Why Manhattan’s Wealthy Residents Are Moving to Florida

After the past five years, trends in business and social life have gone through a massive shift. Out of all vacation home buyers, an estimated 42% have plans of converting their home into a family retreat, according to the National Association of Realtors Investment and Vacation Home Buyers Survey. For this and more reasons, the wealthy are moving into luxury apartments in Florida and making their Manhattan residences second homes instead. Here’s why.

The Sunshine State: A Beach Lover’s Paradise 

The Sunshine State is home to almost 200 official beaches across more than 65,000 square miles of surface area, according to World Population Review. No matter where you are in Florida, you’re never far from the water. If you’re thinking about moving into a luxury apartment in Florida, consider this fact something to brag about!

COVID-19 Impact 

The Business Development Board of Palm Beach County pitched to New York companies for about a decade. Their efforts paid off after the pandemic. The quick decline of the business climate and rising costs pushed the companies over the edge, hence the start of the great migration. Since COVID hit, there has been a boom in Florida’s real estate luxury apartments business. Coupled with fluctuating property values, high costs of living, and the Great Resignation, we’ve witnessed many unprecedented changes.

A Retiring Workforce 

Employment shake-ups in the market led to massive changes in the workforce. More people retired, got laid off, or switched careers. Remote working has reduced the need to live in metropolitan cities. Many are trading their busy lifestyle for a more relaxed alternative. The lockdown experience also pushed many homeowners into wanting bigger spaces, contributing to the rise of luxury apartments in Florida.

Affordability

Many people appreciate the move to Florida because the income tax charged on consumption is lifted, meaning that residents of Florida do not incur the state income tax charge when they buy or sell a product or service. Florida is both more affordable and more appealing to new residents’ interests, with access to fantastic theme parks, famous beaches, and tourist attractions. It makes for a great place to raise a family or retire. Fondly known as the Sunshine State, Florida boasts sunny and warm climates all year round.

Amenities

Imagine the best hotel you’ve ever stayed in. It likely came with a host of amenities, which might have been why you chose that particular hotel. That’s pretty much what you could expect from a luxury apartment. From things like swimming pools and assigned parking spots to hot drinks in the lobby, fantastic amenities are endless! You’ll truly live in luxury year-round.

Convenience 

High-end apartments usually have helpful staff that can assist you with several things. For example, if your air conditioning system goes out in the middle of the night, there is someone you can call. Maintenance often lives on the property, so you can get help when you need it. Want to hail a taxi? The receptionist can put in a call. Interested in a new salon in your area? Read a brochure in the lobby.

Safety and Security

When it comes to your living space, you want to feel safe and secure. Luxury apartment buildings have extra safety measures and systems in place. This means that unwanted visitors can’t access the building, let alone your apartment.

Proximity 

Luxury apartments are located in safe and beautiful neighborhoods, meaning you’re also in close proximity to a variety of stores, restaurants, salons, and more! This not only makes your commute for a shopping trip quick but also allows you to run errands and get groceries and other necessities easily.

 

A luxury apartment is one of the best ways to make the most of your life in retirement or after years up north. These types of homes have everything you need and more to make the upgrade worthwhile. To tour your dream apartment, contact Henri Frank Group today!