Miami’s red-hot real estate market is about to get even hotter, brokers say, as new residents flock to the area.
Trends that were already in place are now accelerating due to the pandemic, they say.
Sep Niakan, who runs Condo Black Book, said that an avalanche of sales was incoming to the Miami market.
The trigger: work from home policies instituted by companies during the pandemic are now expected to be made permanent.
Employees are already visiting Miami to shop for a permanent home in advance of those announcements, thanks to better weather and lower taxes, he said.
Once those permanent work-from-home policies are announced, the “complete avalanche” will begin. Announcements by companies are expected late this year and in early 2021.
Real estate in the $1 million and up range is already on fire, according to Ana Bozovic of Analytics Miami.
In November 2020, Miami-area condo transaction volume in the $1m+ range was up 85% compared to the same period last year.
Single family transaction volume in the $1m+ category during November was up 127%.
Source: The Next Miami