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RE/MAX: Miami’s still a buyers’ market

The housing market showed little sign of slowing in November, with sales up 20% over last year for RE/MAX brokers, according to the company’s National Housing Report.

While there was a seasonal decline, the sales volume is a new record high in the 13-year history of the report. Sales were down 14.5% from the previous month, which closely follows the average decline of 12% over the past five years.

Inventory also reached its lowest point in the report’s history, down 31.8% from the same time last year and down 13.3% from October.

Median sales price was up year-over-year by 13.8% to $292,000, and the number of days on the market plummeted to 36 from 49 in November 2019.

The number of months of supply available was down to 1.8, just above the record-low of 1.7 months set in August.

“The nearly 20% year-over-year gain in sales is another sign of the housing market’s enduring strength and appeal. People are on the move, and we anticipate buyer demand staying high into next year,” Adam Contos, CEO of RE/MAX Holdings, Inc., said in the press release “The low interest rate environment is driving opportunities for both buyers and sellers, so the upticks in price aren’t slowing things down much at all. The primary headwind continues to be the severe lack of available inventory across the country.”

Miami was noted as second in the nation for the number of days on the market at 83. Des Moines, Iowa topped the list at 91 days.

The report noted that Miami is still considered a buyer’s market due to the amount of supply available. Miami was noted for having 6.7 months available, according to the report.

Source: South Florida Agent Magazine

Photo by Alejandro Luengo on Unsplash

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Strong housing market fundamentals to remain a constant in 2021, says new report

Was 2020’s stellar housing market in the midst of a pandemic-induced recession an anomaly that’s going to correct itself in 2021?

Not according to a new report from global title insurance provider First American, which shows that many of the underlying fundamentals behind the record-breaking year in real estate will continue through 2021.

First American’s Potential Home Sales Model for the month of November showed potential existing-home sales increased 3% month over month to a 6.05 million seasonally adjusted annualized rate. This represents a 73.5% increase from the market potential low point reached in February 1993.

In addition, market potential for existing-home sales increased 10% year over year, a gain of nearly 551,135 sales. Currently, potential existing-home sales is 743,100 million or 10.9% below the pre-recession peak of market potential, which occurred in April 2006.

“The housing market continues to impress, even as it enters the colder months, which is traditionally real estate’s slow season,” said First American Chief Economist Mark Fleming in a press release.  “After falling to a near-decade low in May due to pandemic-driven pressures, existing-home sales hit a 14-year high in October. While the housing market rebound has been nothing short of incredible, the forces driving the rebound existed prior to the pandemic. Looking ahead, the good news for housing market potential is these fundamental forces are likely to remain constant throughout 2021.”

According to Fleming, rising house-buying power — one of the biggest drivers of demand — is expected to remain in place, along with low interest rates. “Consensus forecasts estimate the 30-year, fixed mortgage rate will likely average 3% next year, with forecasts ranging from 2.8% to 3.3%, so house-buying power is expected to remain strong in 2021 and continue to drive demand for homes,” he said.

Besides low interest rates, rapid price appreciation is arming homeowners with even more buying power, persuading them to trade up. “As homeowners gain equity in their homes, they are more tempted to consider using the equity to purchase a larger or more attractive home,” said Fleming. “The allure of the more attractive house can help encourage more homeowners to list their homes for sale.”

Millennial household formation, which contributed to a gain of approximately 161,000 potential home sales in November from a year ago, is another trend that’s expected to continue in the new year. “The homeownership rate has been steadily rising since 2016, mostly due to millennial household formation,” said Fleming. “The bulk of millennials turned 30 this year and are beginning to age into their prime home-buying years, a demographic tailwind that will continue to boost housing market potential for years to come.”

Meanwhile, increasing tenure length — the average length of time someone lives in their home — along with a new-home construction deficit means demand will continue to outweigh supply. “New- and existing-home inventory sits at historical lows,” Fleming said. “While builders are working hard to deliver more supply to meet rising demand, it will take years to make up the decade-long gap. Fewer existing homeowners listing their homes for sale and a new-home construction deficit means the limited supply of homes for sale will remain another 2021 constant.”

While tightened lending conditions could put the squeeze on some buyers in 2021, it remains unclear how that will play out in 2021. In November, looser credit conditions increased potential home sales by 54,000 year over year.

