“Miami has been kind of a condo boom and bust story over many decades. And from our perspective it’s changed from having mainly Latin American buyers to buyers from New York, Connecticut, Chicago and California – a buyer pool that’s much bigger, and it’s really moved the market to new heights.”
To underline Florida’s big-league status, $2.88 billion was raised in venture capital in 2018. But the state’s rise has been in the planning for quite some time. The creation of the Florida High Tech Corridor in 1996, aimed at fostering research and education partnerships while boosting high-tech investment, was but one piece of a larger puzzle that’s helped transform the region and draw investment away from other parts of the US – something Patinkin is acutely aware of.
“Younger, more professional Americans have been attracted by high paying jobs, mostly because New York and Connecticut asset management firms have questioned paying 15% state income taxes, when they can locate their business to Miami, where high-flying executives like to spend the winters anyway,” he added.
Read more: Florida home sales expected to grow in 2020 despite tight market
Florida is Leste’s biggest market, although the firm is in the middle of closing two large, $110 million acquisitions in Austin, Texas. Leste Group is also active in both Carolinas and Nashville, all of which have similar characteristics and job growth opportunities.