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Life after the global pandemic was altered forever. 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 vacation homes.
The Business Development Board of Palm Beach County had been pitching 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 the fluctuating property values, high cost of living, and the Great Resignation, we bear witness to 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 switch careers. For starters, remote working has reduced the need to live in a metropolitan city. Many are trading in their busy lifestyle for a more relaxed alternative. In addition, the lockdown experience pushed many homeowners into wanting bigger spaces, contributing to the rise of luxury apartments in Florida.
Many people appreciate the move to Florida because the income tax charged on consumption is lifted, which means that residents of Florida do not incur the state income tax charge when they buy or sell a product or service. It is both more affordable and more appealing to new residents’ interests. Florida has 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.
There are plenty of other reasons that the wealthy are leaving New York, so don’t hesitate! If you’re considering moving to Florida soon, call the Henri Frank Group today. We’ll be happy to help you find the new property you’ve been dreaming of.