When you combine low taxes, business friendly policies, a bustling cultural scene, and yacht-life, what do you get? The hottest real estate market in the U.S. – Miami on the rise!
The housing market is so active that millionaire clients can’t find homes. In 2021, Miami’s median home price rose 20% year over year, while inventory levels fell 54%. Miami is ranked #1 in the world ahead of Seoul and Shanghai for the highest 12 month percentage increase in luxury home prices.
Leading the country in net in-migration since covid, Florida has become a magnet for business professionals, entrepreneurs, and tech workers seeking to maximize their work-life balance while being surrounded by top talent. While many think of Florida as a place to retire, these professionals are moving there for career opportunities and tax advantages.
Mayor Suarez is leading to make Miami the crypto capital of the world while Venture capital firms invested $2 billion into the growing tech scene in 2020! He’s generating buzz on Twitter, enticing Silicon Valley and New York investors to build a startup ecosystem in the city.
How long will the boom last? Real estate billionaire Jeff Greene thinks people might move back to their primary residences outside of Florida, causing prices to moderate. Furthermore, the trillions of dollars of stimulus created by central bank policies and fiscal stimulus must eventually come to an end.
Despite these fears, Miami is experiencing a migration of people and money. People are calling it the Wall Street of the South, and the Financial Times writes that we are living in a “Miami Moment.” How long it will last seems just as certain as the price of Bitcoin over the coming years.