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Pandemic and Post Pandemic Migrations to Florida are here to stay.

First, the pandemic accelerated demand significantly all around the Florida Coasts, as luxury home buyers, were relocating from New York, California and New Jersey, States with personal income taxation.

Fueled a dramatic rise in property values. Home values soared more than 50% year-over-year from 2020 to 2021 and many landlords were raising rental prices by up to 70% from a year earlier.

But the luxury home market in South Florida has remained strong, despite multiple mortgage rate increases affecting the global markets.

Greater patience is required from home buyers, who were presented with a more extensive inventory of luxury homes in the past.

Nowadays, luxury home buyers may have to consider purchasing or building their dream homes within a broader area.

Many people in this market are still overpaying by 10% or more to get a property they like under contract, and many sellers of these high end properties know they can sell their luxury homes off-market and under their terms, as Beach Homes values have catapulted to up to $4,000/SF, with beach properties reaching up to $100 Million asking price in Golden Beach, beach front properties being the most in demand at this time.

While the luxury condo inventory is still extensive, the waterfront and beach front luxury villa market are a different story, with buyers forced to overpay or widen their purchasing target areas with less options to choose from. The water and fire crisis in California is expected to create yet another migration wave to the east Coast.