Fynsa
A few months ago we told you about the exodus of financial and service companies from Manhattan and other U.S. cities to South Florida and how it was impacting office office prices in Miami and other areas of that state..
But the price and demand boom is not just for commercial and corporate space. Certain areas of Florida have become, according to Bloomberg, a magnet for the a magnet for the ultra-wealthy. Between 2019 and 2022 the number of postal areas -the famous ZIP codes-with properties with multimillion-dollar values has more than doubled.
Thus, for example, the median value of a single family home on Star Island in Miami Beach stood at US$40.2 million in December 2022, 71% higher than in December 2019. The median value of a home in Port Royal, in Naples, on the Florida coast facing the Gulf of Mexico, cost US$16.9 million in December 2022, 107% more than in December 2019.
Florida's boom is not limited to the super-rich. With the relocation of businesses and their owners to the state, the number of jobs has benefitedThe number of jobs in 2022, for the first time since these statistics have been kept, Florida had more jobs (9,578,500) than the state of New York (9,576,100), according to the Bureau of Federal Statistics.according to the Bureau of Federal Statistics.
