March 25, 2021
Florida: are you in or out?
Florida is an escape for many who enjoy the warm weather, affordable taxes, and a laid-back lifestyle. A place where snowbirds flock during the winter and families seek a beach getaway – Florida has consistently seen an increase in its population. 2020 has brought a unique set of circumstances and has given many the ability to work from wherever they please. These trends have shown an increase in individuals relocating to Florida, yet has also indicated that just as many people are leaving the sunshine state.
Florida has seen its slowest year of population growth since 2014 according to Florida’s November 2020 Demographic Estimating Conference. The study also noted that Florida’s population had only grown 1.38% between April 2020 and April 2021, in comparison to 1.83% in the previous year. With the considerable buzz surrounding people moving to Florida this number was shockingly lower than expected. Much of this relocation is due to considerations such as hurricanes, severe heat, and home prices increasing rapidly. This trend has shown that Florida transplants often grow tired of the extreme weather conditions and return to their home state.
Although Florida’s population growth is steadying, the luxury home market is on the rise. A number of high-profile buying parties such as Ivanka Trump and Jared Kushner, as well as Sylvester Stallone have fueled this increase. Yet much of the growth in luxury real estate is through purchases of snowbirds and full-time residents who own various properties in the state. According to Inman, luxury homes over $1 Million in Miami-Dade county saw an increase of 50% in the month of January compared to the previous year. Similarly, Naples has seen a 60% increase in homes over $2 million this January, resulting in 624 contracts in the month alone. In contract homes under $300,00 have seen a considerable decrease (Inman). Many real estate tycoons are taking advantage of the surging home prices and are deciding to sell. With the market so strong and real estate appreciating so quickly, turning a massive profit comes with ease to many luxury homeowners.
Not only do we specialize in freshwater but saltwater as well! To buy or sell in Florida sooner or later you’ll call Jim Slater!