South Florida’s luxury real estate market has seen a huge jump in sales over the past year, as the uber-wealthy continue to move from high-tax states.
Miami is a top-rated, world-class city with the finest restaurants, events, nightlife, fashion, arts and of course 350+ days of summer. It is an important business hub hosting hundreds of regional or global headquarters, it is the link between Latin America and the USA and its financial sector is called the “Manhattan of the South”, Miami is booming in many ways!
This is one of the reasons why in the last few years Miami has gained increased attention from wealthy families as a place for principal residency. Compared to 2020, the number of potential homebuyers looking for properties in Miami has tripled this year, making it the most sought-after market nationwide according to the real estate website and brokerage firm Redfin.com. The same analysis also concluded that New York and San Francisco continue to be the places where the most searches for residential properties in Miami originate from.
For international buyers, Florida has been in the top spot for over a decade, and nearly half of buyers focus specifically on the Miami area. Miami remains a bargain compared to other global cities. In Miami, $1 million can net homebuyers 85 square meters of prime property, according to Knight Frank’s 2021 The Wealth Report. Monaco (15 square meters), Hong Kong (23), London (31), New York (34) and Geneva (35) and others offer significantly less prime land for $1 million.
Since 2017, the nature of relocations to Miami were beginning to change from seasonal residency to a permanent change in domicile, in large part due to favourable tax regulations in the state. A benefit that only became more desirable during the pandemic.
ABOUT THE AUTHOR
The trajectory of Ann Johansson as realtor in Miami’s luxury state market dates to the early 1990s when she first visited the city. Ann is of Swedish nationality but her great interest for this thriving city for real estate and investment kept growing year by year in each of her visits. In 2011 Ann bought her first penthouse in Miami beach and started following the market closely, 5 years later she took her Florida Real Estate license so she could practice real estate full time.
The big boom for the luxury real estate industry in the city took Ann to partner-up with an international luxury brand to work hand in hand with her. She began working with a broker company called EWM Realty International, The Exclusive Affiliate of Christie’s International Real Estate in Miami-Dade.
Later in 2019 her broker joinws the Berkishire Hathaway HomeServices network and ever since, Ann has worked as a realtor and real estate consultant with luxury properties in Miami.
For more information about Miami Real Estate and luxury properties please contact Ann Johansson at: