Mick Wiener, noted real estate broker, has long known that Florida is a favorite among investors looking to purchase their second or third home; however, after the economic downturn that significantly harmed Florida’s local economy, it seems as though northern residents are back—and looking for prime real estate. An article published by Real Estate Weekly explains that New York residents are again looking to South Florida as the idea spot for their real estate investments. Mick Wiener agrees that the housing market in this area is once again quite busy and he adds that residents from not just New York but all along the northern states have long turned to Florida as the place to spend the winter or retire year-round.
The recession that struck the nation in 2008 particularly hurt states that depend upon luxuries for their economic wellbeing. As Florida primarily makes its money on tourism and real estate sold to individuals looking to invest in multiple homes, this state took a major hit when the economy tanked. But now that the economic environment is more stable, the Sunshine State is starting to rebound. The busy nature of the housing market is just one of several indicators that Florida is in recovery.
Randy Ely, who is a broker at the Corcoran Group, located in Palm Beach County, states: “In the last 18 months I have never seen it stronger than this and I’ve been doing this for 23 years here. I’ve never seen more of an influx of New York-Connecticut buyers coming down here and buying second homes. It’s incredible how many buyers are showing up right now.”
With a more stable economic landscape upon which they can rely, individuals who are retired or who are anticipating retirement can more confidently invest in a home in Florida. Wiener asserts that, in many cases, retirees who do not live year-round in their second homes can rent them out for extra money, allowing them to supplement their savings and benefit from the warmer climate that Florida has to offer. Typically, the individuals who move to Florida are in the 55 and up age range and are looking for a wonderful location in which to enjoy their golden years.
But the article explains that the demographics of real estate buyers in South Florida have shifted. Jacky Teplitzky, who is the managing director at Douglas Elliman, asserts: “The type of New Yorkers that used to buy in Miami were mostly retirees looking to get away from the cold weather in the wintertime. Now, New Yorkers are looking at Miami like they are looking in the Hamptons.” No matter what their age, though, most investors who purchase second homes in Florida cite the warmer climate as one of the main drivers for their decision.
“An incredible amount of residents of the states in the northeast are buying second and third homes in the Sunshine State due to the wonderful year-round weather,” comments Mick Wiener, Florida real estate broker associate and expert in the residential market.
The article explains that winters in New York bring short days, cold nights, and the desire to head to warmer weather to unwind after dealing with high stress jobs. Stephan Cotton, who is a broker for LXR Realty, explains: “In Manhattan, you have a lot of companies and a lot of people with a lot of high stress, high pressure jobs. When they are looking for a break, they want the best in service because their time is the most important thing for them. It’s about having a place where they can get in the sun.”
Even during the winter months in Florida, individuals can enjoy time outdoors. If the beach itself is too chilly, individuals can still engage in a golf game, visit outdoor shopping centers, and frequent the many gorgeous parks that the state has to offer. Wiener adds that, for the affluent, the wide range of luxury boutiques and shops is a strong draw for individuals who are considering a second home. With so many people from the northeastern states spending time in South Florida, the pace is relaxed but comfortable for individuals who are used to the high energy lifestyle of New York. Additionally, the comforts of home (i.e. designer boutiques) are available in many of the cities throughout the Sunshine State.
With interest rates relatively low and property prices much less expensive than those in New York and surrounding areas, individuals who are looking to invest in second home can get a great deal of value for their money in Florida. Furthermore, with direct flights from New York City, traveling back and forth between their main residence and their second estate is quite simple and fast.
“I highly encourage anyone who is considering buying a property in South Florida to make a move soon,” comments Wiener. “The market is very favorable and there are some fantastic properties available. Additionally, with summer coming, it is a wonderful idea for northeastern professionals to go ahead and secure a comfortable, relaxing place to spend long weekends away from the city.”
Mick Wiener urges individuals who are interested in purchasing a new home in South Florida to partner with an experienced, trusted real estate professional to guide them through the market.
Mick Wiener is a Florida licensed real estate broker associate who guides clients through the buying and selling processes. He specializes in providing services within the residential sector of the market. Wiener holds a bachelor’s degree in business and a master’s degree in executive management. When not working or supporting the community, Wiener spends time at the gym, on the beach, and boating in Florida’s beautiful waters.