It’s easy to see why Florida’s vacation home market is booming: the state offers over 1,300 miles of coastline, plenty of space, and sunny weather almost year-round.
To add another layer to all this, the pandemic has made many people’s careers location-independent. That means new Floridians can retain the jobs they had in New York or Boston or Austin, Texas — and still enjoy all the perks of the Sunshine State. No wonder Florida’s market is so hot!
If you’re looking to buy a vacation home in Florida, we’ve got some helpful advice: act fast. Demand is high and supply is slow, which means buyers who wait a month or two to move may find that their top choices have simply evaporated.
Market reports confirm the same trend from a different angle. One recent report from Sotheby’s International Realty showed that the average single-family home price is at a record high. Nearly 33% of all homes now sell above their original list price.
What is this new influx of buyers looking for? A few things:
- Properties with luxury amenities
- Properties close to restaurants
- Properties with ocean views
If this aligns with your vision, below are some cities and towns to check out.
As southern Florida’s premier travel destination, Miami Beach has got it all: restaurants, bars, retail shops, and plenty of entertainment. Construction in Miami Beach is booming, with all sorts of new projects planned. Developments like Ten30 South Beach, the Monaco Yacht Club, and 57 Ocean Miami Beach are all poised to be completed this year. No wonder the area is attracting more tourists than almost anywhere else in Florida.
Palm Beach has a high-end vibe that’s perfect for buyers who seek the good life. Its beaches are pristine… its shopping is top-shelf… its environment feels exciting, yet refined. Many of the wealthiest individuals in the Country own vacation homes in Palm Beach — probably due to some combination of the above.
The stats reveal that Palm Beach’s housing scene is setting all types of records. Palm Beach Daily News revealed that 2021’s first-quarter sales broke through the billion-dollar mark. Last year’s first-quarter sales only reached 398 million.
Fort Lauderdale is another Floridian city whose vacation home market is booming. The city’s vibrant beaches and extensive canal network have made it the boating capital of Florida. Pair this idyllic environment with a bustling, artsy shopping scene, and it’s easy to see why people are looking to Fort Lauderdale as a place to escape.
The average price of single-family homes in Fort Lauderdale has risen an incredible 60% in the past year. Buyers who are serious may need to pay far above a home’s initial list price if they wish to lock something down.
St. Augustine has been rated as the very best Floridian destination for several consecutive years. Vacasa rates it the second-best vacation destination in the entire nation. It offers all the same beautiful beaches as the other city’s listed here — and has a surprisingly rich history to boot. Residents of St. Augustine can take a short jaunt down to Castillo de San Marcos, the oldest masonry fort in the lower 48, or browse through North America’s #1 rated whiskey distillery.
Summing things up
Florida’s vacation home scene has gotten intense — but we can help you navigate it. Our team has been helping both locals and out-of-staters found their second home for decades. Get in touch by visiting our contact page, or learn more about other elements of property management by visiting our blog.