The detrimental effects of continued and increasing state tax in high tax northern states such as New York and Connecticut is beginning to show its effects and fast. Greenwich, Connecticut’s 06831 and Manhattan’s Financial District 10005 were once home to numerous Wall Street big wigs and high income earners, yet residents have either fled or shelled their capital holdings in states such as Florida.
The Miami hotel industry has reported a record shattering start to 2018, leading the nation when it comes to revenue per rentable room. The revenue per room available rose up 17.2% to $226.19 year-over-year.
Miami has been named the top U.S. real estate market for ultra-rich foreign buyers of luxury real estate. According to the US Ultra Prime Real Estate Report, 26% of American ultra-luxury properties sold to overseas buyers were in Miami, with over 95% of the deals being completed in cash.
Miami is fast on the rise and a new Zillow report has named the city the 4th most valuable housing market in the United States with a value of $864.2 billion, up 4.7% year-over-year from 2016. Miami trails Los Angeles which has a market value of $2.7 trillion and New York City which has a market value of $2.6 trillion.
Florida has been named the second fastest growing state according to the United States Census Bureau, trailing only Texas. Florida added 327,811 new residents between July 1, 2016 and July 1, 2017, about 900 new residents per day.
Miami has come in as the 9th most expensive city to rent a 1-bedroom with a median price of $1,750 according to Zumper's November report. This number reflects a fall from $1,800 median 1-bedroom rent that Miami reported in their October report studying numbers from September.
Douglas Elliman has released their Q3 2017 South Florida Market Reports for Miami Mainland, Miami Beach, Boca Raton, Fort Lauderdale, Palm Beach, Wellington, Delray, and Jupiter/Palm Beach Gardens. The data was compiled in partnership with Miller Samuel, who is a leading independent appraisal firm.