About 950 people move to Florida every day, and the state has seen “unprecedented demand” and increased sales for luxury homes as residents of northern states flee major cities amid the pandemic for more. sunnier space and shores.
The influx of new residents comes as the coronavirus shutdown has led families to flee crowded cities and seek short stays that have turned into permanent moves.
the Miami Report 2020 released this summer states that an average of 950 people travel to Florida each day and a majority come from heavily taxed areas like New York City, Boston, California and Chicago, according to the New York Times.
According to Douglas elliman As of August report, new contracts for single-family homes and condominiums doubled in July and continue to rise in five counties on Florida’s south and mid-west coast.
In Palm Beach County, new single-family housing and condominium contracts are well above normal levels from a year ago, with a 268% increase in single-family housing contracts over $ 1 million .
About 950 people move to Florida every day, and the state has seen ‘unprecedented demand’ and increased sales for luxury homes as residents of northern cities flee the pandemic for more space and sunnier shores . A view of Palm Beach, which has seen a 268% increase in single-family contracts over $ 1 million, from above
Miami’s 2020 report released this summer shows that an average of 950 move to Florida every day, and a majority come from heavily taxed areas like New York, Boston, California, and Chicago. These numbers are likely even higher with the pandemic
In the first six months of 2020, 80% of residential transactions were residential transactions.
And experts say many buyers in the Northeast were looking to buy in August, fearing COVID-19 could make a comeback during flu season.
From the northern states, according to data from 2019, 20 people moved per day from Connecticut, 72 per day from New Jersey, and 242 people per day from New York to Florida, according to the Miami 2020 report.
Jay Phillip Parker, managing director of Douglas Elliman’s Florida brokerage firm, said the wealthy portion of the market has swelled “in the major South Florida markets – Tampa and St. Pete are experiencing the same level of activity.”
New Jersey couple Vanessa Antonelli and Jordan Epstein of Manalapan rented a house in Orlando for a 10-day break with their five-year-old daughter and nine-year-old son, but ended up staying for months.
“We quarantined and ended up staying for three months,” Antonelli, 38, an interior designer told The Times. “The pandemic has made us reassess our way of life. It gave us time to reflect.
A new development called Boca Bridges, where Antonelli and Epstein bought a home, has seen 102 homes sold for an average of $ 1.7 million since May 1. A view of Boca Raton from above
According to an August report by Douglas Elliman, new single-family home and condominium contracts doubled in July and continue to rise in five counties on the south and west-central Florida coast. A view of signed contracts for Palm Beach County single family homes rising above
This graph shows how condos in Palm Beach County, which includes Boca Raton, have seen new signed contracts increase dramatically this year and new listings increase as well.
In June, they bought a home in Boca Raton in a new development, joining a wave of people leaving the east coast for sunnier shores.
They purchased a 5,900 square foot five-bedroom, lake-view “Veneto” model home for $ 1.4 million.
“A lot of our final decisions will depend on how everything goes with this school year and Covid in New Jersey,” Antonelli said.
The influx even comes following a spike in COVID-19 cases in Florida earlier this summer that caused beaches and bars to close.
Today Florida has 648,269 total cases and 11,871 deaths.
A new development called Boca Bridges, where Antonelli and Epstein bought a home, has seen 102 homes sold for an average of $ 1.7 million since May 1, according to Jill DiDonna, senior vice president of sales and marketing at GL. homes, the developer.
“We saw unprecedented demand from across the country, but certainly from New York, New Jersey and Connecticut,” she said.
She says buyers are looking for home offices, larger kitchens to augment in-home dining, home gyms and private swimming pools.
“The customer’s changing product needs, along with the desire to flee urban areas, combined with the tax benefits, created the perfect storm,” said DiDonna.
A sunny view of Palm Beach, Florida from above in March when the pandemic broke out across the country
A view of Worth Avenue in Palm Beach, which has seen an influx of wealthy new residents, above
This report from Douglas Elliman shows how new contracts signed peaked at over 1,600 in mid-July in Miami-Dade County.
This graph shows how condominium contracts have also increased since March in Miami-Dade County.
Taxes are a major draw for new residents.
Florida residents pay no state income or inheritance taxes and enjoy a property exemption of up to $ 50,000 for a principal resident and a three percent annual limit on house evaluations.
The Sunny State also became more attractive with the Tax Cuts and Jobs Act of 2017 which limited the total amount of state and local taxes that can be deducted from a federal tax return to $ 10,000.
Since last year, the state’s population has grown from 343,000 to 22 million, according to the World Population Review.
Jay Phillip Parker, managing director of the Douglas Elliman brokerage in Florida, said multi-million dollar sales in Palm Beach and Miami had snowballed.
But he says part of that comes from people who have rental housing in Florida or who frequent the state who have acquired permanent residences.
“The pandemic is one of the many elements that have contributed to what we have always known to be natural migration. We have been called the “sixth arrondissement,” he said.