The Wealth & Talent Migration Continues, We See The Effects In The Miami SFH Market

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).