eight of the top ten fastest growing metro areas in the United States were in Florida. The boom is statewide. Miami/Fort Lauderdale’s market value grew from $942 Billion in 2021, to $1.2 Trillion in December of 2022, a 23% increase year over year. Lakeland had the largest percentage of increase in the United States with a 25.3% growth. Their values came in at $82 Billion in December 2022. Top 10 States For Value In Residential Real Estate Markets | Image Credit: Zillow Declining States While California still holds the title of the most valuable real estate market with $9.52 Trillion in property values, they are also quickly losing momentum. Obviously, there is a long way to go for Florida to catch up. The California market is valued at close to the Florida, New York and Texas markets combined. With this being said, California’s recent policies that are not friendly to luxury real estate holdings and investors are scaring many of these purchasers out of the state. Even the Hollywood elite is relocating to places like Miami, Austin and Memphis. What’s To Come While it is predicted that home price appreciation is set to stagnate over the next year, this is on a national scale and is a response from the market to the rising interest rates and inflation. It is not predicted that Miami’s real estate market will stagnate as we are still experiencing “The Citadel Effect,” an influx of new executive-level residents from Chicago that are in the process of relocating to the Magic City. Ken Griffin’s move to Coconut Grove and subsequent commercial purchases in Brickell have also led to a contagion of tech firms and other financial institutions following suit. As construction has not even begun on Citadel’s new headquarters at 1201 Brickell Bay Drive, The Citadel Effect is anticipated to positively affect Miami’s real estate market for some time in the future, particularly in the Brickell/Downtown Miami/Coconut Grove areas. Top 10 Metro Areas For Percentage Of Growth In Residential Real Estate Values | Image Credit: Zillow If you need or want to move in the Miami area, or if you are searching for a real estate investment, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman, to discuss pre-qualification requirements. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Image Credit: InterMiami CF
Miami is a Happy City, for Good Reasons! Posted on November 30, 2014 by Michael Light Miami, Florida Since it’s the weekend of Thanksgiving, I think that it’s the perfect time to write about why people, including myself, are thankful and happy to live in this truly one of a kind, “Magic City,” Miami. Miamians are truly fortunate to live in such a beautiful city, but Miami has much more than just beauty to offer. In fact, Hannah Sentenac, a blogger and creator of the Happy Wall, an interactive art piece that will be displayed in Cocowalk in Coconut Grove this holiday season, wrote a blog “Ten Reasons to be Happy You Live in Miami.” Although, I have elaborated in my own words below, I completely agree with all Sentenac’s 10 reasons. 1. Sunshine Regardless of the time of year, Miami is always full of sunshine. What can make a person’s day brighter than sunshine, literally. 2. Art Miami has an eclectic variety of art culture. From the Wynwood Walls to the numerous galleries, the famous annual Art Basel to the variety of art museums, Miami has it all. 3. Living here is like we’re in on a secret Most tourists think that Miami is simply South Beach, but that is simply not true. In fact, Miami has much more excitement and fun in other parts, such as Downtown Miami, Brickell, the Arts District, Coconut Grove and Coral Gables. Further, Miami is truly a melting pot and the diversity of different cultures is what makes Miami such a fascinating city. 4. Miami’s philanthropic scene Miami has an abundance of philanthropic organizations that work to make our city a better place and to help those who are less fortunate. We should be most proud of this characteristic. 5. The Stunning Views Plain and simple…Miami has some of the most breathtaking views in the world. From high rise condos in Downtown Miami and Brickell to Key Biscayne to Miami Beach, Miami offers purely stunning views. 6. Events Galore Miami is such an exciting city and always offers fun and exciting events. From Carnival to the SoBe Food and Wine Festival to Art Basel, and the forever-going, vibrant nightlife, there are always fun things to do in Miami. 7. The Keys and the Everglades 2 of the most extraordinary natural treasures are just minutes away from Miami. 8. Rapid Growth Miami is rapidly growing and expanding into a sophisticated, chic metropolis. From the 10-mile linear park planned, to Brickell City Centre and Miami Worldcenter, the 2nd largest urban development in the country, to SkyRise Miami and the 173 new residential condo developments currently in planning or construction phases, Miami is growing at an astronomical speed. In fact, Brickell is soon to be internationally-recognized as an international financial district. 9. We can wear flip flops year round We live in a tropical paradise and should enjoy it. In the middle of February, when other parts of the country are filled with snow, Miamians are enjoying the beach and driving around in convertibles with the top down. It can’t get much better than that! 10. Miami is surrounded by water Not only does Miami feature the beautiful Biscayne Bay and Atlantic Ocean, it boasts many beaches including Miami Beach, Key Biscayne Beach and much more. So, if you live in Miami, be thankful, and if you don’t maybe you should consider moving here or getting a second or third home here! If you are interested in purchasing a house or a condo in Miami, you need a Miami Realtor® you can trust and who has direct knowledge of the Miami real estate market, please contact Michael Light of Miami Luxury Homes. You can reach me on my cell phone at (786) 566-1700, at my office at (305) 350-9842 or via email at michael@miamiluxuryhomes.com. I look forward to the opportunity to earn your business.