Why are Luxury Home Sales in Flagler and Volusia Booming Right Now 2

Why are Luxury Home Sales in Flagler and Volusia Booming Right Now?

The Town of Palm Beach is known for its exclusive luxury real estate.  Since the coronavirus pandemic, this community’s high-end housing market has seen unprecedented interest and activity. It’s not unusual to hear of several multi-million-dollar sales in the area each month. North of Palm Beach County, Volusia and Flagler counties have also seen a notable increase in million-dollar property sales. However, residential real estate in this area doesn’t often sell above six figures. So, why are luxury home sales in Flagler and Volusia booming right now?

According to local real estate professionals, when the coronavirus pandemic hit Florida, Flagler and Volusia counties started getting interest from buyers in New York and other parts of the northeastern U.S. From then on, properties began to sell quickly, and inventory began to decline. One agent reported that properties that had been on the market for years were suddenly getting multiple offers.

Recently, an unprecedented number of Volusia and Flagler properties sold for between $1-2 million. Premium oceanfront homes have been in high demand in areas such as Volusia County’s Ormond Beach.  Recently, a house located at 95 Ocean Shore Drive that once served as the site of a Sports Illustrated swimsuit edition modeling location sold for $1.59 million. The buyers, former Austin Outdoor owner Eddie Schatz Jr. and his wife Lisa, sold their Flagler Beach Sugar Mill Plantation home for $2.35 million just before the closing on the Ormond Beach estate. The following day, a Hammock Dunes home sold for $2.4 million. Local realtor Toby Tobin said, “I suspect it hasn’t happened before to have two homes sell for over $2 million in Flagler County in the same month.”

The Out of Town Cash Buyer

The recent influx of high-end sales seems to be due to an increase in out of town buyers. Several buyers from the northeastern United States have been buying in the area. With historically low-interest rates, overall home sales are higher in both counties. However, area real estate professionals report having seen multiple buyers in both Flagler and Volusia counties paying for million-dollar-plus properties with cash.

With many people looking to move out of metro areas, buyers seem to be attracted to the less populated communities in Flagler and Volusia counties. For the right buyer, these counties may offer waterfront luxury at the right price.

At Rabideau Klein, we have extensive experience handling multi-million-dollar transactions for high-end real estate throughout Florida. David E. Klein, Esq. and Guy Rabideau, Esq. are Florida Board-Certified Real Estate attorneys with the expertise and local knowledge you need to assist you in managing your residential and commercial real estate issues.  Contact Rabideau Klein today to discuss your real estate legal needs.

 

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