Why Are People and Companies Moving to Florida?
Something is driving people to Florida. There are quite a few reasons that people and even businesses are making their way to the Sunshine State. Many people are coming from places like California and New York, as well as other states that tend to have high taxes. They know that they will be able to find a better and more affordable option when they head to Florida. In 2018, the U.S. Census Bureau found that more people moved into Florida than any other state. Some of the key reasons that people chose to move were because of the mansion tax in New York, along with caps on tax deductions.
Of course, this has caused many to wonder if there will continue to be a steady stream of people moving from other states and into Florida, or if the population migration is complete. Let’s look at what the facts have to say about things, so you can get a better understanding of what’s happening.
The Weather
The summer months are upon us already, and people around the country have finally started to get out and enjoy the sun. Of course, in the beautiful city of Miami, we get to enjoy the sun all year long. People in the northern states do not have year-round sunshine. They have months of snow and cloudy, dreary weather. The weather really can take a toll over time, and the winters have been very rough in recent years.
Therefore, it is only natural that a certain segment of the population will start to look south to Miami with a longing in their eyes. They do not want to deal with snow and slush any longer, and there are plenty of properties available in Miami that could make for a nice, new home.
Greater Savings When You Move to Florida
If residents of NY who are earning $1 million were to move to Florida, they could end up finding some rather substantial savings. They would be able to save $235,179. However, the savings do not stop at millionaires. Those who are earning $200,000 will be able to save $49,509, while those earning $100,000 will be able to save $24,649. That is close to a quarter of their income in all cases.
Sales Are Increasing
When you look at the numbers, you will also see that there are some increases in the number of sales for detached homes and condos. The Miami Association of Realtors reported that sales were up by 10.2% for home sales and 3.5% for condo sales in May of 2019. The mortgage rates tend to be reasonable compared with many other states, and when pooled with the additional benefits of living in Florida, including the great weather and all there is to do and to keep busy, it is no wonder that so many people are still choosing to make it their new home.
Even when you are buying luxury properties in Miami, you will be able to get far more than you could for a similar price in New York City. People are getting far more for their money, and they can put their savings to better use. Even the general cost of living is cheaper in Florida than in NYC.
Once you start to look into all of the various reasons that people have for leaving their home state and moving to Florida, you can see why it makes sense. Great prices, better taxes, a lot to do, and good weather. Who wants to stay in New York during the winter and who wants to deal with the outrageous cost of living in California? Florida is the place to go, and it does not seem like that will be changing anytime soon.
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One Thousand Museum
1000 Biscayne Boulevard, Miami
Luxury building One Thousand Museum by Zaha Hadid, Miami's most prestigious new residential tower, blurs the lines between art and architecture. This limited collection of museum-quality homes offers an unprecedented level of service and amenities. This impeccable residence has been custom designed with only the finest finishes with custom closets and flooring.
4 Bedrooms • 5.5 Bathrooms • Family Room • Maid Quarters • 4,669 Sq. Feet
UNIT 1901
Sale 6,300M / Rent $25,000
UNIT 2201
Sale 6,300M / Rent $25,000
UNIT 3101
Sale 6,500M / Rent $28,000
Oceana Bal Harbour 401S
10201 Collins Avenue, Bal Harbour
Offered at $8,499,000
4 Bedrooms • 6 Bath • 1 Half Bath • Living Area 4,185 Sq. Feet
Porsche Tower 5101
18555 Collins Ave, Sunny Isles Beach
Offered at $6,999,000
4 Bedrooms • 4 Bath • 1 Half Bath • Living Area 4,154 Sq. Feet
70 Camden Drive
Bal Harbour Village
Offered at $5,499,000
6 Bedrooms • 6 Bath • 1 Half Bath • Living Area 6,279 Sq. Feet
57 Ocean - Miami Beach
Located on Collins Avenue in Miami Beach, this property offers incomparable views out over the Atlantic Ocean and the Intracoastal Waterway. It rises 18 stories over the white sand beach and was designed by Arquitectonica. The property offers units ranging from two to four bedrooms, and from just over 1,000 square feet to over 3,000 square feet. All residences feature 12-foot ceilings with wood-style accents, marble counters, and numerous other luxury touches.
