South Florida Real Estate is Red-Hot - Here’s Why
The real estate market in South Florida isn’t just enjoying a garden-variety spike. It’s officially in “Super Boom Mode.”
The headline of a recent story in Forbes captured what industry professionals from Delray Beach to Miami have been echoing since the start of 2021. The real estate market in South Florida isn’t just enjoying a garden-variety spike. It’s officially in “Super Boom Mode.”
No category is riding that wave quite like the ultra-luxury segment, with showstopping estates in the tri-county region drawing fierce interest from buyers all over the world amid the pandemic.
Coming off a 2020 in which it solidified its standing as the top-selling real estate group at Douglas Elliman for Boca Raton/Delray Beach (with more than $200 million in sales), The Senada Team has opened 2021 by closing on several multimillion-dollar listings—including two sprawling mega-properties, one in Highland Beach and one in Delray Beach, that recently sold for a combined $42,250,000.
According to Senada Adžem, executive director of luxury sales at Douglas Elliman, there are a variety of reasons why the high-end residential spotlight is burning with such intensity in South Florida. Here are just a few.
- Living the dream: The ultra-luxury market in South Florida offers something for everyone—and it’s typically a sight to behold. Soaring condominium communities are taking the amenity-rich experience to new heights; epic residential projects inland are replicating settings typically seen at luxury vacation retreats; and oceanfront and Intracoastal properties dazzle with a range of captivating architecture and original interior design. “Resort-style living is a driving force in the ultra-luxury market,” Senada says. “People are rethinking their way of living—their wants and needs—as a result of the pandemic.”
- Money matters: Florida is one of seven states (along with Alaska, Nevada, South Dakota, Texas, Washington and Wyoming) with no income tax; two other states, Tennessee and New Hampshire, tax dividends and investment income but not wages. Plus, the cost-of-living index in Florida (97.9) is two points below the national average—and its housing index (95.4) is nearly five points below. “The financial benefits of being a resident, coupled with the state’s business-friendly climate, has individuals, families—and entire companies—looking at relocating to Florida,” Senada notes.
- The intangibles: South Florida’s year-round warm weather is the perfect backdrop for a lifestyle that includes more than just a day at the beach. With health and wellness top of mind, fitness enthusiasts have options by land and by sea; restaurants throughout the region provide outdoor dining; and popular walkable destinations (like downtown Delray Beach, Las Olas Boulevard in Fort Lauderdale, Lincoln Road in Miami, and Wynwood arts district) offer shopping, entertainment, dining—and exercise. On the sporting front, Florida has more golf courses than any state in the U.S., and South Florida has teams in all four major sports (NFL, NBA, NHL, and Major League Baseball).
“The tri-county area always has been attractive for these reasons, and much more,” Senada says. “But coming off such a challenging year, people are re-evaluating not only where they live but how they live. And, for good reason, they’re looking at South Florida.”