Out-of-State Movers to Florida Hit Highest Level in Nearly Two Decades with New York, California, and New Jersey as Top States of Origin via MIAMI REALTORS® Chief Economist Gay Cororaton
There is more to the decline in existing homes for sale than just the lock-in effect. “Baby boomers represent 32% of homeowners, and over 80% said they would like to age in place. This preference is likely also contributing to the supply shortage.”
Taxes on commercial rents and leases in Florida will be cut by 1% on December 1, 2023. An average Florida Class A commercial lease will save $360 per year per 1000 sq feet. An average Florida Class B commercial lease will save $268 per year per 1000 sq feet, and an average Florida Class C commercial lease will save $190 per year per 1000 sq feet.
South Florida’s rise as a global business hub via @sfbjnews
Even with these risks, rising interest rates and a housing shortage, South Florida continues to see tremendous growth potential, thanks to consumer spending in real estate and retail and the number of new residents migrating to the area via @bisnow
Originally published at https://www.miamirealtors.com/2023/11/02/thursday-nov-2-south-florida-real-estate-market-articles/
