Miami Real Estate is in Demand and New Yorkers Want In

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ONE Sotheby's International Realty reports changes in real estate trends due to coronavirus.

Miami is increasingly becoming a destination of choice for wealthy home buyers during this pandemic.

ONE Sotheby's International Realty has seen a spike in Miami real estate inquiries, most notably from high-net-worth home buyers from New York City looking to relocate to a luxury home, where sheltering in place is more like a vacation retreat. The world as we once knew it is a world of the past. Our daily routines have been disrupted and we've been forced to adjust, as we seek a "new normal". The stay-at-home orders magnified our surroundings, and home has taken on new meanings. It's no longer just a place to wake up and spend the evenings. For some, it has become a school, an office, a Saturday night date spot, and much more. The importance of the home is more significant than ever, and ONE Sotheby's is seeing the effect COVID-19 has bestowed on the Miami real estate market.

Single-family homes with pools are trending over condominiums after amenities and common areas closed down hastily as a response to the spreading. "Waterfront houses with pools are in high demand. My waterfront listing at 530 North Parkway listed for $3,495,000 in Golden Beach had an incredible amount of interest from New York buyers this month," said Samantha Joelle Elenson, a top producer at ONE Sotheby's International Realty. "People are looking to move quickly, and Miami is increasingly becoming a destination of choice for wealthy home buyers during this pandemic."

Where we live is being challenged after hot spots for the virus were identified in densely populated areas including New York and New Jersey. New York state's confirmed Coronavirus cases are more than any total country outside of the United States, according to data from Johns Hopkins University. In April, new leases in Manhattan fell 71% to a decade-low of 1,407, according to Douglas Elliman and Miller Samuel. New York Times analysis showed a massive increase in mail-forwarding requests in March and April to addresses outside of NYC further suggesting residents are leaving.

The structural shift in business operations and distributed workforces has created new purposes for our living spaces as well. The home office is likely the most prevalent adaptation for most households. The CEO of Twitter, Jack Dorsey, shared with his employees they have the option to continue working remotely from their homes indefinitely. The stigma to work-from-home is shifting and becoming widely embraced. Facebook, JPMorgan, Amazon, Microsoft, Zillow and others, announced they are extending their work-from-home policies.

This unusual time will pass but will continue to leave its footprint. We can expect future developments to emphasize hygienic living. As time passes, we see trends develop in the real estate market. COVID-19 has sped up the process of people choosing to make Miami their home.

For more information on recent real estate market trends in the Miami area since the Coronavirus outbreak, visit https://www.miamiluxurywaterfronthomes.com and contact Samantha Joelle Elenson with ONE Sotheby's International Realty.

About Samantha Joelle Elenson: Samantha is a Luxury Real Estate Agent and regularly ranks as a Top Producer with ONE Sotheby's International Realty. She has represented clients for their real estate needs for more than a decade across Broward and Miami-Dade County.

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Samantha Joelle Elenson
Samantha Joelle Elenson #1 Luxury Realtor
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