It’s easy to see why Miami and South Florida are thriving if you look at the temperature gradient maps for the continent U.S.A over the last few weeks.
There are still restrictions and partial lockdowns on indoor dining, entertainment, and gatherings in many states, with no clear end in sight. Any place that allows you to do everything outside without having to wear snow boots or chipping ice is worth the premium. Over the past two months, Miami’s average daily high has been around 76 degrees in mostly sunny skies.
It is easy to see how South Florida’s recent real-estate boom could have been predicted if it had an open economy, fewer masking requirements, and relatively low COVID-19 cases counts. But, very few people knew. It happened quickly, as it did with everything else during the pandemic. South Florida developers and realtors have also learned to be cautious about the bubbles, as they are familiar with what it is like from the other side. However, South Florida’s realty resurgence is showing all signs that it’s here for a while, like other major cities like San Francisco and Manhattan struggle with long-term repricing in the opposite direction.
Most people are asking themselves the biggest question: How long will this boom last?
According to Craig Studnicky (CEO and President of RelatedISG), “The US Federal Tax Reform Act of 2017 will be a major driver if we continue to see right now.” There’s a plausible argument that Trump penalized certain “Blue” states like NJ, NY, and Connecticut. This resulted in a mass exodus from places like South Florida. In 2020, COVID-19 was an accelerator. The in-migration rate will likely slow down as the pandemic will end. This boom will not last if the 2017 tax reform act is repealed.
According to a broker, it’s a great time to be a South Florida real estate agent. Anyone who wants to fly south for the next few decades (or the rest of their lives) should get in as soon as possible.
This post was written by Dayana Susterman Dotoli. Dayana is the head real estate agent for the https://www.tiffanyhousefortlauderdale.com/. Dayana has assisted over 150 individuals with buying, selling, and leasing at Tiffany House. The Tiffany House Residences is a 12 story tower, offers 129 residences, including 1, 2, and 3-bedroom condominiums and townhomes, with exclusive, resort-style amenities and views of the Intracoastal Waterway and the Atlantic Ocean.