Buyers had for the first time Difficulty in that In the housing market in recent years, thanks to the escalating prices and high interest rates throughout the country. But the trends are particularly clear in southern Florida, where a growing share of one family is one million dollars or more, as many are pricing, but the richest of what they want to call Miami to the house.
Five years ago, a $ 1.1 million house was placed in Miami Dead County buyers at the top of 5 % of the market. Today, these lowest prices start in that category of $ 3.3 million, according to Miami Real Estate Mediators Association. Through South Florida, more and more houses cost at least seven numbers: in Palm Beach Province, 24 % of the homes of a single family were sold for at least one million dollars in 2024, while 23 % of those did in Miami Dead. While total sales decreased by 1.7 % in 2024, sales of $ 1 million in the region increased by 12.6 %.
The wealthy buyers who plan real estate in All Nescash deals He adds to buyers’ problems for the first time. Young buyers are rarely drivers to buy a house in all money, and instead they must rely on real estate loans. Meanwhile, wealthy buyers are more attractive to sellers who want a quick exit-are there a lot of them in Florida: West Palm Beach, where approximately 50 % of all purchases were cash, ranked first in the United States to get most sales of all the discussion in 2024, According to Redvin. Fort Lauderdale and Miami ranked fourth and fifth, with 38.9 % of sales and 38.1 % or sales, respectively, Made without mortgage.
Latter A wave of wealthy implants Those who started moving to Florida during the epidemic and lifestyle are part of the reason for the increase in pricing. Because they can buy cash, high real estate interest rates are not a deterrent.
Nancy Bacchilor says, a real estate broker for compass In southern Florida. Of course, those who have no wealthy fathers often are left.
“In many cases, parents put an introduction or buy the property directly so that their children can stay closely instead of being priced outside the city,” says Bacchilor.
She says that other buyers move beyond the city or wipe over the aspects that were once from their homes, such as a swimming pool. Others look at the apartments – which were also seen The price increase is 119.6 % Over the past decade in Miami-when they really wanted one family home.
“They want to move here. They want to work here. They love the city, everything,” she says. “But often we have to say, well, maybe you cannot buy what you were thinking about.”
Batcheror has seen many buyers to own a house in the end, alleviating what is available in the price range. It is concerned that it can cause young people who grew up in the region and have no family assistance to leave northwest of Florida or even outside the state.
Even homes that cost millions of dollars may need important construction work, or miss the basic features – by setting a bathtub, and updated kitchen – what buyers want, says Batchelle. He lets a lot wonder why they will pay a price of $ 3 million.
“You show them what is available in those areas, and it does not fill their expectations at all,” she says. “They are not at all what they were dreaming about.”
This story was originally shown on Fortune.com
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