In recent years, South Florida has seen an influx of Northeasterners, drawn by the state’s lack of income tax and low property taxes, particularly in the wake of 2018’s tax reform. By December of last year, the sales of high-end homes and condos in Miami-Dade, Palm Beach and Broward counties had spiked significantly. And in the midst of the Covid-19 pandemic, demand has continued to rise as buyers flee crowded cities for more space, larger properties, and a stronger sense of safety.
At the same time, the fundamentals in Broward County remain especially strong. In the first quarter of 2020, the greater Fort Lauderdale area saw total home sales increase 3.4% year over year, and luxury single-family home transactions were up 26.7% for the same period. The median sales price increased 7% for houses and 6% for condos, according to the MIAMI Association of Realtors.