Luxury Palm Beach Florida Real Estate Trends 2021
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Originally Posted On: https://lindaagary.com/2021/08/23/luxury-palm-beach-florida-real-estate-trends-2021/
For a change of pace or investing, what’s better than sunny Palm Beach, Florida? Take a look at this Palm Beach Florida real estate guide here.
Are you looking to grow your financial portfolio by investing in luxury real estate? Do you want to set up shop inside the Palm Beach Florida area? If so, then you need to learn all that you can about Palm Beach Florida real estate.
As you well know, the real estate market is flourishing as a whole. If you can get a better understanding of the 2021 real estate trends, then you can have more confidence in the investments you make!
Without further ado, see below for an in-depth article on the top West Palm Beach real estate trends you should know about before you invest.
1. Prioritizing Amenities
Perhaps it’s the “what’s in it for me?” attitude of the Millenial generation. Maybe it’s the amenity-packed Airbnb and VRBO rentals that renters are primarily using these days.
Whatever it is, there’s no denying that customers and their agents are focused on finding as many amenities as possible.
A big contributor to this is the events of 2020. Quarantining for COVID has shown everyone the true value of home amenities. As a result, interested buyers now prioritize it in the homes that they wish to purchase.
But what kind of amenities are they looking for? They’re searching for things such as a private outdoor space, a renovated kitchen, a bathroom on the main floor, and an updated HVAC system (especially in cities such as Jupiter.
It’s gotten to the point where some agents won’t even list the property until all of the amenities on this list are met. For example, they’ll renovate the kitchen, knowing that buyers will turn their nose up at it if they leave it as-is.
If you’re in the market for a Palm Springs property, then take the time to consider what amenities are most important to you. Which ones are must-haves? Which ones are you hoping for? Be sure to find trusted Palm Beach Agents to guide you through this process.
2. Luxury Trumps All
In a way, this goes hand in hand with the previous point. Buyers and their agents are prioritizing luxury living now more than ever before.
Why the sudden shift? A large part of it has to do with the record-low mortgage rates that buyers can get.
The Palm Beach real estate market has broken historical sales records this past year, and experts believe it could have gone even higher if there had been more inventory.
In other words: we might not be done just yet. Even more, inventory is projected to come later in 2021, which could cause the luxury home sales record to skyrocket even further!
This is also due to a dramatic shift in clientele. As more businesses move down to the Palm Beach area, their CEOs and wealthy investors are starting to set up full-time residences in the Palm Beach area.
Lucky for you, we here at Linda Gary have a pristine inventory of luxury homes. While the inventory might be dwindling elsewhere, our team is constantly looking for the finest choices for our high-end clientele. Whether you’re a hedge fund manager or a wealthy investor that’s looking for the next US real estate hot spot, we’ve got you covered!
3. The At-Home Office Mindset
Regardless of your feelings toward the COVID pandemic, there’s no denying how dramatically it has shifted the way that people think. Corporate leaders now have priorities that would’ve been unthinkable in the Pre-COVID world.
A perfect example of this is the sudden importance of an at-home office. The in-home office went from being a “perk” to a “must-have”. Not only are wealthy buyers thinking about the possibility of an at-home office, but it’s also their top priority whenever they look at a new property!
Businessmen and businesswomen are now concerned with finding the best set-up for an at-home office. What better place to set one up than the Palm Beach Florida area?
The Palm Beach Gardens real estate has seen a tremendous uptick from the pandemic. In fact, some experts project that it will become as expensive as Los Angeles real estate; all the more reason to invest in Palm Beach luxury real estate now!
4. New Construction on the Rise
When it comes to the current West Palm Beach real estate market, product generation is finding it difficult to meet demand. As soon as a luxury property becomes available, it’s gone.
For that reason, the city continues to invest in creative ways to provide more housing starts in a smaller timeframe.
The U.S. Census Bureau is tracking all of this progress, reporting that over 1.5 million homes are projected to begin construction in the Palm Beach area alone.
5. Moving to Palm Beach Living
All Palm Beach markets have reported a rise in residency and real estate in the past year. That’s no coincidence.
With everything going on in the world and the newfound focus on working remotely, homeowners and wealthy business figures are looking to take full advantage. They’re making the transition to Palm Beach to escape busy city life and the regulations of their current state.
The type of property that they’ll purchase, however, has become fairly unpredictable. In this market, it isn’t uncommon for investors to purchase townhomes, condos, or single-family homes that they feel can offer a great at-home office.
Invest in Palm Beach Florida Real Estate Right Away
Now that you have seen an in-depth guide on how to invest in Palm Beach Florida real estate and the current trends, be sure to use this information to your advantage.
For more information, please be sure to reach out to us by phone at 561-655-6881 and we will be happy to assist you further.