“Strong underlying fundamentals shaped the housing market’s remarkable comeback story in 2020, helping overcome the pandemic-driven spring slowdown and ultimately fueling a record-breaking year,” Fleming noted. “Add a vaccine to the story, and the stage is set for another strong year in 2021.”

Source: South Florida Agent Magazine

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The Founder Of Twitter Just Followed Miami’s Mayor, & Even More Tech Investors Now Say They Will Move Here

Twitter and Square founder Jack Dorsey has apparently taken notice of the surge in tech entrepreneurs relocating from Silicon Valley to Miami, and has followed Mayor Francis Suarez on the platform.

It is the latest sign that the movement of tech companies and investors to Miami is accelerating.

On Sunday, venture capitalist Alexander Lloyd announced on Twitter that he would be moving to Miami. Lloyd is the founder of Accelerator Ventures.

Lloyd joins other tech investors including Keith Rabois, Jon Oringer, and David Blumberg who have already announced they would move here.

Miami Worldcenter managing principal Nitin Motwani told CNBC that Miami is seeing a big spark from the pandemic.

“The pandemic has been the single largest accelerator that we have seen,” Motwani said. “This has been a whole new level.”

The CEO of Shiftpixy, which just moved its offices to downtown Miami, told the network that he doesn’t see the bubble of excitement and optimism in California anymore. Instead, he sees something bubbling in Miami.

CNBC is planning a full report later tonight on the trend of tech investors and executives moving to Miami, and aired a short preview this morning.

Source: The Next Miami

Image by Photo Mix from Pixabay

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Economy Poised for Considerably Stronger 2021 as COVID-19 Vaccine Distribution Efforts Commence

Housing’s Remarkable Recent Run Likely Not Sustainable, but Strong Sales Pace Still Expected

WASHINGTON, DC – Economic growth expectations for 2020 and 2021 were upgraded for the second consecutive month due to positive developments associated with the COVID-19 vaccine, the likelihood of new fiscal stimulus, and upbeat consumer spending data, according to the latest commentary from the Fannie Mae (FNMA/OTCQB) Economic and Strategic Research (ESR) Group. On a full-year basis, real GDP in 2020 is now expected to contract only 2.2 percent — up from the November forecast’s expectation of negative 2.5 percent – before resuming a positive trajectory in 2021 with growth of 4.5 percent, a 1.2 percentage point improvement from the previous forecast. The ESR Group did note a heightened level of near-term uncertainty and potential weakness stemming from new lockdown and social distancing measures amid rapidly rising COVID-19 case counts, hospitalizations, and fatality rates. However, the expectation of ongoing accommodative monetary and fiscal policy, household spending strength, and, most critically, the commencement of widespread vaccine distribution efforts has the consumer well-positioned to accelerate spending come spring, ultimately driving a considerably faster pace of growth in the second half of 2021.

The housing sector continues to perform admirably, but in the absence of additional inventory the ESR Group expects a modest pullback from its current pace. Even though sales are expected to taper in the coming months – in part due to both a lack of existing homes for sale and construction capacity constraints – the home sales forecast for 2021 was improved to 6.66 million from 6.41 million. Consistent with a faster pace of existing sales and strong refinance activity, the ESR Group’s mortgage originations forecast was also upgraded for both 2020 and 2021 to $4.29 trillion and $3.47 trillion, respectively.

“Even though near-term economic growth may be slowing, as made evident by the latest employment data, we believe the high probabilities of a successful COVID-19 vaccine distribution and additional federal stimulus will carry the economy through a relatively soft first half of 2021 before accelerating in the second half,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “We also expect housing to remain strong, despite slowing from its previously torrid pace, as homebuilders catch up on current commitments and more existing homeowners list their homes to take advantage of strong price growth. We expect the mortgage market to finish 2020 at a historic level of production before slowing slightly but remaining strong in 2021.”

Visit the Economic & Strategic Research site at fanniemae.com to read the full December 2020 Economic Outlook, including the Economic Developments CommentaryEconomic ForecastHousing Forecast, and Multifamily Market Commentary. To receive e-mail updates with other housing market research from Fannie Mae’s Economic & Strategic Research Group, please click here.

