We’ve been talking a lot about the Florida real estate market all year round, but what about the luxury market, homes priced at $ 1 million and up? The Institute for Luxury Home Marketing said demand exceeds supply. This month alone, sales are up 55% from ads. according to the Institute’s luxury market report.
So what trends should we look forward to as we close the year and move towards a new one?
In 2007, John and Ria Parlante took a break from New York’s fluctuating climate for more favorable weather and real estate investments.
“Fix (them) and rent (them),” said John Parlante. “And before you knew it, we started buying a bunch of properties over there.”
But they are missing a balanced market.
“You can watch and watch and watch but there is nothing,” he said.
And what John Parlante calls a “heated” sellers’ market is costing buyers like him and his wife, Ria, dear.
“It’s hard to pull the trigger on something you could have bought many years ago for a third of the price,” said Ria Parlante.
“We recently bought (a property) just two weeks ago and ended up paying almost $ 1.5 million for a similar property that almost eight years ago you could have gotten for $ 500. $ 000 to $ 600,000, ”added John Parlante.
Like their 2,700 square foot modern design luxury home in Boca Raton. Expert and luxury real estate agent Bonnie Heatzig said that while luxury single-family homes have on average only seen a 7% year-over-year percentage increase over the median list price, it will likely increase in 2022.
“So, this is probably the best time to come in, so you won’t get the price of your dream home in 2022,” Heatzig said.
This, in turn, breaks with the traditional “slow winter” shopping season.
“The rental market is a very tight market, just like the buying market is very, very competitive right now,” Heatzig said. “Again, it all comes down to inventory.”
And when you find him, the Parlantes say you need an agent who knows the market and has customers.
“Someone who knows where this market is heading – having someone knowledgeable on your side is absolutely going to give you the edge you need in this market,” Heatzig said.
She also said that in response to the drop in inventory, the luxury rental market is also growing in South Florida, with more buyers looking for a rental alternative before landing on the home. of their choice.
For more information and advice on finding properties, click here.