Although higher interest rates on mortgages have caused housing prices to fall overall in most of Florida and across the United States, Miami-Dade keeps bucking that trend. In short, people continue to relocate to the county from New York, Chicago and San Francisco, among other cities.
The pandemic accelerated the Grove’s popularity, attracting transplants from New York, Chicago and California due to its proximity to all things great about Miami — including well-regarded private schools, a relatively quick drive to downtown, sophisticated dining, bayside parks and the revitalized Dinner Key pleasure boat marina.
Much of the demand for homes in Coconut Grove comes from New Yorkers moving to South Florida. But the real estate market in the area is struggling to keep up as the inventory of homes on the market has steadily declined and the price of condominiums, townhouses and single-family homes has skyrocketed, CLICK ON THE HEADLINE FOR MORE
Florida has become a particularly popular destination this year as remote workers and retirees flock to the state in search of beaches, warm weather, low taxes and more affordable housing than big cities. Net inflow into Miami has nearly tripled since this time last year. CLICK ON THE HEADLINE FOR MORE