Originally Posted on Tuesday, February 14, 2006
According to a recent housing report the inventory of housing units in Miami is up by 39% in the last year. That is bad news for Realtors but good news for Buyers...as I said in my last entry....However, it seems that price gains are not slowing as much yet as analysts have anticipated. In the last year, price gains have slowed less in Miami than in other markets including markets on the West coast of Florida according to the report. This is undoubtably due to Miami's burgeoning place in the global economy and the constant influx of residents from the Americas, Europe and now even Asia.
Anyone who has been to Miami knows the incredible mix of cultures that is present in almost every facet of our daily lives. We have been called the Melting Pot of the United States for good reason, walking down the street in Downtown Miami today I decided to count the number of different nationalities that I noticed...I stopped counting once I got to 10, and this was in a matter of only a few minutes. The only other place I have experienced this kind of diversity was in New York, a city that has attracted the best and brightest from around the world for hundreds of years. So why has the New York market seen faster price drops than Miami? It's way too cold!!! Seriously, I'm not just saying this becuase I am a South Floridian. Becuase of the new Internet based economy, workers now have more freedom to choose where they would like to work. Since so much work can be shared and transferred digitally or done from remote locations, more and more companies are now able to offer their employees and executives the option of living where they WANT to live instead of where they HAVE TO LIVE. Moreover, many of the companies that are adopting the remote and virtual office concept are the same ones that are leading innnovation and offering the highest paying jobs in our increasingly techno-interconnected world. These highly successful and motivated individuals want to work where they are comfortable...today's mid day Low in South Florida is 65 degrees...and this is the coldest day of the winter so far! I had to wear an undershirt a collared shirt and a jacket!!! It was freezing this morning...like 45 degrees!!! If you are currently in the Northern part of the country I sympathize but do not empathize, becuase having been fortunate enough to be born in paradise I don't plan to leave anytime soon.
And 1400 NEW RESIDENTS FLORIDA EVERY DAY probably agree with me. The difference between today and even 5 years ago is that back then most new residents to Florida were retirees or individuals looking to finish out their career in comfort after achieving so much seniority back in the snow. Becuase there was no Internet there was no way a working professional could be effective and productive so far from the home office. But as with so many other things...the Internet changes everything. So quit shoveling your driveway and de-icing your windows and come join us like everybody else...the Coconut Grove Arts Fair is this weekend and it's entirely outside...in the Sun!
And 1400 NEW RESIDENTS FLORIDA EVERY DAY probably agree with me. The difference between today and even 5 years ago is that back then most new residents to Florida were retirees or individuals looking to finish out their career in comfort after achieving so much seniority back in the snow. Becuase there was no Internet there was no way a working professional could be effective and productive so far from the home office. But as with so many other things...the Internet changes everything. So quit shoveling your driveway and de-icing your windows and come join us like everybody else...the Coconut Grove Arts Fair is this weekend and it's entirely outside...in the Sun!
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