Which Properties are in the Highest Demand?

Posted by Lori Keroack on Tuesday, May 26th, 2020 at 12:58pm.

Private pool

Since we began staying home due to the pandemic, people everywhere have been rethinking their living situation.  Some are improving their homes, while others are thinking about moving. A majority of the calls we’ve received lately are from people interested in buying a new home, and after speaking with them I’ve noticed some trends. Here is what is in demand right now:

Pool homes near the beach
Online searches for homes with pools have skyrocketed, and it’s the #1 thing that prospective home buyers are asking us for these days as well. There is a limited supply of non-mandatory equity membership (country club) pool homes with reasonably priced HOA fees and amenities.

  • A move-in ready pool home in an all-ages community with no HOA, less than 5 miles to the beach is in the highest demand. These start around $500,000.
  • A move-in ready pool home east of Federal Highway in Delray Beach starts around $1.4 million.
  • Gated and secure HOA community pool homes are also in high demand.

There are currently about 200 pool homes for sale in Delray Beach, ranging from $350,000 up to $45 million. The median list price is $1.6 million. The median list price per square foot is $454.

Homes with bigger yards
South Florida is full of communities with zero lot line homes, but the quarantine has many people asking for bigger yards that are a quarter acre or larger. There is a limited amount of properties in Delray Beach and surrounding towns with yards this big, as land values have appreciated substantially in the last 10 years.  Most newer build communities have smaller lots, even with price points in the million-dollar range. People are speculating the future and buying lots in East Delray with homes built in the 1950s and 60s. They are tearing these homes down to build new or renting them out and waiting.

We’re here to discuss the real estate market in the East Delray neighborhoods where you can buy a large lot, including (but not limited to) Osceola Park, Lake Ida, Del Ida Park, Tropic Isle, Delray Beach Shores, and Seagate.

Seasonal rentals                                                                                                                                                                                  Seasonal rentals are always in high demand, but even more so now. Delray has become a destination for those looking to escape the cold winter, and there is currently more demand than supply. If you’re thinking of spending next winter here in paradise, now is the time to lock in your rental. The Mizner Residential Group works on three-month minimum seasonal rentals, with a minimum spend of $10,000 for the term.

Second homes                                                                                                                                                                                    Quarantining in the cold months was not ideal for many people, and we are getting lots of calls from Northeasterners who want to spend their future winters in paradise. They are looking to buy an investment property to potentially relocate before prices really skyrocket. 

There are also the people who wish to purchase a second home for tax reasons. If you occupy the property for more than 6 months and a day, you can homestead your property and pay Florida resident taxes with zero state income taxes. What’s better than 65-degree winter days and saving on taxes?

Many businesses are also moving to South Florida to take advantage of the tax savings that our state has to offer.

Short-term rentals
Many people are suddenly interested in short-term rentals for a variety of reasons:

  • Their kids cannot go to camp, so they want to stay in Florida for the summer.
  • They want to feel out the area while they look for a new home to purchase.
  • They are being relocated for their jobs.
  • They are vacationers who have been trying to escape the pandemic.

Short-term weekly and monthly rentals are not in our scope of work, despite the many calls and online inquiries we are receiving about them.

delray beach realtorGET QUICK RESULTS FOR DELRAY BEACH, FL REAL ESTATE!

Lori Keroack is the Business Office Manager of Mizner Residential Group. Lori recently moved to Delray Beach from Connecticut. She is enjoying learning about her new home town and the surrounding areas by researching and blogging about various topics that are relevant to the area.


- Lori Keroack, Business Office Manager - Mizner Residential Group

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