There is a fervent race to snatch up the best real estate on the market in Miami. Millennials and seniors alike have had their eye on South Florida, and especially Miami, as a place they are going to relocate to. However, once the COVID-19 pandemic upended life in places like the Northeast, many have sped up their plans to migrate south.
The Amazon Group at CENTURY 21 Tenace Realty, a major real estate team located in the tri-county region of South Florida, has seen a significant uptick in the amount of Northeastern transplants, many of them 55+ and millennials. They each have their own reasons for relocating, yet the pandemic is the one reason both groups often bring up in conversation with agents like Pamela Krammer.
Business is booming with The Amazon Group, which recently celebrated a milestone of $115 million in real estate sales. Over 400 properties have been sold by this group of Realtors®, many of them luxury properties and senior housing.
The most recent Related ISG Miami Report indicates that single-family home listings are at their lowest in 15 years. That shows how much demand there is for those types of listing. The bulk of the demand is coming from both millennials and seniors.
There is increased competition in the market today, which has led to both single-family homes and luxury properties becoming in high demand. Millennials are itching to move out of condos and start families, making single-family homes perfect for their purposes. The Amazon Group has found their customers saying they prefer to live somewhere that has lower taxes, a milder climate, and not as many pandemic-related restrictions.
Senior business owners have expressed similar reasons for migrating from major cities like New York City, and bringing their businesses along with them. Prior to COVID-19, luxury properties were being sold off at higher rates due to tax reforms at the federal level in 2017. Once the pandemic struck, the migration only accelerated. Northeastern transplants are not the only ones edging out others to buy prized listings in Miami. Even Californians are relocating, mostly due to high taxes and strict lockdown mandates, according to The Amazon Group.
Realtor® Carol Amazon sees taxes being a major reason for incentivizing people to leave high-tax states and cities. Miami is a city that has a much lower tax rate. Additionally, Millennials like the idea of working remotely in the Sunshine State. This has positively impact the sales of real estate in the Miami area, as well as the tri-county region.
It’s likely that we will see this trend continue onward, throughout 2021 and perhaps even into 2022. Take it from the Realtors® who are top producing in sales year after year in South Florida – Miami is in the midst of a real estate boom.
You can visit The Amazon Group’s website for more information.
