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According to the ISG World Miami report, nearly 1,000 people move to Florida every day, with many heading for coastal cities including Miami. New contracts and closings for single family homes have surged in the past few months, with home sales in some parts of the state even doubling. According to One Sotheby's International Realty, in the second quarter of 2020, Miami Dade single-family home sales in the $5 million plus bracket saw a jump by 43%, proving a stunning demand in the luxury market. "Our latest data analytics for Miami Beach, Bal Harbour, Bay Harbor Islands, and Greater Miami shows an over 300% traffic increase when compared to the same period last year," according to Allan Kleer with One Sotheby's International Realty. Real estate agents say that many of those moving here from high tax states like New York, New Jersey, Illinois and Connecticut are drawn in by the lifestyle, af fordability and tax benefits. Florida residents pay no state income or estate tax, receive a homestead exemption of up to $50,000, and a 3 percent annual cap on home assessments. Recent high-profile transplants include billionaire businessman Carl Ichan and Leon Cooperman. "A lot of people were on the fence considering the move because of the monetary benefits, now the pandemic has accelerated their decision to establish permanent residency," said Carroll. "They are desperate to escape the lockdowns and retreat to a city with less congestion." 580 Sabal Palm Listed by Chad Carroll with Compass