Reconnecting and Real Estate in South Florida
I hope you're doing well. It’s been some time since we last spoke. For me, I recently spent time with my family in North Carolina, and I’m happy to report we are well. Although because I love my work, it’s never completely off my plate, and there is so much to share!
As we’re managing the pandemic, certain things change unexpectedly, while others change in predictable ways. I’m focused on the trends so I can work with them so I can work ahead of the curve for my clients.
Here’s what we know about the current state of the luxury home market in South Florida.
Palm Beach County and Broward County real estate is roaring back
“The Palm Beach County real estate market is already experiencing a remarkable recovery as evidenced by surging pending sales since mid-April despite the COVID-19 impact on May sales," noted David Abernathy, President of the JTHS-MIAMI Association of Realtors in a July 15, 2020 interview. I agree, there were expected declines in sales due to the pandemic, but sales are now making a major comeback.
A Seller's Market
New inventory of single-family homes has decreased. Sellers were a bit reluctant, believing that there are risks to putting a home on the market during uncertain economic times. However, Florida is still an attractive market for buyers. Because of our lower density, big city residents from the Northeast are looking south. They’re frequently looking online for what’s new to the market, ready to make the right move for the perfect property.
Florida remains high on the list of attractive options
Florida enjoys lower income and property taxes, warm weather, no estate taxes, and incredible recreation and beaches. South Florida luxury properties are particularly attractive right now. They provide exactly what today's buyers envision in an optimal home sanctuary: more space inside and out so that working from home and staying at home is worry-free.
If you or someone you know is ready to sell, let’s speak so we can take advantage of exciting current market conditions. I look forward to speaking with you soon!