Pioneer says Miami real estate is booming after blue state exodus: Never 'seen before’
Miami has become the 'epicenter of the world,' Miami pioneer Marc Roberts argued
Miami World Center and E11EVEN co-founder Marc Roberts joined ‘Mornings with Maria’ to discuss Florida’s fast growing real estate market.
The nationwide exodus from Democratic-run states has set Florida's real estate market "on fire," and, according to District 11 pioneer Marc Roberts, it's showing no signs of stopping.
RED-HOT MIAMI HOUSING MARKET EXPECTED TO DEFY 2023 COST CORRECTION AS BLUE STATE EXODUS CONTINUES
"The amazing part about Miami is there is no slowdown. As a matter of fact, it's progressing. The values are going up. Businesses are moving there. We're basically in the second inning of a nine inning game. There's a mass exit of businesses, people coming for jobs, people moving there. It's an exodus that nobody's ever seen before," the E11EVEN co-founder said during an appearance on "Mornings with Maria."
MIAMI, FLORIDA - SEPTEMBER 29: According to an analysis from Realtor.com, rents nationwide are rising, with the median rent for all sizes of rentals was $1,607 as of August, an increase of 11.5% from a year ago.
Empire State Building as seen from Rooftop of Rockefeller Building
New York City, USA, Aerial View, Manhattan - New York City, Urban Skyline
In 2022, Florida saw the biggest rush of new residents migrating from predominantly blue states with steep taxes, with about 319,000 Americans making the move there, according to data from the National Association of Realtors. That amounts to a population increase of nearly 2% – well above the 0.4% national growth rate recorded in the U.S. between July 2021 and July 2022.
Roberts continued, arguing that the historic exodus is largely due to widespread "word of mouth" praise for the Sunshine State.
"Miami is the anomaly of what's going on in this country,"
"The exodus is the word of mouth. What's going on in Miami right now, anyone who comes to Miami and lives in Miami for a period of time is just telling all their friends how great it is, what an amazing place to live and what amazing experiences they have with their families, and what a great quality of life it is to live in Miami," he said Thursday.
"The best publicity for anything is word of mouth. So, all you hear about Miami is because of everybody talking how what an amazing experience [it is.]"
Professional tennis player and Wexford Real Estate Investors director Matija Pecotić joined ‘Mornings with Maria’ to talk tennis and investing.
The nationwide crime wave has prompted some blue-state residents to seek safer cities, and, according to Roberts, the "best thing" about Miami is how safe it is.
"The best thing about Miami is how safe Miami is. You know, the Police Chief Manuel Morales, is doing an incredible job. The mayor is, of course, amazing; he's just such a great proponent of everything going on. Our commission is second to none. It's like a perfect storm. Everything about Miami is just hitting on all cylinders," he told host Maria Bartiromo.
BLUE STATE TAX EXODUS TO FLORIDA CHURNING THE 'PERFECT STORM'
The E11EVEN co-founder addressed another point of concern regarding commercial real estate, deeming Miami as a real estate "anomaly" in comparison to the rest of the United States.
"Well, it's funny. There's been about three or four speculative office buildings built, and they're all filling up. They're building office buildings right now just on spec, triple-A office space, and a lot more office is coming because the other ones are filling up so quickly. So, Miami is the anomaly of what's going on in this country," Roberts argued.
Carroll Organization founder and CEO Patrick Carroll reacts to investor Charlie Munger warning the commercial real estate market could be the next big problem for the banks on 'The Claman Countdown.'
The Miami pioneer concluded by issuing a bold prediction on the city's red-hot District 11, which has seen an extraordinary boom in recent years.
"The area is on fire, and it's going to become the epicenter of Miami, which means it's the epicenter for Florida, which makes it the epicenter of, basically, the world," Roberts forecasted.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
FOX Business' Kristen Altus contributed to this report.