Have it All in Miami
Snowbirds Migrate South and Stay South as The 305 Heats Up
Escaping winter’s bitter cold for the balmy Florida sunshine is an annual pilgrimage for northerners. Prescient business magnate John D. Rockefeller wintered in Florida all the way back in 1914*, helping pave the way for millions of fortunate seasonal migrants to lounge along the sandy coast and play amid the verdant palm trees. With its exceptional cultural, leisure and architectural offerings, it’s no wonder Miami’s luxury real estate market is hotter than ever, and recently ranked the #2 top luxury market in the world with prices expected to rise 5% in 2023.**
“Luxury in Miami is booming” asserted Compass agent Carl Gambino. “The restaurant and art scenes have evolved to become very sophisticated, on par with the greatest cities across the globe.” Gambino represents high net worth clients from New York to the Hamptons to Los Angeles, and explains this is part of why many are shifting their residential sights south. “Compared to New York and LA, the luxury lifestyle in Miami is still relatively affordable. In LA, $20 million might buy you a teardown. In Miami, it likely affords you a stunning waterfront property. And you can’t forget Florida’s huge income tax savings. It’s a tax haven.” Gambino is currently representing 4400 Island Road. Its chic design, ultra-exclusive guarded community and private resort lifestyle has garnered strong interest from prospective buyers from coast to coast, many of whom are considering the home as their primary residence.
Compass agent Caroline Puren echoes Gambino. “The Miami-snowbird dynamic is shifting. Corporate offices are moving in and northerners are fully relocating here.” Powerhouse hedge fund and financial services company Citadel recently made headlines when it announced its future headquarters will be in Brickell, Miami. Puren is representing the magnificent waterfront property 1645 Cleveland Road, and has multiple New Yorkers circling the property in consideration of becoming their new full time home. “It has 75 feet of water frontage.The finishes are superbly detailed. The community is gated, safe, and walk to beach. All this luxury at a far lower relative price than in New York, plus Miami is a big city now, too.”
While northerners love the splendor of Miami winters, not all are ready to make Miami their full time home. For those who prefer the seasonal snowbird scenario, there may be no residence more opulently turnkey than the opportunity to create a full floor penthouse at 4401 Collins Avenue, the crown jewel of Miami’s legendary 5-Star Fontainebleau hotel and resort. Represented by Compass agent Linda Schecter, not only would its new owner enjoy jaw-dropping, unobstructed 360 degree views from the 37th floor, they would have the benefit of the Fountainebleau’s hotel, restaurant and spa services plus its concierge-style rental program. “It’s the ultimate second or third home for the ultra high net worth buyer. The rental program provides worry-free ownership with no rental restrictions. In addition to cleaning services, the Fountainebleau’s housekeeping provides fresh linens, towels and personal products. Depending on what events are happening in Miami, the home can be rented for tens of thousands of dollars per night.”
Schechter explained that interested buyers for the penthouse included those from New York, California and Chicago, along with London and Paris. Miami is a coveted destination with a strong international appeal spanning the globe. Whether an exotically elegant escape from winter’s wrath or an opulent abode to savor year round, it’s the warm Miami sun’s moment to shine.
*https://www.vacationsmadeeasy.com/TheBLT/30ThingsYouProbablyDidntKnowAboutSnowbirds.html
**https://www.cnbc.com/2022/11/29/dubai-miami-top-list-of-best-luxury-real-estate-markets-for-2023.html