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You don't have to go far from Coral Gables with Fort Lauderdale on near equal footing with neighborhoods like Harbor Beach, Las Olas, Rio Vista, Coral Ridge and Bay Ridge where median home values start at 3 million and average as high as 15 million.
Rio Vista has a 1.4 acre lot for sale for 40MM! Guy bought the mansion for 24mm and knocked it down then was asking 50MM. Guy could easily make 10 million for simply knocking the old house down
This is a hedge fund guy, he bought David Stern's old mansion then bought everything around it. Stern was the foreclosure lawyer that was fraudulently taking homes with forged paperwork. https://www.realtor.com/realestatean...=srp-list-card
These two houses are across the intracoastal from each other.
You don't have to go far from Coral Gables with Fort Lauderdale on near equal footing with neighborhoods like Harbor Beach, Las Olas, Rio Vista, Coral Ridge and Bay Ridge where median home values start at 3 million and average as high as 15 million.
Even in Boca, Manalapan, Palm Beach (home to a whopping 60 billionaires) and inland places like Parkland and Southwest Ranches - insane money. Then there’s non SFL metro areas like Naples, Venice, Sarasota, etc where you can’t build a normal sized home unless your budget is seven figures.
The Florida of today is vastly different than the Florida of even five years ago. I don’t know how the middle class will be able to stay put.
This sold for 25mm in 2019 and is now asking 57mm. Sure it could get some water damage, trees knocked down, roof tiles blown away but this is not going to be total devastation. Remember the news, Jim Cantore's crew head to the worst areas for the best TV shots (trailer parks upside down, houses under 10 feet of water).
Hurricanes don't deter rich people, it gives them a reason to redecorate! Yes real estate is cyclical but Florida has great weather and no state income tax. CA added an income tax for the wealthy! Florida also protects debtors with their homestead laws.
Come back to me if a category 4 or 5 hits the area….not an Irma. I’m sure many shieks in Dubai thought their wealthy possessions were impervious to climate change as well.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
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Originally Posted by kidyankee764
Even in Boca, Manalapan, Palm Beach (home to a whopping 60 billionaires) and inland places like Parkland and Southwest Ranches - insane money. Then there’s non SFL metro areas like Naples, Venice, Sarasota, etc where you can’t build a normal sized home unless your budget is seven figures.
The Florida of today is vastly different than the Florida of even five years ago. I don’t know how the middle class will be able to stay put.
You are correct, but there are only a few year round warm weather oceanfront areas in the U.S.—SoCal and SoFla—which people (not just from the U.S.) are willing to pay a premium for.
Middle class Floridians, pre Covid, have been replaced to a great extent by often wealthier out of country/out of towners who, in turn, have attracted and been followed by upscale restauranteurs (Thomas Keller, Massimo Bottura, Dani Garcia, Major Food Group, etc ) and retailers—following the money.
There are only a few year round warm weather oceanfront areas in the U.S.—SoCal and SoFla—which people (not just from the U.S.) are willing to pay a premium for.
Exactly.
Coming from Southern California I no longer can endure winter blues, and I get low-energy & fussy when it’s overcast. I was in the tri-county area last week for 5 days, going up and down from Miami to PBC. I was SO happy (I wasn’t being a tourist. I was working on a very tight schedule to hopefully buy a house within 4.5 days so I was working with a realtor for 10-11 hrs a day.) It was 80 degree but was not humid nor felt hot, the sea breeze was felt even in the inland area. I was only looking at the waterfront houses + gated communities.-yes it’s getting almost California level of expensive (if you add HOI drama everyone was having nervous breakdown for+ 2% + property tax. CA doesn’t have much HOA communities, but in FL you’re paying for HOA with the public amenities you probably never use. I love the storybook-like, lush, manicured, beautifully landscaped tree-canopy communities though. That is quality of life in my book.)but it’s the premium I am happy to pay.
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