Why People are moving from New York to South Florida in 2022

Just recently a lot of people have been moving to South Florida. Specifically, people who are moving from New York to Florida. Are you thinking of moving from NY to Florida? If you're planning on relocating to South Florida and you want to have an Idea about life in South Florida and want to know the REASONS why people move from New York to Florida, then you're in the right place! Why people are moving from New York to South Florida in 2022. This isn't anything new, it's just that we've found it. There are more and more people. This year and in the past couple years that have been moving down to South Florida, and we're gonna give you a couple of reasons why. And a lot of it has to do with the pandemic actually accelerating a lot of the moves. If you're interested in why so many people are moving from New York to South, Florida stick around. What's up folks? I'm Kev. And I'm Suze. This is Living In For Lauderdale with Kevin Sus, welcome back to our channel. We're glad to see you. All right. If it's your first time, welcome to the channel. Yeah. We're local realtors and as much as we love making our videos and we do, and we re we do, we really love even more helping folks make decisions about whether or not they should relocate and move just out Florida. And if. Where should they move to? If you've been asking yourself why folks have been coming from New York down to South Florida, especially in 2022, stick around. We're gonna give you the reasons why. Now, Florida as a whole has been seeing about a thousand residents from New York almost on a daily basis coming down here to South Florida. And some of the reasons why are the age old reasons why folks have been coming south. It's the great weather, it's lower costs, and it's basically they're geared towards retirement. There are also a lot of other reasons that have just come into play recently that are really causing a lot of folks to come down here from New York specifically. Florida, it's really intensified during the pandemic and actually a couple of the years before the pandemic. It's not just a good weather that's caused that happen. What you're seeing is a lot of changes in some of the financials in and around New York are causing it, and also Florida and South Florida especially, is really making a very aggressive bid to have folks come down here and relocate down here. Not just for the high scenes and not just for the vacation homes to actually become permanent residents. The real estate market is one of the reasons the overall economy down here and the employment climate are other reasons why folks are going down there. So we're gonna go ahead and give you some more details on that and some of the housing costs and the rental costs compared to New York. Now we do have to say, and I know it's not just weather, but look around you. It's 80 degrees today. It's February 24th and it's 80 degrees. How can you go wrong? And it's sunny and we're sitting by the. Really, and having to put on sunscreen in February really isn't a bad thing, is it? No, it's really not. Suze, we've sent us on videos before, but it's worth mentioning again and again, Florida resident. They don't pay state income taxes, and that's a huge thing when you're coming from a state, especially like New York that has made changes in tax structures and changes in the taxes. This is becoming very big thing for a lot of folks. They're just tired of giving away their money for taxes. I read somewhere that if you're making a million dollars in New York, you can be paying upwards of $130,000 just in state and local income taxes alone. Wow. Even if you're making a million. $130,000 that you're not paying to the state. That may be the difference between whether you buy a condo on the beach or whether you buy a big single family home on the beach or on the inter coastal waterway or habited pool in your backyard. And as I said before, South Florida has been increasingly aggressive on trying to get higher net worth individuals and businesses to come down here to keep the climate going. I think soon, as we said in one of our other videos I read in Florida Trends Magazine, that the 120 mile stretch that basically makes up South Florida, which is Palm Beach. Broward County and Miami-Dade County. The gross domestic product of those three counties alone is like $365 billion. To put that in perspective, as you said before, that's the same as countries like Chile and Israel and Turkey. There's a lot of money down here and there's a lot of money to be made. There's a lot of money to be had coming down here. And if you can come down to an area where you're not gonna be paying as high as state income tax or local income taxes and possibly if you've got remote working. Exactly. If you think about it, where would you prefer to? Would you prefer to work in your sunny backyard or inside where it's cold and you can't go outside and it's snowing and here it is, and look at it. It's beautiful today. So now I'm gonna call on some previous history of being an accountant to go through with this. It's a little tricky so far with. Me on this. In 2018, New York enabled what they call the Tax Cut and Job Act, and basically what it did is it changed what you could deduct on your taxes from your job, employment expenses and whatnot. It really took a bite out of some of the higher net worth folks. Basically, you can still recover a portion of the taxes. It used to be that you could write off a portion of your state income taxes if you lived in a state where you pay state income taxes, you could. Portion of that on your federal income taxes. And 2018, that changed. What it really did is since New York was such a high state income tax area, there were a lot of folks that kind of got a benefit, if you want to call it a benefit. Yeah. Really benefit. You got a little bit of a benefit for being able to deduct some of your state income taxes. Off of your federal tax return. In 2018 that changed. So that kind of put things in perspective. You were also able to deduct some of your local taxes too. And that also changed in a nutshell. And this is no offense to any of our friends and our family and our colleagues. Our relatives that still live in the New York. Okay. Or New Jersey. Yeah. Or New York especially. But it's really made it a lot more expensive to live in New York. And let's face it, some of the weather that's come up recently in New York, there was a massive, nasty snowstorm. Not