Buyers from all over the world have been driving Miami’s residential market since the worst of the condominium bust. Although it was largely overshadowed in the foreign buyer shuffle, New York City residents are heading back to Florida with money in hand.
Buyers from New York are very real and very active.
The drive is coming from the fact that buyers in New York and the northeast are beginning to change their perception of Miami’s real estate market and realize its rapidly shrinking inventory.
Many New York buyers are beginning to realize they may have missed the bottom of the market, and even more are fleeing New York for Florida’s favorable tax environment. But, now it seems like more and more people are establishing residency, moving their business to Florida and taking advantage of no income tax and the homestead protection.”
The weather, too, continues to draw New York snowbirds down to Miami.
They’re also looking to Miami for the same reasons as many of the now-famous foreign buyers: investment.
A lot of upside in the very near future is seen, in the next year to three years. But,because much greater appreciation is going on it will be shorter.
New York buyers have had a presence in Miami during the downturn.
There was a little bit of a slowdown, but certainly in areas like Miami Beach we still had some New York buyers. Which has picked up tremendously this year.
Indeed, as the Miami market recovered, some New York buyers began to rent homes and condominiums in Miami Beach, with some looking to begin establishing residency.
The foreign contingent remains Miami’s strongest source of buyers as many Mexicans and Venezuelans are beginning to pick up steam.