The stats don’t lie: Northerners are moving to Southern Florida in droves.
In May The New York Post reported that more than 33 thousand New Yorkers had traded in their New York driver’s licenses for Floridian versions.
Meanwhile, Miami’s The Local 10 reports that over 80,000 people have moved out of the San Fransisco Bay Area — primarily to Florida and Texas.
What do all these newly minted Floridians have in common? Some of them have migrated for work, right alongside their big-tech employers. Others had grown tired of their former states’ draconian COVID restrictions. Some people just wanted more reliable sunshine. Regardless of reasoning, Florida has become a sort of safe haven for all.
The momentum surrounding South Florida real estate continues to build. Miami will be hosting 10 years of Formula One Grand Prix’s beginning next year, and tech moguls like Elon Musk have also hinted at big plans for the city. Interestingly enough, several of the current era’s top space travelers hail from the Miami area.
The societal and economic expansions occurring in Miami and surrounding areas mean that real estate prices will only continue to rise. Those who are looking to purchase their own little slice of Floridian heaven are willing to pay above asking price already!
Other areas have also experienced a staggering rise in demand. With its combination of balmy weather, family fun, and plenty of freedom, Florida has risen to prominence as the perfect place to pursue the American dream.
How to cash in on the South Florida real estate scene
Are you hoping to invest in South Florida real estate?
Hey, it’s a great idea…but you should probably act fast. The demand for available housing is only going to keep rising, and companies are only going to keep migrating to the area. All of this means that prices are forecasted to go higher still.
Other areas of Florida may be poised to get pricier, too. The demand for housing is so high in Orlando that its available inventory has been ‘sold out’ for months now. Investors should act now if they want to secure a good deal — before things get any pricier.
Types of Florida real estate investments to consider
Investors that want to maximize their returns can take two major routes: buy commercial properties or develop short-term rentals.
Both of these strategies have their pros and cons. Commercial properties are the best option for those who seek consistent cash flow in the long run; this method entails buying properties and then leasing to top-rated tenants like McDonald’s or Starbucks.
Investing in short-term rentals, on the other hand, allows you to capitalize on South Florida’s tourist boom and access far faster returns. If you take this option, the possibilities are endless: you can hire a property manager to find tenants, manage the property yourself, and/or list your rental on Vrbo or Airbnb.
Regardless of which option you choose, the opportunity is there. Don’t wait!
Find a local Florida agent
Ready to get involved in South Florida real estate investing? If so, we’re here to assist.
We’ve helped hundreds of clients maximize their returns across Southern Florida — and you could be the next. Please visit our contact page or call us at (321) 297-8960 to get in touch.
To your South Florida investments,
Icon Property Management