too long. So again, if you can find somewhere where you can go pay less taxes and you can enjoy the outdoors a lot more, it makes sense as to why a lot of folks are coming from New York down here into South Florida, or enjoy the weather year round. One of the other reasons that we noticed, and from our perspective and also. To folks, it's probably one of the most important reasons is that it's no secret New York and New York City especially, there's a lot going on. There's a reason why they call it the Big Apple, and there's a reason why they tell you that basically it's open 24 hours a day. There's something happening in New York all the time, and a lot of folks, they get so used to living that lifestyle, which is a terrific lifestyle. They do have a lot of. Cultural activities, but South Florida has as many as well. Exactly. So what you do is when you come down to South Florida, especially areas like Miami, like Little Havana and Miami, you go out towards the a deco areas of Miami, Fort Lauderdale, walking down Los Sos Avenue. VCA Raton. While they may not be quite as lively and robust as New York City is, because quite frankly, in all the places I've ever been in, That includes foreign countries. I've yet to find a city that is actually like New York. It's no other place in the world. I can say that coming from cities and personally have been on six of the seven continents. So I have little experience to draw from, but there's something for everybody down here. And for a lot of folks, that's an important thing. It's very difficult. From the folks that we've talked to coming from New York City, especially if they're coming from like Manhattan or they're coming from the Bronx or the Queens Or Long Island. Long Island, Exactly. We have some very good friends. That kids came from Long Island. Yeah, you got a couple of friends. Yeah. But it's difficult for them to make a transition into areas even in central Florida like Ocala and Orlando, where the, And nothing against Orlando, but the primary attraction is Disney World. And even that does get old after a little while, having an area that is diverse culturally and also lends a lot of different things in there New York did. They're all within a very short distance. Going from Boca to Miami is an hour drive. There's all kinds of stuff you can go and places you can stop, and Fort Lauderdale being smacked in the middle of 'em makes a great stopping point if you want to go out and experience a little bit of everything during the pandemic, which actually caused a lot of people to actually reevaluate what they're looking for in their home. And I'm. Guilty of this too. My home office consisted of me putting a laptop up on a kitchen table so that I could look over the top of the laptop and I could watch tv, watch the news, and see what was going on. But with the pandemic and spending much more time at home and not being able to go out and do things, that's changed things a lot. People are now looking for homes and looking for places to live that can actually support a more home based lifestyle. They're also looking for not only indoor but outdoor lifestyles as well. And you can find many homes here with pool. That have Fantas for, you've got an outdoor living space, so now you've got indoor and outdoor year round here in South Florida. Candidly, as everybody knows, for what you pay for a thousand square foot condo up in Manhattan, you can in many cases get yourself a nice four or five bedroom, single family home, even on the water down here in some of the areas around here. If ocean front living isn't necessarily your cup of tea, or you have some of the communities like Parkland and Coral Springs, which have large single family homes on large. That are still very reasonably priced and give you a lot of land and a lot of home for your money. Oh, and it may be on a canal or you may have a lakefront, which is extremely nice. And if you have a home that's on a lakefront and you're interested in fishing, you know that's available right at your back door. That's actually a very good point. But basically even with all this craziness is going on in the real estate market, Florida is still for the most part, and South Florida to a certain extent. When you start getting into the higher, over a million dollar homes, it's still some of the lowest cost per square foot of some of the luxury homes anywhere in the country. And in many cases, you can find yourself with a very nice home or a very nice condo on the ocean where you can wake up every morning to get watching a sunrise, drinking your favorite coffee, or you can have a very nice, enjoyable evening with a sunset enjoying your dope beverage, or having a nice barbecue or something outside, or many of the country. To offer happy hour and you've got activities and communities. Not to mention that there's year round activities for children, and not that this is necessarily a dig to all my friends and family that don't live in South Florida , but I will tell you how many pictures and how many photos have I sent to you guys from us grilling by the pool on Christmas or on New Years. Or even on Valentine's Day, for those of you that live up in Chicago, live up in Montana, live up in New Jersey and Pennsylvania. Cause I know you guys are freezing your buns off and I'm flipping stakes in a tank top and a bathing suit. Ready to go. Jump in the pool. Don't forget the fish and the shrimp. And all of the fresh seafood that's available. I'm more for the seafood. Exactly. And I'm not saying anything, but you know what I'm saying? Yeah. You're a meat guy. One of the things that I thought was very interesting, we had a client that was contemplating moving down here from Manhattan down. Florida, they were going back and forth. She had an older son who had just graduated from law school and was looking to get a job with a law firm down in Miami. Congratulations. He did. Excellent. And she also has a son. They were looking for certain things from a school perspective, and he was a high school age student and she was very concerned about the schools down here and as well as the universities. When I went back out and did a little bit of a digging around, a little bit of analysis, most of the private schools down here in South Florida are on par or better than some of the premium schools up in New York City and actually some of the colleges down. Florida Atlantic, University of Miami. . Some of those are on par with a lot of the colleges that are up in New