South Florida has no scarcity of luxury real estate. Single-family luxury properties in the tri-county area is booming for Realtors® like The Amazon Group at CENTURY 21 Tenace Realty. The uptick in sales has continued from 2020 into 2021, with no signs of slowing down.
Luxury properties are considered to be those that are priced at $1 million or higher. This class of homes has more than doubled within the tri-county area of Miami-Dade, Broward, and Palm Beach. The Amazon Group, a real estate team calling the tri-county region its home, has seen sales go through the roof throughout 2020, and is seeing this continue into 2021. In fact, The Amazon Group has recently celebrated reaching a milestone of $115 million in real estate sales. Altogether, it has sold over 400 properties in South Florida.
People are looking for single-family homes now. Millennials with are getting married and looking to start a family. For that, they need more living space than a condo provides. Condos, interestingly, are not seeing the same bump as single-family homes are. The Amazon Group has seen this trend occurring in South Florida, and expects it to continue throughout 2021.
Palm Beach County has seen the most dramatic rise in luxury single-family homes, although the tri-county region, as a whole, boast higher sales levels. Year over year, sales are up significantly in Palm Beach County.
Carol Amazon and Pamela Krammer the founders of The Amazon Group, have noticed that many of their clients are transplants from the Northeast. Carol used to be located in New City, NY where she first established herself as a Realtor® in 1973, and then a Real Estate Broker in Great Neck, NY, has a great understanding of what it is like to be a transplant. Northeasterners are looking to get away from the increasingly brutal winters and enjoy the ample sunshine, along with the lower taxes, that can be found in Florida. The COVID-19 pandemic has only accelerated a trend that was already present.
The record-low mortgage interest rates have also contributed towards the increased demand for real estate, including luxury properties. The more expensive a home is, the more the savings will be when rates are hovering around 3% or 4%.
The Amazon Group has been at the center of the South Florida real estate boom and benefited greatly from it. They see the trend that began in 2020, largely accelerated by the pandemic, is continuing into 2021, and may even persist into 2022. Virtual selling and other novel uses of technology have enabled the group to make it easier for buyers to have as much information as they need when considering purchasing a property. With social distancing measures in place, those Realtors® who adapt to the new normal will thrive the most, and The Amazon Group at CENTURY 21 Tenace Realty appears to be adapting quite well.
You can visit The Amazon Group’s website for more information.