The real estate is good, the weather is great, and the tax structure is even better.
There's a reason so many people have been flocking to Florida, specifically the greater Miami metropolitan area, since the onset of the covid pandemic.
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Gov. Ron DeSantis has been keeping the state relatively open compared with states that remained in lockdown or restrictions for longer. That, paired with the rise of remote work, prompted folks to uproot their lives around the country and move to the Sunshine State in droves.
Nearly 675,000 people moved to Florida in 2021, with an additional 444,500 following in 2022.
"It’s largely because of the state’s low taxes, job opportunities, and light regulatory and business-friendly government, all of which make the cost of living affordable for many lower- and middle-class Americans," the James Madison Institute says of the mass-migration pattern.
Taxes are certainly part of it, but the good weather year-round is hard to beat, too, so long as you don't mind a little humidity.
Amazon (AMZN) -) Founder Jeff Bezos, who probably doesn't spend a lot of his day worrying about pinching pennies, did recently make an investment in Florida that only reinforces the trend: Everyone wants to be there.
Bezos invests nearly $80M in Florida property
Bezos reportedly purchased a $79 billion mansion in Florida, just months after buying the property next door for $68 million.
The seven-bedroom, 14-bathroom Mediterranean style villa is set in Indian Creek, a manmade barrier island just offshore Miami.
According to its Zillow listing, the 19,064-square-foot (1,771 sq. m.) compound boasts:
- Sauna
- Pool
- Theater
- Library
- Maid's quarters
- Fireplaces
- Marble flooring
- Wine cellar
- 6 covered garage spaces
- Ocean access
It is set on just under two acres of waterfront property. It has Brazilian teak docks with room for a yacht 100 feet long or more. (His current yacht, the Koru, on which he's been sailing around the Mediterranean, is 417 feet long, so that might be a tight squeeze.)
Jeff Bezos buys neighbor’s Florida mansion for $79M, second ‘Billionaire Bunker’ purchase https://t.co/GobZm0Qinm pic.twitter.com/1Sfjjqo4f7
— LUIS SUÁREZ | NYC Real Estate (@LuisSuarezNY) October 13, 2023
Indian Creek is known among smaller circles as "billionaire bunker." It has been home to notable figures including Carl Icahn, Tom Brady, Julio Iglesias, Ivanka Trump and Jared Kushner. Others: the Brazilian model Adriana Lima, the hedge-fund billionaire Edward Lampert and the former Philadelphia Eagles owner Norman Braman.
Indian Creek has its own police force and mayor. The population was reported as just 84 people as of 2020.
But even billionaires can still score deals in Florida. Bezos reportedly got a deal on the home — in May it had been listed for $85 million, making his purchase price of $79 million a 7% discount.
Bezos reportedly plans to knock down his initial $68 million property on the island and expand his footprint into one big compound.