York. You can get a lot of bang for your educational buck down here too. That's true. With the cost difference. Yes. So it's amazing. Sorry folks. I just saw an iguana sitting over there that was moving down the road. It took my attention away from everything for just a second. While some New Yorkers referred to go. A little further west out towards Vegas or Phoenix, and we have some friends actually that went out towards Phoenix. Lot of the people that I work with actually has a friend that just moved to Phoenix, and a lot of folks have found that between a time change, the time difference and the distance itself, it makes it rather difficult to get back to visit friends and family. Here on the East Coast, that's one of the things everybody thinks about is proximity to family. On a personal note, we moved here from Northeast Georgia and after our kids got older and they move. We actually had to pay sometimes to fly them back down to see us in northeast Georgia. Now, not that it was a problem, but it goes to illustrate a point I'm gonna make now that we're down here and we live close to the beach, the kids come down all the time and they're not even asking us to pay for them to fly down anymore. They're more than happy to come down, Hey mom, Hey dad. Can we just come down and hang out with you guys this December and I'm freezing my buns off up in Ohio. Even our relatives, we have relatives that live up in Montana that are looking forward to coming down and visiting us during the Sun Spring. Because at last check today it's what? Zero In Montana? Yeah, it's zero in Montana. Yeah. Sorry Dennis, but I know, man. I know. You gotta be freezing your buns off . So a lot of our friends that are from New York, they know a lot of people already, or they've got family and friends down here. And have a great connection. That's an awesome point, Su it's almost like they have a built in community down here. They come down here so frequently visiting other folks or on vacation that actually begin to know people and they begin to have almost a second family down here, which also makes a transition coming down here even easier. Where's one thing that we did forget about the location of three of the different air. Works. Oh, it's true. Within roughly a hundred miles of each other. Going straight up the coast, you have Palm Beach International Airport in Palm Beach County, West Palm Beach, which is the most northern airport, international airport in South Florida. Then you have Fort Lauderdale, Hollywood, right outside of Fort Lauderdale, and then you have Miami International. Now, the cool thing about that is that. There is a tri rail system that basically, for those of you from New York, it's like the subway. It actually goes all the way above ground, not underground. A tri rail system that can actually take you from airport to airport. It's very reason priced. You jump on it at one airport and you get out to where you're gonna go, and you can pick up an Uber, you can pick up a taxi, you can have friends, family meet you at one of the tri rail stations. We've actually used it and it's great. It was very comfortable and very convenient. Oh, and the seating is very nice. Hopefully you found this interesting. You found it informative and you found it. Enter. If you have, we'd appreciate it if you would consider subscribing. After all, it is the cool thing to do, and that way you get notified every time we drop a new video. Until next time. Hey, thanks. Thanks. I will see you later.

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South Florida home sales keep falling as price growth slows

Residential sales fell by more than 25 percent across South Florida in September, as rising mortgage rates and sky-high prices continue to propel the market slowdown. Median prices kept their upward trajectory across the tri-county region, though price growth is slowing on a monthly basis. Closed dollar volume totaled $4.2 billion in September, down more than 20 percent compared to September of last year, according to the Miami Association of Realtors. The association’s reports only include sales recorded on the Multiple Listing Service. Miami-Dade County Residential sales in Miami-Dade County declined 28 percent in September, year-over-year, according to the report. Single-family home sales fell 30 percent to 869 closings, while condo sales decreased about 27 percent to 1,309 sales. The median price of single-family homes grew 17 percent compared with the same month last year, to $568,000. The median price has been on the rise for nearly 11 years, but compared to August, it only increased about 3 percent. The median condo price in September rose about 20 percent annually, or 5 percent monthly, to $395,000.   Miami-Dade County saw $1.6 billion in dollar volume close last month for on-market properties. Single-family dollar volume totaled about $760 million, a 36 percent decrease, and condo dollar volume fell 15 percent to $832.8 million. Broward County In Broward County, residential sales decreased 25 percent, year-over-year, to 2,348 closings in September. Single-family home sales experienced a bigger drop, falling about 31 percent to 1,033 sales. Condo closings declined 20 percent to 1,315 sales. The median price of single-family homes rose 13 percent, year-over-year, to $565,000, but by less than 1 percent compared with August. The median price of condos grew 24 percent on an annual basis, to $265,000, yet stayed flat compared to the previous month. Closed dollar volume fell to $1.2 billion last month, with single-family home dollar volume decreasing 24 percent to $751 million, and condo dollar volume inching up slightly (1.5 percent) to $473 million. Palm Beach County Residential sales dropped 25.5 percent to 2,109. Single-family home sales in Palm Beach County decreased 19 percent, year-over-year, to 1,170, while condo deals declined 32 percent to 939. The median price of single-family homes grew 23 percent to $580,000, which is up less than 3 percent compared with August. The median price of condos rose 18 percent to $290,000, a slight decline of $1,000, or 0.3 percent on a month-to-month comparison. Closed dollar volume totaled $1.4 billion in September. Single-family home dollar volume declined 13 percent to $1 billion, and condo dollar volume fell 24 percent to about $371 million. (Illustration by The Real Deal with Getty) The post South Florida home sales keep falling as price growth slows appeared first on The Real Deal South Florida.