Source: Fannie Mae

Medical photo created by freepik – www.freepik.com

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Existing-Homes: Sales Jump to 6.85 Million in October

Existing-home sales continued to rise in October, marking five consecutive months of month-over-month gains, according to the National Association of REALTORS® (NAR). All four major regions reported growth both month-over-month and year-over-year, with the Midwest leading all regions in growth.

Total existing-home sales increased 4.3 percent from September to a seasonally-adjusted annual rate of 6.85 million in October. Overall, sales increased since last year, up 26.6 percent (5.41 million in October 2019).

Single-family home sales sat at a seasonally-adjusted annual rate of 6.12 million in October, up 4.1 percent from 5.88 million in September, and up 26.7 percent from one year ago. The median existing single-family home price was $317,700 in October, up 16.0 percent from October 2019.

Existing condominium and co-op sales were recorded at a seasonally-adjusted annual rate of 730,000 units in October, up 5.8 percent from September and up 25.9 percent from one year ago. The median existing condo price was $273,600 in October, an increase of 10.3 percent from a year ago.

By Region:

Midwest
Existing-Home Sales: 1,640,000 (+28.1% YoY)
Median Price: $243,500 (+16.7% YoY)

Northeast
Existing-Home Sales: 900,000 (+30.4% YoY)
Median Price: $356,500 (+10.2% YoY)

South
Existing-Home Sales: 2.91 million (+26.5% YoY)
Median Price: $272,500 (+15.7% YoY)

West
Existing-Home Sales: 1,400,000 (+22.8% YoY)
Median Price: $$467,800 (15.1% YoY)

What the Industry Is Saying:

“Considering that we remain in a period of stubbornly high unemployment relative to pre-pandemic levels, the housing sector has performed remarkably well this year. The surge in sales in recent months has now offset the spring market losses. With news that a COVID-19 vaccine will soon be available, and with mortgage rates projected to hover around 3 percent in 2021, I expect the market’s growth to continue into 2021. Homebuilders’ confidence has soared even though the actual production has not. All measures, such as reduction to lumber tariffs and expansion of vocational training, need to be considered to significantly boost supply and construct new housing.” — Lawrence Yun, Chief Economist, NAR

“Faced with many uncertainties in 2020, the real estate industry has been able to meet surprisingly strong home-buying demand and help lead our country’s economic recovery. As we continue to help consumers secure housing and property, we will also remain vigilant in working to expand housing options, equality and affordability for all who are entering the marketplace.” — Charlie Oppler, President, NAR

“It is clear there is intense demand for housing as shown by the continuous growth in home sales. We are still dealing with a pervasive inventory shortage, but the hopes are a remedy—like heightened construction or increased listings—will ensure the spring home-buying season is strong.” — Bill Banfield, Executive Vice President of Capital Markets, Rocket Mortgage

“October existing-home sales increased for the fifth consecutive month, reinforcing the remarkable strength in the housing market seen this year. The 6.85 million unit sales pace was the highest since November 2005, and on an annual basis, sales were up a robust 26.6 percent. The housing market has only strengthened since the pandemic-induced lows in the spring. MBA’s mortgage application data show similar trends, with early signs that the increase in sales will continue. Purchase applications have now increased year-over-year for more than six months.

“One ongoing hurdle for many prospective buyers is that housing inventory is shrinking. The 2.5-month supply is a record low, and continues to push home prices higher. This poses challenges for many potential first-time buyers and lower-income buyers.” — Joel Kan, AVP of Economic and Industry Forecasting, Mortgage Bankers Association

“We see home sales continuing to grow at a strong pace through the remainder of 2020 and into Q1 2021. Record-low interest rates have continued to bolster demand; however, supply shortages remain a limiting factor and are continuing to put pressure on home prices. We have seen a lot of activity by builders in the second half of 2020, which gives us reason to think we may see inventory increase some in the first half of 2021, but price growth seems likely to remain in at least the high single digits for some time.

