SEACAUCUS, NJ/ACCESSWIRE/January 14, 2022/ National Realty Investment Advisors (NRIA), one of the East Coast’s leading luxury property developers, says the firm is seeing the market for second and vacation homes explode during the pandemic. And South Florida, according to the NRIA, is where many are looking to live the vacation lifestyle year-round.
As the pandemic changes the way we live and work, buying vacation homes is no longer just for the wealthy. With a new ability to work from almost anywhere, everyday Americans are looking for a second home.
And South Florida, in particular, is where many are looking to buy that vacation castle, say experts at National Real Estate Investment Advisors (NRIA).
Reports show that vacation home sales increased by up to 33% as the pandemic took hold. This outpaces the overall growth in existing home sales.
And the NRIA is working overtime to meet the new demand for second homes, says Nicholas Malinosky, executive director of luxury sales for real estate brokerage. Douglas Eliman.
“Buyer interest in NRIA’s Gulf Stream Views, a 14-unit townhouse project in Boynton Beach, was hot before construction even began,” Malinosky said. “It’s not uncommon for units in projects like these to sell invisibly. The desire for vacation homes in Florida is growing, and I don’t see that slowing down any time soon.”
Florida is an “outside state” year-round, Malinosky explains. New York and New Jersey shoppers can now work anywhere due to remote employment and are looking to enjoy the Florida lifestyle. They may be on their laptops by the pool in the dead of winter. And even better, second home buyers can rent out their vacation homes when not in use, making that vacation home a solid financial investment and not just an added expense.
The hottest vacation home county during the pandemic was Lee County, Florida, where Fort Myers is located.
And NRIA, seeing the need for additional housing opportunities in the exceptionally desirable area, closed on 4.7 acres of land near downtown Fort Myers in 2021. The property currently includes a hotel, a marina with 131 boat ramps boat launch, retail space and themed beach restaurant.
Importantly, the project has received initial approval to develop two 25-story residential towers on the Caloosahatchee River and another five-story residential building on the site. The project will offer 352 total residential units for those looking to savor the sandy beaches of South Florida.
Glenn La Mattina, chief operating officer of NRIA, says investing in beachfront properties in South Florida makes good sense for real estate developers and second home buyers. “Gorgeous weather, friendly people, low taxes and fewer government mandates,” he says. “It’s an easy place to relax. And let’s not forget the view. The way the ocean glistens in the moonlight is spectacular.”
As remote working becomes the norm and not the exception to the rule, the second home market is set to continue to grow, according to NRIA experts. Add flexible working hours to the mix, and it will be much easier to live like we’re on vacation all year round, they explain.
About the NRIA
With a history of over a decade of delivering the highest quality construction, NRIA, headquartered in Secaucus, New Jersey, has earned its reputation as one of the nation’s leading real estate developers.
For more information on NRIA, visit www.nria.net.
Dawn Ouellette Nixon
THE SOURCE: NRIA
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