If one thing is clear in recent travel trends, it’s that Florida has never been more popular. With flexible work arrangements now possible, remote workers have been flocking to South Florida—Miami in particular. Now as the pandemic winds down, many are reconsidering where they will call home—either permanently or at least for the winter.
I spoke with real estate expert, Antonio Khoury, Managing Director at Compass & principal of the Antonio Khoury Group. He shared his insights on the Miami real estate market. If you are considering a move, or a vacation home purchase in South Florida, you will want to hear what he had to say.
After a decade of advising clients and closing $500M+ in sales in the Northeast market, the Antonio Khoury Group quickly saw the trend of professionals making the move to Florida over the past year. Bostonians and New Yorkers have been adding Florida homes to their real estate portfolios in droves. “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 Mr. Khoury.
Southern Florida has always been an attractive second or third home market to snowbirds living in the Northeast. “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 where your money takes you much further than it does in the Northeast, while being just a short flight away!” Said Mr. Khoury.
With the success of the vaccine roll out, many buyers have regained confidence in the Northeast market and are therefore still treating the South Florida market as a second home destination. But according to Mr. Khoury, “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 on the same time zone as both Boston and New York are attracting these young professionals.
However, Mr. Khoury notes, “Do your research before laying down roots in Miami. Miami has many distinct neighborhoods, which are set for different lifestyles and personalities.” And this is yet another factor that has caused the boom in Miami, its various neighborhoods cater to a broad pool of buyers. “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.” Said Mr. Khoury.
Conversely, Wynwood is known as “the Brooklyn of Florida” because it serves as the region’s creative and cultural hub. Just north of Downtown Miami, Wynwood is home to the famous Wynwood Walls, art galleries, eclectic restaurants, boutiques, and colorful murals.
And finally, there is of course the renowned South Beach. “Famed for its clear waters and sandy beaches, South Beach is home to high end waterfront real estate, beach clubs and 5-star hotels all just 10-minutes from Downtown.” Said Mr. Khoury. Walkable year round, with countless restaurants and nightlife, this is the place for the buyer who wants to be able to be near the water, but still connected to everything else Miami has to offer.
With Miami having so many diverse neighborhoods, Mr. Khoury recommends spending some time in Miami before deciding on an area in which to buy—but to do it fast because there are many other remote workers currently thinking the exact same thing.