Experts believe Miami has turned into a Hot Spot for Luxury Real Estate

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The luxury real estate expert Katrina Campins said Miami has become a hot spot for those relocating from other big cities amid the coronavirus pandemic. She founded boutique real estate brokerage firm The Campins Company. Campins pointed out that celebrities and top executives in the financial sector have been relocating to Miami since the pandemic started for several reasons, including the policies in places like New York and California. She said she has also helped relocate financial firms, which are opening offices in Miami. A source said Goldman Sachs is reportedly considering relocating its $8 billion-revenue-generating asset-management division to Palm Beach County or Fort Lauderdale. Campins said because of all the companies and people interested in moving to South Florida so real estate prices are increasing tremendously.

Campins said, “We’re seeing huge sales 20, 30, 40 million dollars”. It is noteworthy that Ivanka Trump and Jared Kushner have reportedly purchased a more than $30 million lot of land on an exclusive island community in Miami Beach called Indian Creek Island, also referred to as the Billionaire Bunker. The New York Post said the location has a private, guarded, and gated community that boasts a 13-man police force for just 29 residences. It is believed that the couple purchased the lot owned by Julio Iglesias to build a bay-front estate. The sale reportedly closes on Thursday. A source said Tampa Bays Buccaneers, Tom Brady, and supermodel Gisele Bündchen are also planning to move to Indian Creek Island.

The couple is currently renting Derek Jeter’s Jetersville mansion in Tampa, has reportedly made the purchase for more than $17 million. Campins said, “When the pandemic first started I actually predicted that real estate would go up and not everybody agreed with me. People have a lot more equity in homes, people have reevaluated the importance of home space now and low-interest rates are also helping the influx”. The mortgage rates have hit new record lows this year. Data provided by mortgage buyer Freddie Mac shows the average for a 30-year, the fixed loan is 2.71%. Campins added, “We also have very low inventory and all of that is causing real estate prices, specifically in South Florida to increase”. The National Association of Realtors (NAR) said an increased demand pushes prices up for real estate amid a lack of inventory.