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Millionaires are moving to Florida. Here are the homes they're buying. - Business Insider

Author: Business Insider

Source: https://www.businessinsider.com/south-florida-housing-market-luxury-homes-palm-beach-miami-2023-10

Image of Millionaires are moving to Florida. Here are the homes they're buying. - Business Insider

US Markets Loading...HMSWealthy movers to South Florida have pushed the real-estate market to new highs.See 6 homes for sale only the rich can afford.The Waterfront Team/ONE Sotheby's International RealtyAn influx of wealth is reshaping the real-estate market in South Florida.The average home price in Palm Beach hit $20 million, making it the country's most expensive market.Six South Florida homes seeking over $40 million offer perks from a rooftop pool to a tennis court.LoadingSomething is loading.Thanks for signing up!Access your favorite topics in a personalized feed while you're on the go.It isn't only movers who are flowing into the Sunshine State.More wealth is also arriving in town, and with it has come eye-watering real-estate deals up and down the Florida coasts.Take Oracle founder and billionaire Larry Ellison's $173 million purchase of a Palm Beach home in 2022.Or Citadel CEO Ken Griffin's rumored plan to build an estate valued at $1 billion in Palm Beach.Or Amazon founder Jeff Bezos's June purchase of a $68 million Miami home. A wave of Silicon Valley and Wall Street workers have flowed into the state with lots of money looking to buy.The inflow of these billionaires and millionaires, many of whom migrated to Florida since 2018 to take advantage of its tax policies, is making its mark on the housing market."I think it just comes down to simple supply and demand," Ruthie Assouline, a New York City and Miami-based real-estate agent with Douglas Elliman, told Insider."That's why you're seeing prices still hold and go up because there's still a greater amount of buyers than there are opportunities."In Palm Beach, the average sales price topped $20 million in the third quarter, making it the most expensive market in the country, CNBC reported.In Miami Beach, the value of sales jumped 62% in the same period of time because more homes were closing over $10 million, according to Corcoran data cited by CNBC.At the same time, the number of listings has fallen off in Palm Beach and Miami Beach, nudging along competition for what homes come to market.Take a look at six of the most expensive homes for sale in South Florida eyed by these monied movers, with prices topping $40 million.Miami Beach: $42 million5060 North Bay Road, Miami Beach, Florida.The Waterfront Team/ONE Sotheby's International RealtyAddress: 5060 North Bay RoadSquare footage: 6,672Total bedrooms: 8Total bathrooms: 9Listing agents: George Burns & Albert Justo of ONE Sotheby's International RealtyFeatures: 120 feet of Biscayne Bay waterfrontMiami Beach: $49.5 million130 Palm Avenue, Miami Beach, Florida.The Waterfront Team/ONE Sotheby's International RealtyAddress: 130 Palm AvenueSquare footage: 15,132Total bedrooms: 9Total bathrooms: 15Listing agents: Mirce Curkoski & Albert Justo of ONE Sotheby's International RealtyFeatures: Rooftop pool, detached guest house with therapy roomsBal Harbour: $60 million44 Bal Bay Drive, Bal Harbour, Florida.DroneDPAddress: 44 Bal Bay DriveSquare footage: 5,894Total bedrooms: 4Total bathrooms: 6Listing agents: Ricky Kallabat of Keller Williams Capital RealtyFeatures: Lit tennis courtManalapan: $65 million1400 South Ocean Boulevard, Manalapan, Florida.Adam Dooms/Dooms MediaAddress: 1400 South Ocean BoulevardSquare footage: 16,174Total bedrooms: 7Total bathrooms: 13Listing agent: Mark A.Griffin of ONE Sotheby's International RealtyFeatures: Two-acre lot with over 200 feet of oceanfront and 200 feet of the Intracoastal WaterwayCoral Gables: $69.9 million9401 Journeys End Road, Coral Gables, Florida.Jorge Chao/ONE Sotheby's International RealtyAddress: 9401 Journeys End RoadSquare footage: 12,159Total bedrooms: 7Total bathrooms: 10Listing agents: Saddy Delgado & Valeria Kelly of ONE Sotheby's International RealtyFeatures: Private dock and 500 feet of water frontageMiami Beach: $75 million98 La Gorce Circle, Miami Beach, Florida.The Waterfront Team/ONE Sotheby's International RealtyAddress: 98 La Gorce CircleSquare footage: 14,060Total bedrooms: 7Total bathrooms: 13Listing agents: Mirce Curkoski & Albert Justo of ONE Sotheby's International RealtyFeatures: 88-foot infinity-edge pool, 1,800-square-foot primary bedroomRead nextHousing MarketFloridaLuxury

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