Real Estate NewsLetters Archive

300,000 NEW YORKERS MOVING TO MIAMI?



WILL THE PANDEMIC STOP SNOWBIRDS FROM COMING TO MIAMI?

The travel industry around the world has been extremely affected by the pandemic. With worldwide travel bans, I wasn't sure how the winter season would be this year. However, the closer we get, the more I notice that people prefer to be in the warm beautiful Miami going through these strange times.

The pandemic has spread everywhere at this point, but Miami is handling well the virus and I've noticed more people coming down compared to previous years.

Rentals are through the roof, especially those for 6 months. It is not only retirees coming to South Florida this year, there are all kinds of crowds. A really interesting crowd I've noticed this year is families.

With kids being able to do homeschooling and with remote working, there are lots of families coming down. Maybe they'll fall in love with Miami as I have and decide it's a place to permanently relocate. This has bounced the 3+ bedroom unit’s rental market.

Miami has it all, more affordable living expenses, unparalleled great weather, and more spacious houses and condos.

Another interesting fact is that unlike previous years, snowbirds have been mostly local travelers. As borders with Europe and Canada are still closed, the snowbirds this year are mostly composed of Americans, a lot of them!



300,000 NEW YORKERS MOVING TO MIAMI?

From March 1st through October 31st, there have been over 295,000 requests to change addresses from New York City residents.

The Coronavirus was indeed the main fuel of this extreme change, but the truth is that it is not the only reason. The high cost of living and the quality of life concerns are also being reasons why people are relocating from NY, as citizens are afraid of the rising crime rate. The number of shootings is up 94% this year compared to 2019.

44% of high-income earners (six-figure earners) have considered moving out of New York. However, they are not the only ones, as more than half a million residents that used to work in retail, lost their job after the pandemic, and are forced to relocate, due to the high living expenses.

To tell you the truth, not all 300,000 New York residents are moving to Miami, but it feels like that, and it feels great ! There are over 13,000 requests of relocations to Florida, and I personally have definitely felt this trend. I keep on closing deals involving New Yorkers, especially rentals. When I ask why they decided to move to Miami, the number one answer is they want to try out Miami before moving here permanently. According to this trend, condo and house sales will keep on rising, as more and more New York citizens would like to relocate indefinitely next year when leases start to expire.



CONDO MARKET IS GETTING ALIVE AGAIN!

For the past months, if you have been following my newsletters, you would know that the single-family homes market has been through the roof after the pandemic. However, the rising demand for houses around the U.S. has overcome the supply, which has created a rebounding in the condo market.

The surprising demand for houses in the States caused an increase in prices, which at the same time brought buyers back to the more affordable condo market.

Houses are still the preferred property type for buyers right now, as the sold average price for houses was 17.3% higher than the average sold price for condos. Houses also have a 27-day average day of the market, compared to 36 days for condos. However, condo sales have shown a strong recovery, as in October the volume of sales increase by 22.7% year-over-year.

There are 2 reasons why the condo market has been recovering. Firstly, as families are going for large single-family homes, millennials are finding this as a great opportunity to invest in the condo market. Even home buyers are deciding to purchase condos instead, as there are some juicy deals.



PERMANENTLY RESTAURANT CLOSURES AFTER THE PANDEMIC

The lockdown has been a real challenge for restaurant owners all around the States. Together with the hospitality and tourism industries, the restaurant market has been one of the most affected after the pandemic.

Several restaurants have been forced to close temporarily until the lockdown was over, but for some, the major financial hit made it impossible to stay open, so they had to close for good.

Here is a list of the restaurants that have officially announced their permanent closure:

Kaido, Design District

Sirenuse Miami, Surfside

Upland Miami, South of Fifth

Pubbelly Nuddle Bar, South Beach

David's Cafe Cafecito, South Beach

Ortanique on the Mile, Coral Gables

LAID Fresh, Wynwood

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