Although the hustle and bustle of New York continues to captivate many, an increasing number of New Yorkers are seeking a change of scenery and a sun-drenched second home. In this pursuit of a new chapter, the allure of the Florida real estate market has never been more potent. From the vibrant beaches of Miami to the serene coastal cities of Palm Beach County, the Sunshine State offers a wealth of opportunities for those looking for their own little corner of paradise.
20 years of experience living in the area have given real estate agent David Loeb unparalleled knowledge of the state’s investment opportunities, particularly in the growingly popular Palm Beach County, where more and more young professionals and families have been moving in. Moreover, with an outstanding track record in selling multi-million-dollar luxury properties, he has carved a niche for himself as a top-tier luxury and relocation specialist.
“Florida sometimes gets a bad reputation due to its association with overcrowded cities like Miami and Fort Lauderdale,” Loeb shares. “However, the state has many opportunities, and Palm Beach County has endless advantages. Regardless of the potential buyers’ specific preferences, each city has something that makes it stand out.”
Aside from the pleasant weather and its diverse culinary scene, Florida offers many other conveniences, such as access to multiple airports, affordable travel options, and, as a cherry on top, proximity to various Caribbean islands, naturally for those who can afford it.
Overall, Florida’s housing market has been booming in the past several years. In fact, on a national level, listing prices have increased by 8.4% in 2022. Home prices in Miami, for instance, have also gone up by 7.5% in 2023, giving the market further competitive growth.
Despite the increases, Loeb emphasizes that if potential buyers looked beyond the large cities, they could find exceptional and affordable housing, with the Palm Beach County cities at the top of the list. “Living in this area is more affordable, and I personally believe the beaches are nicer, with a more laid-back vibe. If you’re seeking an elegant lifestyle with constant events that you can attend every night, this is the place to be.”
A crucial point for people to consider before deciding to invest or relocate is exploring and getting to know the vibes of each city in the county. Just as every buyer is different, so is each city unique in what it offers. Nevertheless, Loeb highlights that Palm Beach County has been incredibly resilient, even during the pandemic.
“While most parts of the U.S. experienced a decrease in property value, our county only saw a minimal decrease. Property values that have increased have remained stable, and there hasn’t been any further decrease yet,” Loeb explains.
While there isn’t a way to predict if any significant downturn might be coming, it is safe to say that the Florida housing market’s growth will remain stable.
“In the real estate market, it’s hard to find an area that offers affordable and luxurious properties that will also increase in value over time. Fortunately, an increasing number of people from up north have shown interest in purchasing real estate here, so I’m hoping this trend will continue,” Loeb concludes.