“With the recent good news on vaccines, it is likely many buyers and sellers are going to reevaluate their preferences as they imagine a world getting back to pre-pandemic conditions in the near future. It will be some time before we fully understand how preferences shifted during the pandemic and what permanent impact it will have on housing demand. The increase in remote work may allow for more sprawl, and the affordable homes that often go along with it, and potentially renew interest in small towns. Anecdotally, we have heard about increased demand for second homes in more rural settings, but the ubiquity of the most recent wave of coronavirus and the prospect of more normalcy on the horizon may begin to temper the urgency around such purchases.” — Ruben Gonzalez, Chief Economist, Keller Williams

Source: Ris Media

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Inbound New York Buyers Boost Miami Soaring Home Sales in August

Miami single-family home sales jumped 16.6% year-over-year

According to the Miami Association of Realtors, Miami-Dade County total home sales surged in August 2020.

Miami-Dade County total residential property sales jumped 6.4% year-over-year, from 2,374 to 2,527. Miami single-family home sales jumped 16.6% year-over-year, from 1,164 to 1,357. Miami existing condo transactions decreased 3.3% year-over-year, from 1,210 to 1,170.

“Pent-up demand, historically low mortgage rates and the robust fundamentals of the South Florida housing market is leading to increased buying activity,” Miami Realtor’s Chairman of the Board Jorge L. Guerra Jr. said. “South Florida real estate activity is now stronger than it was before the impact of the pandemic. We expect this trend to continue as a result of strong demand for housing and very low interest rates.”

Pent-up demand has led to an increase in mortgage applications locally and nationally. Mortgage applications to purchase a home rose 3% last week from the previous week and were a stunning 40% higher from a year ago, according to the Sept. 9 Mortgage Bankers Association’s seasonally adjusted index.

The COVID-19 situation has accelerated the trend of homebuyers from New York and cold weather and tax-burdened Northeastern states searching and purchasing homes in South Florida.

Before the COVID-19 situation, the Miami-Dade market was exceptionally strong. Miami real estate had record low delinquencies, no subprime mortgage crisis, strong demand/low supply, low interest rates, strong population growth, demand from foreign buyers and tax refugees from tax burdened states, high consumer confidence and a strong job market.

105 Consecutive Months of Price Appreciation in Miami

Strong demand coupled with limited supply continue to drive price appreciation in Miami-Dade.

Miami-Dade County single-family home prices increased 12.4% year-over-year in August 2020, increasing from $370,000 to $416,000. Miami single-family home prices have risen for 105 consecutive months, a streak of 8.5-plus years. Existing condo prices increased 9.7% year-over-year, from $241,635 to $265,000. Condo prices have increased or stayed even in 107 of the last 111 months.

Miami, where the median price is still comparable to 2007 figures, remains a bargain compared to other global cities. In Miami, $1 million can net homebuyers 93 square meters of prime property, according to Knight Frank’s 2019 The Wealth Report. Monaco (16 square meters), Hong Kong (22), New York (31), Los Angeles (36) and others offer significantly less prime land for $1 million.

Mid-Market and Luxury Home Sales Jump in August 2020

Miami single-family homes priced between $400K to $600K surged 43.1% year-over-year to 392 transactions in August 2020. Miami existing condo sales priced between $400K to $600K increased 22.1% to 116 transactions.

Miami single-family luxury ($1-million-and-up) transactions jumped 86.6% year-over-year to 153 sales in August 2020. Miami existing condo luxury ($1-million-and-up) sales increased 29.6% year-over-year to 70 transactions.

Record-low interest rates; a record-high S&P 500; the appeal of stable assets in a volatile economy; homebuyers leaving tax-burdened Northeastern states to purchase in Florida (no state income tax); and work-from-home and remote-learning policies have all combined to create a robust market for luxury single-family properties.

Single-Family Home Dollar Volume Increases

Single-family home dollar volume increased 77.1% year-over-year, from $580.6 million to $1 billion. Condo dollar volume increased 9.3% year-over-year, from $449.1 million to $490.8 million.

According to Freddie Mac, the average commitment rate(link is external) for a 30-year, conventional, fixed-rate mortgage decreased to 2.94% in August, down from 3.02% in July. This gives consumers incredible buying power. The average commitment rate across all of 2019 was 3.94%.

Lack of access to mortgage loans continues to inhibit further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 13 are approved for Federal Housing Administration loans, down from 29 last year, according to the Florida Department of Business and Professional Regulation and FHA.

A new condo approval process is expected to increase sales. The new guidance, which went into effect in October 2019, extends certifications from two years to three, allows for single-unit mortgage approvals, provides more flexibility with owner/occupancy ratios, and increases the allowable number of FHA loans in a single project. The changes, many of which MIAMI and NAR has championed, are expected to generate increased homeownership opportunities.

