Miami's Latest Real Estate Boom May Indicate New Reality
Real Estate Partner Elena Otero spoke with Law360 about Miami's soaring real estate market and what may lie ahead for the industry. Already a popular spot with vacationers and retirees, Florida saw an influx of business owners and professionals during the pandemic as lockdowns and remote work pushed them to relocate. The state's population grew by more than 200,000 between July 2020 and July 2021, causing demand to skyrocket in both commercial and residential real estate. In addition, capital from traditional and private financing sources increased. These factors and more are why many are saying Miami's current upswing is here to stay, bucking the trend of boom-and-bust cycles. Ms. Otero commented that although questions remain about the sustainability of this growth, long-term investments from residents and companies should help the South Florida market overcome future challenges.
"I feel that Miami was probably undervalued, along with many parts of Florida," she said.
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