Within the last year, Florida has earned a reputation as one of the fastest-growing real estate markets in America.
The statistics don’t lie: Over 1,000 people are moving to the Sunshine State each day.
What happened?
According to Bravo Network realtor Ryan Serhant:
“When COVID hit, all of a sudden Florida was put on the international map as one of the best places to live in and invest in. And the demand has been through the roof. The biggest difference that we see now is that people aren’t buying in Florida just to have a second home or for an investment, they’re now looking for their first homes.”
Indeed, Florida offers everything a new homeowner might be looking for. Low tax rates? Check. A thriving social scene? Check. Perfect weather? Check.
Florida is also a great place to work from home. Business people who were formerly bound to offices in Boston or Manhattan are now finding that they can work from the comfort (and warmth!) of their new Floridian homes.
Home prices skyrocket
Some parts of Florida are experiencing more — even more — growth than others. Here are some of the top highlights:
- Palm Beach homes are 71% more valuable than they were 9 months ago
- Miami homes are 46% more valuable than they were a year ago
- Clearwater and Tampa Bay homes are 30%+ more valuable
With cities like Miami already filled to capacity, experienced realtors and developers are turning their eyes to formerly underappreciated areas. Valor Capital just announced their plans to build a $70MM luxury condo development in Clearwater.
Explains Valor’s CEO:
“We think it’s a beautiful area. We think it’s a diamond in the rough. And it hasn’t been developed like Miami or other places that have been filled to capacity. In fact, overbuilt in some cases.”
Clearwater, Florida’s housing boom
According to Serhant, Florida’s current popularity was a long time coming:
“I don’t think that the housing market ever truly recovered from September 15, 2008. I think that the subprime mortgage collapse crushed consumer confidence in purchasing a home and it never really came back.”
But now things have finally changed. In recent months, supply has been outpaced by demand. “[Since] June we are dealing with people that need to move and people that want to move. So we’ve got 13 years of pent up want demand.”
In other words, Florida is attracting all sorts of homebuyers, who are working with all sorts of timetables. Some people are desperate to make the move immediately, while others take an average of 7-10 showings before feeling confident enough to buy.
There’s a newfound demand for higher health and sanitation standards, too. Living spaces like Serena by the Sea are equipped with “polarized media electronic air filters, UV-disinfecting lights, touchless entry systems on all doors, [and] state-of-the-art water filtration systems.” Every condo features its own compartmentalized air intake, meaning residents won’t share their air with anyone else.
Summing things up
If you’re eager to get involved in Florida’s booming real estate scene but unsure about how to get started, we’re here to help.
Our team at Icon Property Management can line you up with the home you’ve been looking for. Schedule a free consultation today by clicking here or calling (321) 297-8960. We look forward to seeing how we can make your life easier!
To your future in the Sunshine State,
Icon Property Management