Miami Distressed Sales Stay Low, Reflecting Healthy Market

Only 3.0% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 6.2% in August 2020. In 2009, distressed sales comprised 70% of Miami sales.

Total Miami distressed sales decreased 47.9%, from 148 to 77.

Short sales and REOs accounted for 0.7% and 2.4% year-over-year, respectively, of total Miami sales in August 2020. Short sale transactions decreased 58.5% year-over-year while REOs decreased 43.9%.

Nationally, distressed sales represented less than 1% of sales in August, equal to July’s percentage, but down from 2% in August 2019.

Miami Real Estate Selling Close to List Price

The median percent of original list price received for single-family homes was 96% in August up 0.2% from 95.8% last year. The median percent of original list price received for existing condominiums was 94.7%, down 1% from 93.8% last year.

The median number of days between listing and contract dates for Miami single-family home sales was 51 days, a 4.1% increase from 49 days last year. The median number of days between the listing date and closing date for condos was 80 days, down 9.6% from 73 days.

The median time to sale for single-family homes was 100 days, a 2% increase from 98 days last year. The median number of days to sale for condos was 132 days, a 15.8% increase from 114 days.

Statewide, closed sales of single-family homes statewide rose 8.8% year-over-year, totaling 29,495, while existing condo-townhouse sales increased 10.3% over August 2019 and totaled 11,100. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

In August, the statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for 104 months in a row. The statewide median sales price for single-family existing homes was $300,000, up 13.2% from the previous year, according to data from Florida Realtors Research Department.

Last month’s statewide median price for condo-townhouse units was $217,500, up 14.5% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Miami’s Cash Buyers Top National Figure

Miami cash transactions comprised 27.1% of August 2020 total closed sales, compared to 31.6% last year. The national figure for cash buyers is 18%.

Miami’s high percentage of cash sales reflects South Florida’s ability to attract a diverse number of international homebuyers, who tend to purchase properties in all cash.

Condominiums comprise a large portion of Miami’s cash purchases as 38.9% of condo closings were made in cash in August 2020 compared to 16.9% of single-family home sales.

Seller’s Market for Single-Family Homes, Buyer’s Market for Condos

Inventory of single-family homes decreased 34.8% in August from 6,385 active listings last year to 4,164 last month. Condominium inventory decreased 6.4% to 14,226 from 15,202 listings during the same period in 2019.

Months supply of inventory for single-family homes decreased 32.2% to 4 months, which indicates a seller’s market. Inventory for existing condominiums increased 6.1% to 14 months, which indicates a buyer’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Months supply of inventory is down since July 2019 for single-family, reflecting strong demand.

Total active listings at the end of August decreased 14.8% year-over-year, from 21,587 to 18,390. Active listings remain about 60% below 2008 levels when sales bottomed.

New listings of Miami single-family homes increased 1.4% to 1,622 from 1,599. New listings of condominiums increased 4%, from 2,052 to 2,134.

Inventory of active listings has decreased the last 13 months for single-family homes.

Nationally, total housing inventory at the end of August totaled 1.49 million units, down 0.7% from July and down 18.6% from one year ago (1.83 million). Unsold inventory sits at a 3.0-month supply at the current sales pace, down from 3.1 months in July and down from the 4.0-month figure recorded in August 2019.

Source: World Property Journal

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The Number Of People Moving To Florida Is Surging Due To The Pandemic, With Miami Luxury Home Prices Up 42% Last Quarter

The great migration of residents to Florida appears to be accelerating due to the pandemic, newly released reports show.

In Miami, luxury home prices were up 42% to an average of $2.8 million in the most recent quarter, according to a report from brokerage Douglas Elliman.

Palm Beach is particularly strong, with the CEO of Elliman calling it the hottest market in the world right now, CNBC reported.

Florida gained an average of nearly 1,000 per people per day in 2019, but that number could be even higher in 2020 thanks to the pandemic. The large number of people moving south to the state in recent months has attracted the attention of international media, including the New York Times and the Daily Mail.

Less than 1% of single family homes were available for sale in Miami-Dade, Broward, and Palm Beach as of July, according to an ISG World report. A sellers market is defined as one where less than 10% of units are available for sale.

