Talking with colleagues the other day, about how Covid19, will affect Florida’s real estate markets going forward.
We are witnessing a fundamental shift in consumer psychology, the world just changed.
What does this mean for Florida ?
Many Boomers nearing retirement age, will accelerate their retirement timetable, and move their dates up.
Most still need to sell their current homes in the NorthEast or MidWest, so Florida has a lot riding on these real estate markets remaining healthy.
Covid19 stresses in cities like NY, will only strengthen the resolve to relocate. A lot of folks in these hard hit cities, don’t want to live through something like this again.
The same factors that cause 1,000 people a day to move to Florida, remain unchanged. If anything, their attraction is stronger.
Great weather, low taxes, affordable cost of living. Bottom line: money goes a lot further in Florida than it does in New York or New Jersey or Connecticut or Massachusetts, etc.
Social distancing, which is the new normal, for at least the foreseeable future, means working from home, and commuting to head office, once a month, will become commonplace.
It is just as easy to jump on a plane in Tampa once a month, and fly to NY, as it is to jump on a plane in Boston, and do the same.
Quality of life becomes paramount. The desire for comfortable living spaces, a separate and professional home office area, become essential.
I joked with a colleague: $500,000 in NYC buys you a parking spot. LOL.
$500,000 in Lakewood Ranch, buys you a brand new single family home, in a great area, with great schools, an outdoor pool, and a home office, with all the bells and whistles.
Florida is going to experience, a tidal wave of new residents over the coming years, and this will continue to put upward pressure, on our real estate markets, especially at the affordable and entry level price points.
Or put another way: we will leave the light on for you, we look forward to making your acquaintance. You are going to love it here.
