Trump won the election, what does that mean for South Florida & Miami real estate? Journalist Brian Bandel asked me that question the day after the election. And this is what I told the South Florida Business Journal: “Given the team that he has assembled, most notably Elon Musk, I believe that a Trump presidency will be aligned with entrepreneurs and creators,” Bozovic said. “Since South Florida is attracting tax payers and creators, our housing market will be further super charged by an administration that fosters entrepreneurship.” And I stand by every word of that. Furthermore, I feel that a subconscious pause has been lifted in the aftermath of the election. The next wave forward is about to commence. And note: I am compiling October numbers. As per my thesis, the SFH market continues to hit all time highs. End user product within proximity of the urban core is a strong play.
The Wealth & Talent Migration Continues, We See The Effects In The Miami SFH Market
Download my full Q2 2024 Miami Real Estate Report
I am speaking at the same time day as this blog post: July 25, 2024. I will be speaking at the annual Rock The Market conference at the Hard Rock Hotel. We had well over 2,000 people attend last year, and this year is sold out again.
To see past events & to book me for speaking, go here >
My topic at Rock The Market: #LongMiami & Early Times, Is There Still Room For Growth?
Short answer: the wealth migration has just begun and corroborative data keeps coming.
As I keep saying: momentum cycles are real and they build. There is no going backwards.
In the associated press this week:
"Florida’s population passes 23 million for the first time due to residents moving from other states" And it is tax payers on the move, flowing out of high tax jurisdictions that were also high lockdown.
While states like NY and CA are losing taxpayers, CNBC just ranked Florida as #1, for best economy in the nation. We added 240,000 jobs last year, we lead the nation in net migration and in new business formation (grew 9% last year!!). People are moving to the sunshine state to create.
Entrepreneurship flows towards the path of least resistance.
Where do we see the effects of this migration in our real estate market and how do we align with it in order to benefit?
-> Recognize that the wealth & talent migration wants new product at prime locations: take advantage of future scarcity
-> Recognize the extreme shortage at lower ends, especially SFH. And recognize that this inventory, especially at prime locations, will not be replaced.
Below is one of my favorite illustrations of the effects of the wealth & talent migration. Sales volume of single family homes in Miami Dade over $2K/ square foot is up 1,050% versus 2019 (pre covid).
Related Posts
