It is now one year since the first case of COVID-19 was recorded in the United States and almost one year since the lockdown began. A lot has changed, and a lot has remained the same.
One massive change we can visibly observe is the socioeconomic impact the pandemic has had on the state of Florida, and specifically Miami.
What does this mean for Miami real estate?
The quarantine essentially forced people to rethink their living arrangements. Did they want to live in New York or Silicon Valley anymore? Did they already live in their desired city but want a yard instead of a balcony? The questions go on and on. As a solution-based duo, my business partner Samantha Scalzo (Director & Broker of S&S Global) and I needed to find a way to adapt as well as prepare for the major influx of relocations that were about to come our way.
From March 2020 through May 2020, we focused heavily on developing a database of walk-through videos of ours and others (taken by us) and virtual tours such as 3D Matterport in order for the clients to feel confident in their living arrangements. Not only did we sell and lease properties in our relocations this way, we added a layer of convenience as buyers/renters would truly only physically see their top options all while remaining safe.
As the year progressed and the Federal Housing and Finance Authority forbearance protection window was continuously extended, we were finding ourselves with an increased need for single family homes, yet a dip in available inventory.
Q4 2020 reported a 332% increase in single family home purchases — Trump’s tax reform of 2017 had lured buyers from the Northeast to Florida as their primary residence before COVID. That motivator among other reasons is bringing new residents to the Sunshine state. “We are seeing more interest from California than ever before.” Studnicky stated in an interview with Forbes. Another sector of buyers deciding to call Florida home are first-time buyers. “The historic low-interest rates have also attracted Millennials to purchase condominiums,” Studnicky observes.
With City of Miami Mayor Francis Suarez’s viral ‘How Can I Help’ tweet in December 2020, not only did we experience this lack of inventory for single family homes, we also experienced a furnished/short-term rental market which caught fire. Furnished short-term rentals are now renting above asking within hours, causing an increase in pricing and demand.
Many people from across the globe want to come to Miami for either a temporary experience for 6 months, or for a more permanent decision such as tech investor Keith Rabois who recently purchased a gorgeous home on the Venetian Islands.
Are you thinking of relocating temporarily or permanently to Miami? If you need convincing on why Miami instead of Austin, we’ve already put this together for you: Looking to relocate from Silicon Valley or NYC to Miami? Why Miami & Not Austin?
Whatever was the reason that is prompting you to relocate to Miami, we’re here to help. Looking to relocate to Miami? S&S Global is a full-service relocation concierge that specializes in real estate and we are here to help you with all things turn-key relocation from your commercial and residential real estate transactions, to furnishing your home, tax planning, dealing with internet providers and filling your refrigerator with groceries and more.