New Yorkers Abandon Big Apple to Buy in the Sunshine State

March 27, 2012

Brazil. Russia. China. Canada. If you’ve been keeping up with South Florida’s real estate news, you know that residents from these four countries have been the major players in the market recently.  International buyers have been the driving force of the real estate market in the region; with some buying more than one property and transactions done mostly in cash. With the mass influence of foreign investment overshadowing trends in the Sunshine State, it would be easy to miss that buyers from New York are very much active in the Sunshine State, with cash in hand.

It seems that recent trends in the South Florida real estate market have been so noticeable that buyers in New York are willing to take action on South Florida’s changing real estate market. Much of the consideration is due to acknowledgment that inventory is shrinking and prices are starting to appreciate. This means that, much like the reasons of foreign buyers, New York buyers are seeing long-term investment opportunities in the area.

The weather is another source of attraction for New York buyers, as well as tax incentives for businesses such as no income tax and homestead protection.

Around this time of year, expect to see buyers from New York increase significantly as they come down to both enjoy the beautiful sunny weather as well as take advantage of unparalleled real estate opportunities.

Source: The Real Deal