When it comes to luxury home listings, they are soaring in Palm Beach County, Florida. In fact, the purchase contracts for single-family homes in this area has risen significantly compared with where they were a year ago. The pandemic has definitely had a hand in the increase in demand, says Pamela Krammer, Realtor® and one of the founding members of The Amazon Group at CENTURY 21 Tenace Realty.
This real estate team has seen a major increase in customers who are looking to buy homes at the $1M+ mark. Two groups that buyers are largely falling into are 55+ seniors and Millennials. Both of these groups have their own reasons for wanting to relocate to Palm Beach County, yet some reasons align.
Seniors are definitely buying up expensive luxury homes, many of them transplants from the Northeast. Those who had businesses in New York are relocating given the lack of income tax and lower property taxes in Florida. People who are looking for properties in Palm Beach County, in general, are interested in real estate that has a great deal of room. The pandemic-related lockdowns have taken an emotional toll on people and an increasing number of people have decided to move to larger properties. Nobody wants to be stuck inside during a brutal winter, with fewer options as to where they are allowed to go.
Before the pandemic, the market in Palm Beach County was filled with luxury homes. However, it has now become increasingly difficult to find luxury listings given the increase in demand. The Amazon Group at CENTURY 21 Tenace Realty has noticed that demand is up across the board. Even contracts for regular single-family homes have gone beyond what they were a year ago. This is a trend that they don’t see dying down anytime soon. Since it appears to be directly related to the pandemic, the market is likely to stay tight until the pandemic is over.
With over 70 years of negotiation experience, The Amazon Group has seen their fair share. What they are seeing now is something that is almost unprecedented. As usual, they have adapted and reaping the benefits of the current market. In fact, The Amazon Group has recently celebrated a milestone of $115 million in sales within South Florida. Over 400 properties have been sold by them in the region, demonstrating just how high demand is.
The real estate market is constantly changing. These are volatile times that require adaptation to the circumstances. For instance, many Realtors® are not able to pivot to conducting most of the real estate transaction process virtually. The Amazon Group has adopted virtual selling and employed the latest technology that makes it safe and easy to sell and buy homes during the pandemic. This has given them a leg up over their competitors, helping them achieve their recent major milestone. Given how well things are going in Palm Beach County, it’s likely they will continue hitting new milestones.
You can visit The Amazon Group’s website for more information.