It is well established that the Florida economy has been booming for the past 18 months or so. In addition, many Americans have opted to purchase a second home in The Sunshine State, if not move here permanently. Meanwhile, it seems as though some Florida cities have begun exploiting the mismanagement of New York by luring financial firms to move south.
Build it and they will come
In particular, cities such as Miami and West Palm Beach are focusing on financial firms to consider having locations in South Florida. In fact, we are already seeing some firms such as Goldman Sachs Group and Point72 Asset Management already moving in.
Developers are taking notice as well. For example, NDT Development is banking on an influx of young adults drawn to the retail, dining, housing and office space under development. With high costs of living, rising crime, and an overall mismanagement in New York City, these South Florida developers are looking to cash in on the continued exodus from New York.
Summary
It is yet to be determined whether or not places like West Palm Beach, FL will become “Wall Street South”. However, the diverse culture, tropical climate, beautiful beaches, and lower living costs certainly make this transition quite believable. Of course, if more companies in the financial sector decide to move to South Florida, this will continue to raise demand for housing. We have already witnessed a high number of Americans relocating to the South Florida market and this will only contribute to this migration even further.
At Live South Florida Realty, Inc. we have assisted many clients build their real estate investment portfolios. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. At Live South Florida Realty, Inc., we have been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
