There is an exciting new perspective on the South Florida real estate market following the COVID-19 pandemic. With an open economy and few masking requirements, the city of Miami has become a major hub for investors. Buyers are swapping their snow boots for sandals as South Florida averages 76 degrees in the winter months. The year-round mild temperatures allow continual development and construction of properties whereas winter months typically cause development to slow in cities like New York. With the dramatic rise in demand for South Florida real estate, bidding wars start as soon as houses are listed. Notably, the majority of buyers have been domestic fleeing from states with rigid COVID-19 restrictions and cold weather. This is usually not the case for South Florida where the vast majority of buyers are from Latin American, Russia, or parts of Asia. The remarkable amount of domestic purchases being made is astounding and has brought tremendous value to the South Florida real estate market. Single-family homes and condominiums are seeing unprecedented demand and are the driving force behind this real estate boom.
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