South Florida’s Real Estate Poised to Stay Attractive for Years, Campau and Luxuri to Pioneer

South Florida's Real Estate Poised to Stay Attractive for Years, Campau and Luxuri to Pioneer

Since the pandemic, the demand for real estate in South Florida had surged. South Florida counts around 100 cities and villages including Miami, Fort Lauderdale, West Palm Beach, Boca Raton, Boynton Beach, and North Miami. South Florida, also known as the Greater Miami Area, is the seventh-largest metropolitan area in the US and the second-largest in the southeastern US. The area’s population exceeds 6.7 million and spans 6,000 square miles. In the two pandemic years, the South Florida populace grew by 329,000 new residents. During the same time period, the Greater Miami Area’s real estate market was venerated as has merited the title of the US most competitive rental market.  South Florida became a popular destination for those looking for more space and a new lifestyle due to its beaches, sunshine, tax advantages, and more. The relocation of business leaders from the Northeast, California, Chicago, and other major cities to Miami has turned the city into a hub for startups and the VC community.

Underlying the strength of South Florida’s real estate are a number of unique factors. One of the key reasons for this strength, is the migration of business people from high-tax urban areas which explains why over the last ten years South Florida’s population growth outpaced the US average—10.3% vs 7.4%. The business migration is taking place not only for tax reasons:  South Florida’s economy is the 12th largest in the US, its economic output equaling that of Israel or Chile and its GDP has grown by a spectacular 46% in the last ten years. The employment situation is on the bright side, too. South Florida’s job market is expected to grow by 7.5% annually, outpacing other metro areas, with construction, retail, transportation, the hospitality sector, and financial services leading the pack.

In addition to more than 1,400 multinationals that feel at home there, South Florida is home to corporate giants such as Microsoft, Spotify, Goldman Sachs, Chiquita Brands International, Sixt rent a car, and Hong Kong-based Techtronic Industries (maker of brands such as Milwaukee Tool, Ryobi, Hoover, and Oreck), to name just a few.

Given its undeniable advantages and irresistible lure, South Florida is the place to be. For the thousands of newcomers to the Sunshine State in search of a place to live and bask in the Miami sun, there should be no doubt this place will never lose its value. One of the leading specialists in South Florida real estate is Jonathan Campau, founder of Luxuri, a real estate and vacation rentals brokerage that specializes in high end luxury rentals and concierge services innovating the vacation rental space and the real estate investment space. Campau confirms this: “The luxury market will remain unaffected and rise over the next 8 to 12 months, as cash buyers, investors, New Yorkers, Californians, and international buyers continue to migrate to the region to spend their fortunes in the South Florida market, it is a frenzy down here for the highest and best in the luxury waterfront real estate market. I am speaking from experience as more than 75% of Luxuri’s International buyers in the high-luxury market have been cash buyers, not relying on high-interest loans. Further, I believe that Miami will see the return of South American buyers who have been under lock and key for the past year and a half due to Covid.” Campau’s experience in Miami real estate is based on years in the upper echelon of vacation rentals and related concierge services that Luxuri is famous for. The insider knowledge of Miami real estate, especially its premium segment, that Campau readily shares is genuine and trustworthy. As potential buyers of Miami properties may have concerns about the Federal Government’s property tax hike or rate hikes, Campau is confident that the luxury segment of the real estate market will remain stable.