CORAL GABLES, FLA. (WSVN) – South Florida has become the epicenter of wealthy individuals purchasing real estate, but the surge is transforming the area\u2019s housing landscape.<\/p>\n
Real estate agents and experts gathered in Coral Gables for the University of Miami\u2019s 14th Annual Real Estate Impact Conference on Friday. Agents said the area is experiencing a migration of wealth as low taxes and business-friendly policies are drawing billionaires and multi-millionaires.<\/p>\n
\u201cMiami is on fire right now. Good, in a very good way,\u201d said Ricardo Caporal.<\/p>\n
One of the latest high-profile moves to the Sunshine State came from Meta CEO Mark Zuckerberg, who recently purchased a $170 million home in Indian Creek Village, making it the most expensive home sale ever recorded in Miami-Dade County.<\/p>\n
The ultra-exclusive community, dubbed the \u201cbillionaire bunker,\u201d is already home to high-profile residents like NFL legend Tom Brady, Amazon founder Jeff Bezos, and Ivanka Trump.<\/p>\n
Industry leaders said Friday the South Florida market is one of the hottest in the country.<\/p>\n
\u201cWe seem to be having a lot of tail ends, a lot of growth in front of us, even though there\u2019s obviously some natural challenges, but people are really excited to be here,\u201d said Arnaud Karsenti of 13th Floor Investments.<\/p>\n
Despite the rapid growth, which comes with challenges for local workers to afford homes, Karsenti sees strong demand fueling major growth in the area.<\/p>\n
\u201cIn any growing city and certainly South Florida, it\u2019s no stranger to infrastructure hurdles, traffic congestion, schools; those are all things that we deal with,\u201d said Karsenti.<\/p>\n
The housing boom in the area has led to public officials dealing with the challenge of affordable housing. The influx of high-end buyers has driven up housing prices, making it harder for working-class people to keep a roof over their heads.<\/p>\n
\u201cIt\u2019s been a very big challenge for developers, for public officials, for it\u2019s gotten very expensive,\u201d said Caporal.<\/p>\n
But those gathered at the Friday event say there is enthusiasm for those workers as well.<\/p>\n
\u201cIn just the last 10, 15 years, we\u2019ve built 10+ thousand units, and it\u2019s gonna continue. Everywhere you look, there\u2019s a project, and there are exciting museums coming. Everywhere you look, there\u2019s an effort to continue building the city,\u201d said Caporal.<\/p>\n
Karsenti said opportunity remains available for locals and that it is an exciting time to be part of South Florida\u2019s future.<\/p>\n
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