Miami Beach has been flooded with international buyers since the housing crisis, however as the inventory has shrunk there are increasing buyers from New York. Experts estimate that the New York property buyers began shopping in mid-2011. There are several factors which make Florida, South Florida in particular, attractive to New Yorkers. Firstly, it is a favorable place to buy for tax reasons since there is no income tax and businesses have homestead protection. Secondly, many speculate that they missed the bottom of the market and the inventory is decreasing, hastening purchases now. The weather continues to be a draw in the South Florida market and New Yorkers are taking advantage of what foreign investors have been speculating on for the past four years.
Foreign investors are still the primary buyers in South Florida and there are projects that are commencing that will increase inventory given the increased demand for luxury properties. Two projects have been approved that will dramatically change the landscape in Miami, My Brickell and Porsche Design Tower. Whether you are looking to move your business or establish residency in Miami, it is clear that now is the time to buy. Contact Us today for investment opportunities and residential real estate in Miami!