Ritz Carlton - Sunny Isles
Well beyond the half-way point in construction, the Ritz-Carlton Sunny Isles offers luxury living in the heart of one of South Florida’s most exclusive areas. It is comprised of just over 200 condo units, all of which are beautifully designed and laid out. The building itself towers 650 feet over the surrounding beaches and water, with 250 feet of oceanfront all to itself. Choose from two, three or even four bedroom units, or one of the property’s four penthouses. Each floor contains no more than five residences, ensuring privacy and comfort.
Eighty Seven Park
Eighty Seven Park is one of the most impressive edifices to arise in Miami Beach, and on the United States soil, by the mere fact that it is the only project by renowned international architect and Pritzker Prize winner, Renzo Piano. It has a premier location at the north edge of the North Shore Park in the North Beach neighborhood of Miami Beach and is minutes from Bal Harbour and Surfside. This land parcel is unique in that views will never be obstructed, due to the protection of the North Shore Park.
Turnberry Ocean Club
Turnberry Ocean Club in Sunny Isles Beach is a 54 story building that joins the existing collection of Turnberry condominiums within or near Turnberry Isle which is found in neighboring Aventura. The building is designed by Carlos Zapata and you'll find a total of 154 Sunny Isles Beach condos for sale available with 2,900 to 10,645 square feet of living area.
What to Do in Miami in July
The summer season is in full swing, and that means many people will be spending quite a bit of time at the beaches. Of course, there are plenty of exciting events happening during the month, as well. Let’s look at some of the available options.
Miami Spice
You have to love this event not only for the play on words but also for the great tastes that it will be offering. August will begin two entire months of dining greatness where restaurants all over the city offer special menus that are marked down in price. Lunches and brunches will be just $23, where dinners will be $39. These are fabulous prices for the restaurants that are a part of the event this year. A few of the restaurants participating include 94th Aero Squadron Restaurant, 27 Restaurant & Bar, Alter, Dolce Italian Restaurant, and Drunken Dragon. You can see all of the restaurants at the link above.
National Rum Festival
Do you enjoy rum? If so, you will want to head to the National Rum Day Festival on August 17. It is the third annual festival, and you will be able to enjoy a range of rum brands and flavors at The Confidante Miami Beach. Have some fun, enjoy some rum, and meet new people in a beautiful location right by the pool.
Rolling Stones - No Filter Tour
If you love classic rock, you will want to do whatever you can to see a band that is truly one of the originators – The Rolling Stones. The group will be playing at the Hard Rock Stadium. Imagine being in the audience to hear songs like “Paint It Black,” “Gimme Shelter,” “Sympathy for the Devil,” and “Start Me Up” by the band that wrote them. That is not something you will want to miss if you can help it. Tickets are likely to be scarce, but you might be able to find one or two! Of course, there are other shows at the Hard Rock Stadium, as well.
Coconut Grove Food and Wine Festival
Food festivals are always popular in the Miami area, and the Coconut Grove Food and Wine Festival is one of the best. The event occurs on August 17. You will be able to explore offerings from many local restaurants, and you can enjoy wine and spirits from around the world. It promises to be a good time.
As you can see, there will be quite a few things to help keep you and your traveling companions busy when you are in Miami in July. Whether you are looking for music, food, art, or anything in between, Miami can deliver. Even if you just want to get out and soak up the sun and the warm weather, there will be plenty of opportunities. Take some time to find things to do in and around the Miami area that you are going to love.
Over the last several years, the South Florida commercial sector has shown steady growth and influx of investment from institutional investors. Here at One Sotheby's International Realty Sunny Isles Branch we strive on strategic partnerships which have the inside track to exclusive opportunities. We offer great commercial real estate opportunities available both on MLS and off!
Check out our new ultra luxury condos for rent. We are offering refined hotel services and amenities. Our guests can expect the finest products and state of the art technology, from Bulgari bathroom amenities and Frette linens to temperature controlled wine storage and Wifi, daily housekeeping.
If you want a posh place to live and money is no object, Miami offers some of the most luxurious homes in the world. Check out our list of most expensive homes currently available for sale in the Miami area.
Miami is an undisputed leader in luxury condos. Here you can view the list of most expensive condos currently available for sale on the market in and around Miami area.
Miami is known for it's most luxurious penthouses. Browse through the most luxurious real estate in Miami - Miami Penthouses and Tower Suites!
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18288 Collins Avenue, Suite 1
Sunny Isles Beach, FL 33160
Phone: 305.336-0457
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Lana Bell and her team at One Sotheby's International Realty, Sunny Isles Branch proudly supports The Heart Gallery of Broward County by donating $100 on every closing. Click here: www.heartgalleryofbroward.org