The market has been mostly driven by international buyers over the last years. New York’s are historically the most active national buyers of Miami’s real estate market. However, they have been pretty less active during the downturn.The recent market improvement seems to have gotten back their attention. Even if New York buyers never totally disappeared from Miami’s market especially from South Beach area, it seems that today they do perceive it in another way.
They did realize that if they don’t make a move now it will probably be too late. Market prices are increasing and inventory is lowering quickly. Even if they’re looking for investments, it seems that more and more New Yorkers do relocate their business and also become Florida residents. They see Miami as an attractive place to live in. The year-round sunny weather and the low income tax and the homestead protection are definitely key drivers that lead them to move to Miami.