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Big Tech Firms and Latin American Buyers Fueling Miami’s Real Estate Price Increase?

Buying a single Family home in South Florida just got more expensive. Latin American Buyers and big Tech Firms could be the reason why. According to the latest Sales Report provided by the Miami Realtors Association, the Miami-Dade County experienced a 5% increase in the median home sales price in the month of April – […]

June 10, 2021/0 Comments/by support_8dba

South Florida Still a Wonderland for Out-of-State Buyers

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March 28, 2021/0 Comments/by support_8dba

Big Tech Firms and Latin American Buyers Fueling Miami’s Real Estate Price Increase?

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June 10, 2021/0 Comments/by support_8dba

South Florida Still a Wonderland for Out-of-State Buyers

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March 28, 2021/0 Comments/by support_8dba

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Big Tech Firms and Latin American Buyers Fueling Miami’s Real Estate Price Increase?

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Buying a single Family home in South Florida just got more expensive. Latin American Buyers and big Tech Firms could be the reason why.

According to the latest Sales Report provided by the Miami Realtors Association, the Miami-Dade County experienced a 5% increase in the median home sales price in the month of April – $515K from $491,250 in March.

The same report reveals an 18% increase for single-family homes in Broward County, reporting a median sales price of $464K, compared to $383K in March.

Ever since mid-2020 the continued migration of Northeast and West Coast buyers has translated into a steady rise of home prices in Miami-Dade. In May 2020, the median home sales price was $375,714 for a single-family home, almost $140K lower than it’s current rate.

This phenomenon has been fueled (in great part) by the relocation of big Finance and Tech Firms to Miami and its surrounding areas. The expansion of firms such as Blackstone and Thoma Bravo has brought with them a great number of their employees to the Sunshine state.

Florida has also seen a surge of Latin American buyers in recent months. As a means to protect their capital, affluent Central American investors have set their eyes on Florida’s real estate. They view investing in South Florida properties as a way to park their money at a time where their countries are struggling to recover from the impact caused by the Coronavirus.

Year-over-year, the total number sales in Miami-Dade rose by over 150%, from 1,576 in April 2020 to 3,960 in April 2021. The median home sales price rose 35% YoY, from $382K in April 2020 to $515L in April 2021. And the median sales prices for condos increase 23% YoY – $325K in April 2021 from $265,500 in April 2020.

The market in Broward county also experienced exponential growth. Total sales climbed 103.9%, from 1,965 in April 2020 to 4,006 in April 2021. Sales for single-family homes and condos surged by 80.9% and 126.9% respectively.

We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone at (844) 321-6168 or by email at titleinfo@titlepartnersfl.com.

June 10, 2021/0 Comments/by support_8dba

South Florida Still a Wonderland for Out-of-State Buyers

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Ever since the early days of the Covid-19 pandemic, South Florida has lured in real estate buyers from densely populated states, such as New York and California. Florida’s lower taxes, favorable weather, and relatively low number of Coronavirus cases have made the Sunshine State a no-brainer when it comes to purchasing real estate. In 2020, these factors kept real estate sales soaring high while other markets nationwide were decreasing. But, is this still the case in Q1 of 2021? To put it short… Yes!

The MIAMI Association of Realtors together with the Multiple Listing Service (MLS) reported a double-digit increase in sales for February 2021. This would make it the sixth consecutive month where sales increase reach double-digit levels. The median list price of properties also saw a 4.9% YoY increase in February 2021, sitting at $398.000.

While the real estate market in cities like Manhattan and San Francisco are still struggling to get back on their feet, predictions for the Florida market forecast non-stopping growth for the foreseeable future.

The question is, why are Florida’s housing sales still booming in 2021? Here are a few important factors:

Friendly tax environment: Florida is one of the 7 states in the US without personal income tax or property tax. Over the years, the Sunshine State has ranked as the 2nd best state for business, the 3rd state with the best corporate tax environment, the 4th lowest private-sector unionization rate, and has permanently been among the top five states with the best business tax climate.
Highly Attractive Location: South Florida is known for its beautiful views and year-long favorable weather. The climate in the Sunshine state averages around 81 degrees in the summer and 60 degrees in the winter. Its wonderful beaches and various touristic locations make Florida a highly desirable place to live.
Strong Real Estate Market: Over the past year, Florida’s median home values increased by almost 8%, and median sales prices for single-family homes have seen YoY growth for 110 consecutive months. And also considering the fact that the dollar volume of single-family homes rose almost 23% in 2020, reaching $125 Billion.

Add all of this to less strict masking requirements, a low number of Covid-19 cases (compared to other US locations), a strong renters market, and an overall better quality of life, and it’s easy to see why out-of-state buyers are going out of their way to get a piece of Florida’s real estate.

March 28, 2021/0 Comments/by support_8dba

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Half Sized Blog Element (Multi Author Style)

Big Tech Firms and Latin American Buyers Fueling Miami’s Real Estate Price Increase?

South Florida Still a Wonderland for Out-of-State Buyers

Big Tech Firms and Latin American Buyers Fueling Miami’s Real Estate Price Increase?

South Florida Still a Wonderland for Out-of-State Buyers

Full Sized Blog Element (Big Preview Pic)

Big Tech Firms and Latin American Buyers Fueling Miami’s Real Estate Price Increase?

South Florida Still a Wonderland for Out-of-State Buyers

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