Florida is Seeing More Luxury Real Estate Buyers from Across the Country in COVID
Luxury Real Estat During Covid-19
You might think that, in the midst of the COVID-19 pandemic, luxury real estate is a tough field to be in. However, it seems that business is booming in light of these changing times. Many realtors are reporting an increase in business throughout the Sunshine State, particularly from customers in areas like New York City and other metropolitan areas around the U.S.
Why are People Choosing Florida?
Florida has long been the destination of luxury home buyers, but why are people choosing now to relocate? With record unemployment levels and “stay at home” orders in many states, it would seem many would be reluctant to purchase a luxury home these days. However, many homebuyers are seeing the potential to move in order to have more room and safety for their families in this difficult time.
Many realtors are reporting an influx of customers from crowded areas like New Jersey, New York, and Boston. These areas are some of the hardest-hit places when it comes to COVID-19, so the appeal of their own large, private location in Florida is enticing. Additionally, some property owners are willing to drop their asking price, making it a great opportunity to get a “steal.” The entire situation is particularly appealing to someone currently living in a metro area who is working from home; moving to a luxury home in Florida gives them much more space.
The Appeal to South Florida
South Florida in particular is seeing a huge increase in business, likely due to the extra land. Not only are customers wanting large homes, but they are also looking for bigger plots of land. Areas in South Florida like Wellington and Vero Beach are more rural, so they’re seeing the biggest demand right now.
It’s entirely possible that this trend is here to stay. As “stay at home” orders continue and more and more employees work from home, business owners are likely to see the benefits even beyond the pandemic. Having workers stay home could greatly reduce overhead costs and streamline many processes. It’s just a matter of time whether South Florida’s luxury real estate market will continue to see this level of success.
Considering buying? Speak to an Experienced South Florida Real Estate Lawyer
If you’re considering buying a Florida luxury home during COVID-19, be sure to get a lawyer on your side. Mark Schecter is one of the most trusted South Florida luxury real estate attorneys and has served countless satisfied clients. Contact Schecter Law today to discover how we can help you.