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In this tutorial video we’ll go over the dynamics of the Miami real estate market, its long boom and bust cycles reminiscent of the long cycles in the commodities markets.
We’ll also go over why we think this time is different due to mass, internal post-COVID migration from major population centers like San Francisco, Los Angeles and New York.
In fact, the long boom and bust cycle seems to have been interrupted completely by internal US migration patterns which have been turbo-charged, especially with the mass adoption of remote work and “work anywhere.”
However, despite remote work, it turns out that people are still social animals, and want to be around action, activity and like-minded people. There’s a reason every remote worker hasn’t migrated to South America or North Dakota for a lower cost of living.
As a result, it’s been proven that people still want to be close to others for the most part, even when they can work remotely. It seems that people have chosen to move to places with mostly a better quality of life, and in that regard, Miami and South Florida has been notching some huge wins.
Check out the video to learn more about how the Miami real estate market has traditionally been affected by over-building and oversupply due to the fewer zoning restrictions and fewer historical districts in Florida.
In contrast to NYC or California where zoning is much more restrictive, and in NYC where historical districts and landmarked buildings abound, South Florida is much more of a free-for-all for developers. As long as they can buy up the lots and it makes economical sense to develop, they will go for it. Eventually this leads to oversupply. Watch our video to learn more!
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The post Will Over-Building Cause the Miami Real Estate Market to Crash? first appeared on Miami In News.