Florida has become one of the hottest travel destinations in the past few months as more Americans are receiving their Covid-19 vaccinations and ready to get back to a greater sense of normalcy.
Beyond just vacationing, many Americans are looking to invest in real estate in Florida, specifically in Miami where social outings have been occurring constantly since the beginning of the year.
Antonio Khoury is the Managing Director at Compass & principal of the Antonio Khoury Group. He recently was interviewed by Forbes Magazine to discuss this recent influx in Miami investments and travel to Florida in general.
The Antonio Khoury Group has been working for over a decade and has seen over $500 million in sales. Khoury said many individuals from Boston and New York have been adding Florida homes as a part of their dream real estate portfolios in this post-pandemic era that we’re all entering.
“We made an immediate expansion to the Miami market knowing that we could leverage our strategic alliances within Compass to best serve the needs of Northeast clients looking to purchase a home in the region. My real estate group has facilitated over $20M+ in successful closings in Florida in the past few months,” said Khoury.
“The mass exodus during COVID-19 to South Florida, was certainly evident. I would argue that COVID-19 expedited plans of owning real estate in a warmer climate.”
Most of the new clientele in Florida, however, is made up of individuals who found themselves on the luckier end of the spectrum in terms of economic and social impact of the pandemic.
“The second largest contingency of buyers in the South Florida market are those who have benefited from their companies remaining virtual or have adapted to long term flexible work structures, i.e. young professionals from Boston and New York. These buyers have found the Miami market a much more attractive home base due to its perks. Things like more accessible luxury rental prices, more accessible luxury condo prices, private outdoor space, the warm climate, all the while in the same time zone as both Boston and New York are attracting these young professionals,” Khoury explained.
Khoury is adamant that any prospective buyers for Florida real estate need to do their research before making any final decisions, especially if they’re looking into Miami.
“Miami has many distinct neighborhoods, which are set for different lifestyles and personalities. Brickell, for example, is the area with the most high-rise full service residential buildings, offices, restaurants, and nightlife. Given the overall full-service aspect of the neighborhood, it has become the go to area for those seeking pied-a-terres.”
Khoury recommends that any buyer who’s looking to invest in Miami for a second property should simply vacation there first to make sure that its really worth putting their money into. America is still very much in the middle of combatting this pandemic, so it’s important to remember that the market and social settings in all of these locations will change drastically in the coming months.
Eric Mastrota is a Contributing Editor at The National Digest based in New York. A graduate of SUNY New Paltz, he reports on world news, culture, and lifestyle. You can reach him at firstname.lastname@example.org.