In South Florida, the luxury real estate market has seen an unusually busy summer. With low inventory and increased demand, high-end buyers are looking for upscale properties. In places such as Palm Beach County, real estate professionals have adapted to the current conditions to meet their clientele’s needs. Here is more on how the South Florida luxury market continues to move during the pandemic:
Selling and Buying Luxury Real Estate in South Florida
Recently, states such as Texas and Florida have seen spikes in their infection rates that have caused them to pause their reopening plans. In some Florida counties, residents have resumed more restrictive safety practices. For instance, to prevent the spread of COVID-19, a facial covering order, along with other measures, went into effect in Palm Beach County. Even with the imposition of new precautions, luxury sales are active and on the rise in South Florida. According to one account, the overall market increase could be due to buyers coming out of quarantine in communities with rising infection rates and having a sense of urgency to move elsewhere. It may also be a shift of homebuyers moving out of urban environments in favor of less densely-populated areas with more spacious properties and expansive lots.
With the high-end estate market seeing unprecedented sales activity, area real estate professionals are working within these new safety parameters to show homes and conduct transactions. To manage demand, South Florida real estate professionals are taking precautions and helping their clients view high-end properties. Unwary sellers may be reluctant to have strangers in and out of their homes. However, members of Florida Realtors, the largest trade association in the state, have recommended in-person guidelines to follow during showings. For example, the guidelines recommend limiting the number of people viewing a home at once and making the property a “touch-free” zone. Showings must also be performed according to social distancing and with masks on. The association also has several other resources for members to use to perform real estate services safely. Real estate professionals are keeping hand sanitizer at the ready and, in many cases, have prospective buyers cover their feet with protective booties while in the home. Some sellers are leaving town altogether during the viewing period to avoid cross-contact due to the risks associated with the pandemic.
Virtual tours have become central to South Florida luxury sales during the pandemic. With travel restrictions and lockdown orders, many buyers have been unable to view properties in person. Local agents report using Facetime to provide tours of properties to interested buyers. Additionally, some buyers prefer to rely upon high-resolution digital platforms and their real estate professional’s advice when looking for residential real estate. These investors and buyers may be willing to move forward with transactions without having seen the properties.
Contact Our Palm Beach Real Estate Attorneys Today
At Rabideau Klein, David E. Klein, Esq. and Guy Rabideau, Esq. are Florida Bar Board-Certified Real Estate Attorneys with extensive experience in the Town of Palm Beach and its surrounding areas. We have the expertise and local knowledge you need to assist with all aspects of your Florida real estate matter. Contact Rabideau Klein today to discuss your real estate legal needs.