Old stereotypes die hard, such as the one about South Florida luxury properties attracting only the old and wealthy. The local residential market now has a much broader appeal across the generations, Coldwell Banker Residential Real Estate regional SVP Duff Rubin tells us.
A surge of wealthy buyers came to South Florida for residential in the years after the recession, many of whom were indeed well-to-do retirees, along with overseas investors paying cash. But now the region is permanently on the radar of “working rich,” including members of that generation not popularly believed to have much money, the Millennials (some are amassing wealth). “South Florida’s always been attractive to wealthy homeowners as a place to visit,” Duff says. But now, with South Florida’s growing economy, coupled with no state income tax, many non-retired wealthy homeowners are moving here permanently.
In the latest Coldwell Banker Previews International Luxury Market Report, the company finds that younger homebuyers with wherewithal aren’t waiting until they retire to put down roots in places like South Florida. In fact, homebuyer surveys and accounts by local Realtors confirm that today's ultra high-net-worth individuals are highly mobile and flocking in growing numbers to areas once pegged as resort or second-home markets, including the markets of South Florida.
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