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“It’s not dead, it’s just different.” South Florida resi slowdown persists

South Florida home sales continued to fall and prices kept rising in the third quarter compared with last year’s record hot market, according to a new report. “Yes, there’s been a slowdown in sales by about a third, but inventory is roughly half the levels of pre-pandemic,” said Jonathan Miller of Miller Samuel, who authors the Douglas Elliman reports. “The excess supply was obliterated during the pandemic.” Miller pointed to the supply of homes on the market in Delray Beach. Inventory of single-family homes rose 58 percent in the third quarter to 307 listings, compared with 194 a year earlier. But compared with the third quarter of 2019, inventory is down 47 percent. Even with rising mortgage rates, slowing price growth and fewer sales (compared with the “rocketship” that was the 2021 housing market), Miller said this cycle is unlike others. “This wasn’t built on speculation. This is born out of work from home, which has been a key driver of it,” he said. “The markets are performing almost uniformly. Supply is historically low and prices continue to rise.” Prices keep rising, he said, because sellers who aren’t getting a price they’ll accept don’t sell. And those sellers are also less likely to sell if they would then have to buy another home at today’s rates, which are likely much higher than their current mortgage rate. “Part of the stickiness is caused by the connectivity with a favorable mortgage rate they obtained through a refi or a prior purchase,” he said. The housing market, he said, is not “dead” but “different.” Miami coastal mainland Closings decreased 33 percent, year-over-year, to 3,889 in the coastal areas of mainland Miami-Dade, which include Greater Downtown Miami, Coconut Grove, Palmetto Bay and other neighborhoods. Single-family home sales dropped 27 percent to 1,677 closings. Supply rose to 4 months. The median sale price was $605,000, up 9 percent. Condo sales fell 36 percent to 2,212, with months of supply increasing to 4.1 months. The median price rose 20 percent to $408,000. Miami Beach and the barrier islands Residential sales fell 39.5 percent to 1,034 closings on the barrier islands of Miami Beach, Bal Harbour, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach and Surfside in the third quarter. Single-family home sales dropped 54.5 percent to 92 closings. Months of supply jumped to 10 months. The median sale price for single-family homes rose 18 percent to about $2.8 million. Miami Beach condo sales declined 37.5 percent to just over 942 closings, with 7.2 months of supply. The median sale price for condos fell slightly, by half a percent, to $516,000. Fort Lauderdale Single-family home sales in Fort Lauderdale fell 29 percent to 434 closings. The median price decreased by half a percent to $542,500. Months of supply rose to 4.3 months. Condo sales totaled 568, down 28 percent. Supply reached 2.4 months, up from the same period last year. The median price rose 29 percent to $482,500. Read more Slowdown is “paradoxical:” Realtor.com’s chief economist on Miami housing market’s future Economists predict “ugly” fourth quarter for US housing market Home prices cooled at historic rate in July West Palm Beach In West Palm Beach, 358 single-family homes traded in the third quarter, a 36 percent annual decline. Still, 4.5 months of supply were left. The median price for single-family homes in West Palm was $461,000, up 15 percent. Condo sales decreased 31 percent to 596 closings. Months of supply rose to 2.4 months. The median condo price jumped 22 percent to $219,000. Palm Beach Single-family home sales fell 59 percent in the town of Palm Beach to nine closings. Nearly a year of supply was left at the end of the third quarter, more than double that of the same period of last year. The median price actually fell 4 percent to $8.4 million. Condo sales decreased 43.5 percent to 48 closings, with an increase to about 7 months of supply available. The median price for condos jumped 133 percent to $1.6 million. (Illustration by The Real Deal with Getty) The post “It’s not dead, it’s just different.” South Florida resi slowdown persists appeared first on The Real Deal South Florida.

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