The Ultrarich Leave New York for Miami (Tampa, Orlando: city hall, rent)

[elchevere]

Originally Posted by yoyo6713

But they will claim FL as their home.

They will claim it for tax purposes if they resides here 183 days of the year.

[MiamiLIFE]

There are a lot of empty investor condos in NY as well, especially on billionaires row where wealthy oligarchs Saudis park their money in a real estate.

[yoyo6713]

I am moving to Miami next Friday! I will rent first because so many people throwing cash around snapping up condos like there is no tomorrow. I bid on a couple and lost as I don't feel like going over the asking.

[MiamiLIFE]

Originally Posted by yoyo6713

I am moving to Miami next Friday! I will rent first because so many people throwing cash around snapping up condos like there is no tomorrow. I bid on a couple and lost as I don't feel like going over the asking.

It's difficult to buy now. I would rent for a while to see if you like living in Miami. I moved here over a year ago and couldn't love it more! But, this place is not for everyone. Mainly the drivers are terrible and the traffic. The traffic doesn't bother me, but the drivers are trash. Really need to keep your head on a swivel. Anything can happen between ignorant local drivers, scooters, bicycles and tourists.

[Marc Middleton]

Originally Posted by yoyo6713

I am moving to Miami next Friday! I will rent first because so many people throwing cash around snapping up condos like there is no tomorrow. I bid on a couple and lost as I don't feel like going over the asking.

I had a customer tell me that in 2021..wouldn't over bid on a large 1/1 at Flatiron...needless to say it went up $150k a year later

Worse case you hate Miami, you rent it out. There will never be a dull market for Miami rentals.

[gixxer1000]

Originally Posted by elchevere

They will claim it for tax purposes if they resides here 183 days of the year.

This is not what I'm hearing from the realtors. It used to be the 6 month and a day game for tax purposes. Now the New Yorkers are looking for larger units to accomodate their families and asking about schools, etc. The are moving here full time.

[telesport550]

Other cities will struggle to match the unique and enticing lifestyle that the Miami area offers. It's emerged as one of the most prominent locations in the world for those looking for a super extravagant way of life, thanks to its warm weather throughout the year, popular beaches, and dynamic cultural amenities.

A demand for high-end services and goods is generated by the influx of wealthy citizens, which in turn draws companies that serve their demands. In contrast to most other areas of the country, where jobs and industries often dictate the character of the region, South Florida's appeal is largely based on its lifestyle. No matter the number and type of new jobs created, that will always remain true.

[MiamiLIFE]

Originally Posted by telesport550

Other cities will struggle to match the unique and enticing lifestyle that the Miami area offers. It's emerged as one of the most prominent locations in the world for those looking for a super extravagant way of life, thanks to its warm weather throughout the year, popular beaches, and dynamic cultural amenities.

A demand for high-end services and goods is generated by the influx of wealthy citizens, which in turn draws companies that serve their demands. In contrast to most other areas of the country, where jobs and industries often dictate the character of the region, South Florida's appeal is largely based on its lifestyle. No matter the number and type of new jobs created, that will always remain true.

I love Miami! Moved here a year and half ago and consider the move one of the best decisions of my life. However, Miami will hit a bump in the road. She's flying high right now, but there is always something that comes along to bring you back to earth. I expect some hiccup to manifest along my time here.

[wanderer34]

Every city has their bumps and bruises and Miami is no different (1980 Miami Riots, Cocaine Cowboys, Spurning of Mandela in 1990, Hurricane Andrew, etc.)Miami has the dynamics to be one of America's fastest growing city in America's fastest growing state.

[gixxer1000]

Miami has a lot of in migration the issue is that we are also losing a lot of people to other cities in Florida and therefore not going alot. In fact the census numbers show that from 2020 to 2022 we actually lost a small percentage of people.

https://www.census.gov/library/stori...s-shifted.html

In Florida, the Miami area is a distinct pocket of net domestic migration loss in the heart of a state with mostly net domestic migration gains.

We are gaining wealthy residents, young single professionals, etc. This however is pushing out the middle to lower class families to Broward and beyond as they can't afford to live here.

Part of the issue is that Miami is essentially landlocked similar to Manhattan. And similar to Manhattan Miami is becoming wealth center of activity that average people can't afford. We need to continue to build good transit like the brightline. The cities to the North will essentially become our NJ and much of the working class will have to commute in and out.