If one thing is clear in recent travel trends, it is that Florida has never been more popular. With flexible work arrangements now possible, teleworkers have flocked to South Florida – especially Miami. Now that the pandemic is winning down, many are considering where to call home – either permanently or at least in the winter.
I spoke with real estate expert Antonio Khoury, CEO of Compass & Rector of Antonio Khoury Group. He shared his insights into the Miami real estate market. If you are considering moving or buying a vacation home in South Florida, you would like to hear what he had to say.
After a decade of advising clients and closing $ 500 million. For sale in the northeast market, Antonio Khoury Group so quickly the trend of professionals moving to Florida over the last year. Bostonians and New Yorkers have added Florida homes to their real estate portfolios in droves. “We made an immediate expansion into the Miami market, knowing that we could leverage our strategic alliances within Compass to best meet the needs of Northeastern customers looking to buy a home in the region. My real estate group has enabled over $ 20 million + In successful closures Florida in the last few months. “Said Mr. Khoury.
South Florida has always been an attractive second or third home market for snowbirds living in the Northeast. “The mass exodus during COVID-19 to South Florida was certainly evident. I would argue that COVID-19 accelerated plans to own real estate in a warmer climate, where your money takes you much further than it does in the Northeast, while being only a short flight away! Said Mr. Khoury.
With the success of vaccine rollout, many buyers have regained confidence in the Northeast Market and therefore still treat the South Florida market as a second home. But according to Mr. Khoury ”is the second largest contingency of buyers in the South Florida market those who have benefited from their companies remaining virtual or have adapted to long-term flexible work structures, ie. young professionals from Boston and New York. These buyers have found the Miami market as a much more attractive home base because of its perks. “Things like more affordable luxury rental prices, more affordable luxury apartment prices, private outdoor spaces, the warm climate, all the while in the same time zone as both Boston and New York attract these young professionals.
However, Mr. Khoury remarks, “Do your research before you take root in Miami. Miami has many different neighborhoods that are tuned for different lifestyles and personalities. “And this is another factor that has caused the boom in Miami, its various neighborhoods cater to a wide pool of buyers. “Brickell, for example, is the area with the most high-rise buildings, fully serviced homes, offices, restaurants and nightlife. Given the overall full-service aspect of the neighborhood, it has become the trip to the area for those seeking pied-a-terres. Said Mr. Khoury.
Conversely, Wynwood is known as the “Brooklyn of Florida” because it serves as the region’s creative and cultural hub. Just north of downtown Miami, Wynwood is home to the famous Wynwood Walls, art galleries, eclectic restaurants, shops and colorful murals.
And finally, of course, there is the famous South Beach. “South Beach is famous for its clear waters and sandy beaches and is home to luxury property, beach clubs and 5-star hotels just 10 minutes from downtown.” Said Mr. Khoury. Walkable year-round with countless restaurants and nightlife, this is the place for the shopper who wants to be near the water but still connected to everything else Miami has to offer.
Since Miami has so many different neighborhoods, Mr. recommends. Khoury to spend some time in Miami before deciding an area where to buy – but to do so quickly because there are currently many other teleworkers thinking exactly the same thing.