Florida is overtaking New York by upscale housing concentration

Florida is overtaking New York by upscale housing concentration

Historically, the richest US neighbourhoods were concentrated within New York and California. Now, however, the value of properties in some Florida areas surpass these indicators.

Experts note that Miami, which used to be a place where people came to have fun and sunbathe for a few days, is now an attractive location for living. The lifestyle, climate, and economy are the key parameters that attract potential buyers. High-net-worth individuals are moving to Florida more and more often, and the cost of ultra-luxury residences in this state is hitting all-time records.

Fresh data shows that average prices of a single-family house on Star Island, Miami, reached $40.2 million last December. The value of a high-end home in Cathedral Hill, Mission Dolores, and South of Market in California has meanwhile reduced. Wealthy professionals from Upper East Side or Nob Hill, San Francisco, also prefer to invest in Florida real estate.

Even before the pandemic, Florida used to draw billionaires wishing to purchase a tax-exempt home. Now, when an increasing number of rich buyers is choosing US South for investment, the number of upscale properties in Florida is soaring. The number of wealthy buyers in Florida increases even in locations that has not been considered attractive for this segment before, for instance in Tampa.

Miami is traditionally attractive for buyers of premium real estate. This trend has lately extended to the neighbouring Fort Lauderdale with the world-famous International Boat Show and a large airport that receives flights from Europe, Canada, Latin America, and most US cities. This city is deservedly considered a quieter alternative to the bustling Miami.

Subscribe to newsletter