As with many things in 2020, the housing market is in an “uncertain” place right now. In previous months, the industry has seen an increase in new home mortgage applications in regards to 2019, amid the Coronavirus. But, at the same time, experts forecast a tsunami of chapter 7 bankruptcy cases due to the impact COVID-19 has had on the economy. So the question arises: what does this mean for the Luxury Real Estate market? Pretty good news, actually.
Despite the current crisis, luxury real estate sales are skyrocketing in South Florida. Several multi-million dollar properties were bought in August alone, and houses that have been in the market for a long time, are now being sold.
Palm Beach, Coral Gables, Miami Beach, and Coconut Grove have all witnessed home purchases exceeding the $10 million mark, and all in the span of a few of weeks. Here’s a list of a few luxury properties sold in August:
- Spec Mansion sold in Palm Beach – $14 Million
- Luxury Home sold in Star Island – $12 Million
- Mansion sold in Star Island – $24 Million
- Oceanfront Mansion sold in Gulfstream – $20 Million
- Mansion sold in Coral Gables – $20 Million
- Largest remaining vacant lot on Star Island sold – $37 Million
- Miami Beach mansion bought by Tampa Bay Ray owners – $15 Million
- New Penthouse sold in Coconut Grove – $12 Million
- Mansion sold in Miami Beach – $20 Million
Luxury real estate sales have been in an increase for the past several months nationwide. For sellers, this translates as a great moment to list their properties in the market, if they had intention of doing so previously.
When evaluating the current state of the luxury real estate market, Petra Liebmann, CEO of the Corcoran Real Estate Group stated that “a growing number of luxury buyers are looking for additional square meters and residential furnishings such as theaters and pools. For many apartment hunters in South Florida, “privacy” and “space” are the keywords. “
These current times might not be the best for most realtors, but in spite of COVID-19 there are deals happening! Realtors must take new action to get in front of their customers, innovate their marketing, get on social media (check our blog on social media tips on how you can promote yourself online). Those who adapt to the changes will be the ones who make the most out of any situation. Make sure that is you!
We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email firstname.lastname@example.org.