How Luxury Properties in Florida Have Changed in The Past 20 Years

Walters Realty Group  |  August 6, 2022

How Luxury Properties in Florida Have Changed in The Past 20 Years
With its pristine beaches and relaxed coastal vibe, Florida has always been a popular place for those who want to purchase luxury homes. Cities such as St. Petersburg, Miami, and Clearwater contain stunning waterfront homes with gorgeous vistas and great weather. During the past twenty years, the luxury property market in Florida has changed. South Florida is now one of the most popular areas for investment in luxury properties. Owners from New York and California are increasingly interested in moving to Key Largo or purchasing Islamorada luxury homes.

While Florida’s luxury real estate market was considered a niche market 20 years ago, now it is one of the most popular and dynamic real estate markets in the United States. Read on for a guide to why and how these changes occurred.

Real estate development has increased in South Florida

South Florida is now the ideal place for luxury development in the State of Florida. Investors, developers, and general contractors are building multi-use developments in South Florida. Residential homes are also being constructed throughout South Florida as well, giving more growth to the real estate scene. While the gulf coast of Florida has always been one of the most popular areas for luxury home development in Florida, the center of luxury real estate development has now shifted to the southern portion of the state. Although the beaches of northern Florida are beautiful, of course, South Florida now dominates the luxury real estate market in the state, and Tavernier waterfront homes for sale are in high demand.

An Influx of investors and developers

The state of Florida is no longer dominated solely by Disney World and tourism. Miami contains some of the most innovative companies in the United States, and artists are flocking to South Florida to take part in the rich cultural life of Miami-Dade County. Wealthy homeowners are also noticing South Florida, and the luxury real estate market in Florida is now busier than ever. The southern portion of Florida is now more cosmopolitan than ever before. Media companies, production agencies, and tech companies are attracted to South Florida because of all the great amenities its lifestyle affords.

The luxury real estate market in South Florida is also growing because individuals from all over the world are interested in purchasing beach homes in Key Largo and Islamorada real estate. The Florida Keys is one of the most popular destinations in the United States, and developers are continuing to develop homes along the upper, middle, and lower keys. Individuals from around the world are investing in Tavernier waterfront homes for sale. Twenty years ago, the level of real estate activity in South Florida was not as diverse or exciting as it is now.

The development of high-speed rail systems

Photo courtesy of railway-technology
The high-speed rail system that runs from Miami, Florida, to West Palm Beach, Florida, is one major component that attracts businesses to South Florida. The rail line may also expand to Orlando in the future. These factors contribute to businesses being attracted to the area. The private rail system, Brightline, brings many people to the area. The luxury real estate market has changed due to the influx of executives and businesses in Florida. More executives and senior vice presidents wish to purchase Islamorada luxury homes.

No state income tax

Florida attracts many residents and businesses due to having no income tax. The luxury real estate market has grown during the past 20 years due to more businesses and individuals moving to Key Largo to take advantage of the tax code in Florida. Twenty years ago, the number of businesses moving to Florida was fairly stable over the long term. However, during the past two decades, the rise of more businesses moving to Florida has affected the luxury real estate market.

Having no state income tax also makes it easier for general contractors to work in the state. General contractors can save money paying subcontractors by taking advantage of Florida’s tax code. These advantages contribute to the growing luxury real estate market here. Also, residents who choose to build their own beach homes in Key Largo can benefit from other elements in the state tax code.

Increasing demand for luxury houses

Photo courtesy of Team Walters
Florida is also seeing a rising increase in the demand for luxury homes. Many Islamorada luxury homes are built to satisfy this demand. California and New York residents often choose to purchase Tavernier waterfront homes for sale to take advantage of the beautiful beaches and weather in the state. Speaking with an experienced realtor who understands the luxury real estate market can help you find the perfect home for you and your family. Having a knowledgeable realtor on your side will give you a greater chance of finding the best luxury home for you and your family.

Luxury properties are more ornate today

Photo courtesy of Team Walters
Luxury properties in Florida are even more ornate than they were two decades ago. Buyers want to expand their homes and purchase even more waterfront property to create the ultimate in coastal, luxurious living. Islamorada luxury homes are also becoming more popular, as fewer beach homes in Key Largo become available. Luxury real estate buyers want properties where they can create additional rooms. They often purchase larger lots so they can expand their homes and create spacious and extravagant outdoor living areas, perfect for entertainment and relaxation. Luxury homeowners want more space and more amenities in their homes. Twenty years ago, the luxury homes in Florida were much smaller than they are now. Over the past two decades, Tavernier waterfront homes for sale have increased in size.

Contact Team Walters if you are interested in Florida’s luxury real estate market

If you’re ready to seize your chance to purchase a stunning home in one of the most beautiful areas of the country, contact Team Walters Real Estate. They know the ins and outs of the luxury real estate market in Florida and are well-equipped to handle any challenges that arise. So, get ready to own a piece of paradise under the Florida sunshine! Contact Team Walters today for expert guidance.

*Header photo courtesy of Team Walters

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The Walters Luxury Group in Florida shares the dedication and commitment required to deliver exceptional service with the world's most discerning sellers and buyers. Their local expertise, combined with Sotheby's one-of-a-kind relationships in most influential media outlets worldwide, artfully connects people with extraordinary homes for sale in the Florida Keys and beyond.