The Miami condo resale market remains in favor of buyers, but inventory has been shrinking over the past few years, the report states. For new condo inventory, more than 91% of units built since 2012 have now been sold.

The share of residential buyers in the Miami area coming from other parts of the U.S. has doubled from a decade ago, ISG added.

Source: The Next Miami

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Another Month Of Double-Digit Gains For Miami’s Condo Market In October

Miami’s condo market continued to show an increase in sales volume and a decrease in inventory last month, according to a new report from brokerage Douglas Elliman.

The number of condos that were put into contract in Miami-Dade during October was up 12.8% compared to the same period in 2019. In Broward, condo market contracts were up 86% for the month, and in Palm Beach the increase was 155%.

Condo inventory in Miami has been shrinking since 2018, and that trend continued in October.

The total number of new condo listings in Miami dropped 53% compared to last year, from 4,080 units to 1,914 units. In Broward, the drop was 12%, and in Palm Beach it was 10%.

Dollar volume is likely to be up last month at an even higher percentage than the increase in transaction volume. Newly signed Miami-Dade contracts worth over $1 million were up 137% in November.

 

Source: The Next Miami

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South Florida’s luxury market is rebounding. The majority of buyers are paying cash

Lockdown paralysis ended with a roar as luxury home buyers fled taxes elsewhere, creating a third-quarter surge in South Florida.

After a whopping 55.6% drop in year-over-year luxury sales in the second quarter, third-quarter sales of existing homes skyrocketed by 65.2% for single-family houses and by 18.2% for condos when compared with the same period in 2020, according to the latest Keyes Luxury South Florida Market report. The firm based its findings on data from the Multiple Listing Service for residential sales priced over $1 million across Palm Beach, Broward, Miami-Dade and Martin counties.

“The opening after the shutdown created a surge of pent-up demand that exploded the luxury market. What happened is that the shutdown accelerated the decision-making of everyone that was thinking that they wanted a bigger home or a Florida home. When they were given the chance, they jumped on it,” said Mike Pappas, the CEO and president of the Keyes Company.

 

Photo: Freepik

Source: Miami Herald

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Is This the Return of South Florida’s Condo Market?

President of RelatedISG, Craig Studnicky, predicts a strong recovery for the condo market in 2021 thanks to condo sales traction and new developments.

MIAMI—Over the past six months, all eyes have been on South Florida’s single family home market, which jumped by 25% in Q2 compared to condo sales. However, single-family home inventory is now at an all-time low, pushing buyers back towards condos and spurring a leap in condo sales.

RelatedISG International Realty recently reported condo sales in Miami, Broward and Palm Beach County were up by 31% in new transactions this October compared to October of 2019.

South Florida just ranked No. 4 on the national list top relocation destinations during the pandemic and the numbers back it up, according to a prepared release. The tri county area saw a total of 1,503 condo sales between October 1st and 21st of this year, signaling high activity in the condo market and the beginnings of a rapid recovery.

Several South Florida developments, including Natiivo Miami and ALINA Residences Boca Raton, have seen a surge in sales this month and president of RelatedISG, Craig Studnicky, predicts a strong recovery for the condo market in 2021. He cites new developments and high condo sales traction over the past month to support his reasoning.

For example, Natiivo Miami, developed by Sixth Street Miami Partners LLC, will stand 51 stories high with 448 for-sale residences and 240 hotel licensed homes as has received 16 contracts in October 2020. The project features luxury amenities with a South Florida flair including a pool with pool-side cabanas, working space, private meetings rooms with a terrace, state-of-the-art fitness center, Peloton studio, yoga lounge and a street-front restaurant with an outdoor dining terrace. The building is slated to open in 2022.

ALINA Residences Boca Raton is another example, with $25 million in sales this past season alone. “All the units sold this past month are considered ‘expansive’ units, offering more square footage and outdoor/green space than the standard unit,” Douglas Elliman, the sales team for ALINA.

Slated for a Q1 2021 completion, ALINA Residences, a luxury condominium development featuring 121 thoughtfully designed residences in the heart of downtown Boca Raton, FL, also has experience a recent surge in interest from Latin America, California and the Northeast in the past two months.

Picture: CottonBro – Pexels

Source: Globest

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