Several years ago, I started writing a monthly column analyzing the over $1 million properties on the Island and in Cortez. Then, because of the volume of properties, I amended that to do the analysis quarterly. Now I’m faced with the reality of having so many properties over $1 million that it’s easier to count the ones under a million and provide an overview of what’s going on. And what’s going on is mind blowing, probably something I don’t need to tell you.
Little Cortez has 19 properties either available or pending. Twelve of them are $1 million or over, counting a $999,000 property. The properties start with $4,999,999 and several of the properties are part of the new Hunters Point community.
The city of Anna Maria, which everyone knows by now is the second most expensive zip code in the state of Florida, continues to grow. There are 80 properties either available or pending on the north end and only two of those listings are under $1 million. It starts at $12,775,000 and ends at $1,399,900 with only 16 properties between $1 million and $2 million.
The combined cities of Bradenton Beach and Holmes Beach have 172 available or pending properties. They start at $12,995,000 and end at $999,000. There are only 53 out of 172 properties listed under $1 million.
All of the above numbers are based on the available information as of this writing, which changes daily. Nevertheless, it’s pretty obvious that we have broken records and keep breaking them. But why?
It seems like the world is moving to Florida and based on the increase in population numbers it very well may be. The population of Florida in 2022 was 22,244,823, an increase of 1.91% from 2021. The population of Florida at the end of 2019, when the COVID-19 pandemic was just starting, was 21,492,056, an increase of 752,767 in just three years.
As a comparison, the state of New York for the year 2022 had a population of 19,677,151. You would have to go back to 2014, long before COVID was even a word, when Florida’s population was 19,853,880 to come close to New York state’s current population. The increases in Florida’s population show a consistent growth pattern, with only two states, California and Texas, having higher populations.
And there are other reasons for Florida’s expanding population. Certainly, the lack of state income tax is a huge draw for wealthy individuals and businesses alike. Florida has a lower budget by billions than other large states and a higher GDP rate. And, although our sales tax and some permitting fees may be higher than other large states, in the end, it’s generally a more affordable state to live in.
Finally, do I even want to go down the lifestyle road, something it’s impossible to put a number on? For the most part, properties are being bought by buyers from out of state and it’s not all about the money.
I guess I really do know the reason the sales numbers are too high to count and the population keeps increasing. In spite of some adjustments to the real estate market all over the state, chances are it will continue, especially when buyers and sellers realize it’s now or never.
