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This time of the year we get a lot of people asking, “What do you see for the real estate market in 2022?” The answer is UP! Here are 10 reasons why.
10. The Wild Southeast is Settled
From 1980-2020 the population in Palm Beach County according to the US Census rose from 576,578 to 1,492,191. It basically tripled. Jupiter increased 7-fold from 9,868 to 61,047. Everyone who came was a pioneer and while there was peace and quiet, they sacrificed lots in culture, restaurants, shopping, and for those that worked here, job opportunities. Most of the area today east of I95/Turnpike is now settled. There is no land left. Alton and Artistry are the only big parcels left to finish building. There hasn’t been a country club start since 2006 and Jupiter Country Club finished off its last new construction in 2019. There will be more available west of the I95/Turnpike, Martin County, and small pocket developments. However, the Wild Southeast Settlement is over.
9. Baby Boomers
Boomers Range from 57-75. There still is plenty of supply of Boomers to come down. As they do, they introduce more of their family and friends to the area. As a sidenote, much of Gen X and Millennials are now purchasing earlier in South Florida.
8. Supply & Demand
Inventory coming into season is insane. Single family home inventory stood at 1,083 in the Northern Palm Beaches as of 12-1-21. That’s a 48.5% drop from 2101 homes a year earlier. And inventory is less than a third today of where it was at when 3444 SFH were on the market in 12-1-19. The townhouse and condo market is even crazier. 881 units today versus 2,680 units a year ago. The medium price of a SFH in $367,500 versus $559,500 from 12-1-19 to 12-1-21. But it goes back to the population demand and no supply of new homes. We are entering season with virtually no inventory.
7. Low Interest Rates
While many of the transactions are cash, low rates are still keeping the financing portion of the demand affordable and moving. Plus, inflation is going up at a higher rate than interest rate jumps making it even more appealing.
Inflation moved up 6.8% in November 2021. Housing prices should naturally move up the same amount even if supply and demand equaled each other out. Meaning inflation will naturally carry some rise in prices.
From the Maltz Theatre to Trader Joes to Whole Foods to Starbucks on every corner. 20 years ago, the Northern Palm Beaches was missing shopping, dining, and the some of the arts. With the great population growth, that has changed, and it makes it more comfortable for people from cities to move here.
4. Infrastructure of family and friends
Today, most people have a relative or friend in the area versus 20-40 years ago, when they were the pioneer. It’s easier to move if Mom and Dad or friends are already based here. More family and friends based here equals a direct jump of more population to the region.
Dreaming of South Florida has become more of a reality to most because of Covid. The ability to work out of the house with Zoom and life surroundings have more importance has led many to making decisions that were only dreamed of years down the line. Its not just the computer programmer entrepreneur who can live where they want today.
2. Wall Street South
Hedge fund and other financial entities are moving to South Florida. This means more jobs. 0% taxes and the Florida sunny lifestyle are draws and younger people are wanting to take advantage of now rather than wait. Many company owners have moved here. Watch a lot of employees to follow.
1. The Canadians
Our region is a big draw for folks from Montreal and Toronto. That mixed with movement from South Americans moving north from Miami is another piece of demand we didn’t have last year since they missed the season.
PGA National has had a bumper month of Real Estate activity!
PGA National is a world-renowned golfing community, located in Palm Beach Gardens, Florida. Owners of PGA National homes are part of an exclusive community that offers services you’ll only find at the most distinguished resort clubs.
In December, there were 18 NEW Listings come onto the market.
At the time of writing, there are 14 homes currently ACTIVE – take a look at those listings here.
26 properties went UNDER CONTRACT or PENDING, and 23 homes SOLD throughout December 2021!
Take a deeper look at PGA National statistics HERE. You can check out the full market trends including homes sold by price range, monthly supply of inventory, average sales price, and more!
Jeff Lichtenstein is owner and broker of Echo Fine Properties. If you called him “Mr Information,” you’d hit the mark. He sees every interaction as an opportunity and any discussion a chance to learn something. He’s an excellent listener — successful Realtors have to be — and a deep thinker. Jeff quarterbacks all facets of the business, comes up with the individual marketing strategy for each home, reviews all marketing materials, showings, and feedback, negotiates each transaction, and supervises the entire closing process.
Craig Heger, Lead Luxury Sales Manager at Echo Fine Properties, says, “You never know who you’re going to meet in this business, so I believe in showing up in your best possible light. What is better than standing out in a perfectly tailored suit?!” Just as he loves to dress, he takes the same pride in the details of marketing, listening to a seller’s needs, and shopping for builders he represents on speculation homes – and he always helps put on those final touches. Whether that’s designing a perfectly tailored suit or staging a luxury spec house, Craig is a pro at it.
Andrew Seifter wakes up with his heart beating for Real Estate. Within the Echo family, Andrew works closely with our owner, Jeff Lichtenstein as part of the upper management team and inside sales team. He works on the house listings as well as operating as his own Real Estate agent. He is the ultimate helper for the Echo family, assisting our pod with showings, training, marketing, and more!
Jeff Lichtenstein is owner and broker of Echo Fine Properties, a luxury real estate brokerage selling real estate in Jupiter and homes in Palm Beach Gardens, Florida. He has 20 years of real estate experience, has closed over a 1,000 transactions, and manages over 50 agents in a non-traditional model of real estate that mimics a traditional business model. Some publications he has been quoted in.
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