Luxury real estate buyers are steadily pouring into the Sunshine State—home values have hit unprecedented heights, making Florida the new playground for the wealthy.
This trend has been exacerbated by uber-rich professionals who have made the move from urban areas such as the Upper East Side or San Francisco’s Nob Hill to sunnier pastures. More specifically, they’re following in the footsteps of hedge-fund billionaire Ken Griffin. If you recall, the Citadel founder moved his company from Chicago to the Magic City and has since scooped up five properties for a total of $194 million.
“Miami Beach used to be this place you come a few days to party, get some sun and get out,” Dina Goldentayer, executive director of sales at Douglas Elliman, told Bloomberg. “Now it’s the place to live. It’s the lifestyle, weather, economic policies, political policies. Everyone wants to come here.” Jeffrey Greenberg/Education Images/Universal Images Group via Getty Images
The report also noted that out of the 50 million-dollar US neighborhoods with the largest price gains in the last three years, 38 of them are in Florida. Meaning that even parts of the state that aren’t traditionally known as hot spots for the ultra-elite are seeing home prices double—Tampa included.
“I don’t see the underlying fundamentals of why we’ve seen buyers come here going away, even though Covid restrictions have eased,” added Tim Savage, owner of Gulf Coast International Properties in Naples. “Once that switch got flipped, I don’t know how you put it back in the box.”
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