The Miami real estate market has been explosive since the summer. In fact, Miami’s total home sales increased November 2021, jumping 20.9%, year-over-year, from 2,033 to 2,459.
The luxury market was especially hot. Miami luxury SFH ($1M plus) sales surged 120.3% year-over-year to 163 sales in November 2020 while luxury condos climbed 88.2% year-over-year to 96 sales.
Before the pandemic, migration was already underway. Why? Because Florida residents pay no state income or estate tax. For example, in Miami where property taxes amount to 1.5-2% of the assessed valuation of a home, a buyer who purchases a $30M home will pay $500K or more in annual property taxes. Saving that amount of money by claiming residency in Florida is a no-brainer.
I specialize in helping high net worth individuals at private equity firms, venture capital firms, investment banks and tech companies, who are moving to Miami at unprecedented rates, find their Miami dream home.
When remote work means there is no longer any reason to live in a high-priced, cold-weather, dense city, the appeal of beautiful weather, wide-open spaces, private and public A+ schools, gleaming beaches and warm sunshine is undeniable.
What does this mean? The time to find your Miami dream home is now.
Contact me for a complimentary consultation at 305.804.4302 or at renee@reneeMgrossman.com.