Archives for posts with tag: New York

20 Million And counting

By the end of 2013, Florida had passed New York as the third most populous state. By the middle of 2014, according to the U.S. Census, Florida’s population reached 19.9 million. The University of Florida’s Bureau of Economic and Business Research’s estimate is slightly lower – BEBR figures the population reached 19.81 million this April.

By either reckoning, Florida will have more than 20 million residents by the end of the year. Start with births, subtract deaths, add new arrivals from the U.S. and abroad, and Florida is gaining about 781 people per day – the equivalent of adding a city bigger than Orlando every year. In a quarter-century, the state’s population will hit 26.1 million, UF projects.

Some context: Florida is still growing, but not quite like used to. Recent decades saw the state add 3 million people per decade. Nor is Florida’s growth on par with growth in Texas, which is adding nearly 1,200 people a day.

Every Year, 285,000 New Floridians

Each year for the next five, Florida is expected to add about 285,000 people to its population. That increase will be spread across the state, of course, but seen collectively it amounts to adding a city bigger than Orlando each year.

20-M

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Over the summer statistics pointed to South Americans as the heroes in the South Florida real estate market. However, recently it seems that cash-buyers from down south may have some competition in the northeast. That’s right, the new boon to the Miami market is coming from the Big Apple.

Brokers in the area have reported a 25 percent uptick in purchases from New Yorkers. Our northeast neighbors are now competing with foreign investors for prime Miami real estate and, in many cases, are willing to pay more. The main reason? Their lack of sensitivity to rising prices in the area. New York is widely known as one of the most expensive markets in the country, giving residents of the state a thick skin for the prices in Miami’s luxury markets.

New York is now the largest feeder market for South Florida. As a matter of fact, New Yorkers have accounted for approximately 15 percent of sales in the luxury real estate market this year. Luxurious condos in Brickell are seen as a bargain in comparison to Manhattan prices.

Purchasing real estate in Miami has tremendous benefits for New Yorkers, as well. The main bonus for these buyers is the opportunity to escape their rising state taxes and head on down to Florida, where there is no state income tax . Setting up shop in South Florida has become a great way for high earners from New York to save a ton of extra cash, making it so that these luxury condos practically pay for themselves.

Of course, New Yorkers do not have to sacrifice much culturally when making the move to Miami, either. Like New York, Miami has no lack of places to visit or events to take part in. Specifically, the rising Wynwood art scene and multiple cultural festivals make for an easy sell to prospective buyers looking for the New York lifestyle.

With their low sensitivity to Miami’s beachfront prices and their desire to escape burdensome income tax, New Yorkers are making the transition without missing a beat. With buyers coming from both foreign and domestic regions, the Miami-Dade market is on the rise.