Miami’s Hot Luxury Real Estate Market Shows No Signs Of Cooling Down

Miami’s luxury hot luxury real estate market shows no signs of cooling down. Everyday boldface names in the media announce they are moving to Miami. From out of favor politicians to film stars to mid-list celebrities to Wall Street billionaires Miami is the current must-have address. According to the latest Related ISG Miami Report single-family home active listings recently hit a 15-year record low. As of January 2021, in Miami-Dade, Broward, and Palm Beach counties, there were 8,597 single-family listings compared to 13,992 a year ago.

Trump’s tax reform of 2017 had lured luxury buyers from the Northeast to Florida as their primary residence before COVID. That motivator among other reasons is bringing new residents to the Sunshine state. “We are seeing more interest from California than ever before.” Studnicky said. Another sector of buyers deciding to call Florida home are first-time buyers. “The historic low-interest rates have also attracted Millennials to purchase condominiums,” Studnicky. observes. Ron Shuffield, President & CEO, Berkshire Hathaway HomeServices EWM Realty has spent decades in the South Florida real estate brokerage business. He’s seen many markets come and go over the years. Ron explains the continuing market fundamentals moving into 2021. “One of the elements that is still impacting our market as we transition into 2021 is the number of people who continue moving to Miami to escape high taxes and flee dense city centers in the midst of COVID-19,” Shuffield explains. “The ability to work remotely has additionally influenced where buyers are choosing to live; thus, in turn, positively impacting sales in our market.”