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Trends in South Florida's luxury real estate market as 2022 nears

Published: Nov. 26, 2021 at 5:31 PM EST
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All year we've talked a lot about Florida's housing market but what about the luxury market — homes with a price point of $1-million and above? The Institute for Luxury Home Marketing said demand is outpacing supply. This month alone has seen 55% more sales than listings according to the Institute's Luxury Market Report.

So what trends should we expect as we close out the year and head into a new one?

In 2007, John and Ria Parlante took a break from the fluctuating climate in New York for more favorable weather and real estate investments.

”Fix (them) up and rent (them),” John Parlante said. “And before you know it we started buying a bunch of properties down there.”

But they miss a balanced market.

”You can look, look and look but there’s nothing,” he said.

luxury bathroom
luxury bathroom

And what John Parlante calls a “heated” seller’s market is costing buyers like he and his wife, Ria.

”It’s hard to pull the trigger on something that you could have bought many years ago for a third of the price,” Ria Parlante said.

”We recently bought (property) as little as about two weeks ago and we ended up paying almost $1.5 million for a similar property that almost eight years ago you could have got for $500,000 to $600,000,” added John Parlante.

Screen Shot 2021-11-26 at 4.43.23 PM.png
Screen Shot 2021-11-26 at 4.43.23 PM.png

Like their 2,700-square foot modern design luxury home in Boca Raton. Luxury real estate expert and agent Bonnie Heatzig said while single family luxury homes on average have seen only a 7% year-to-year percentage increase on median list price, it will likely climb in 2022.

”So now is probably the best time to get in, so you not priced out of your dream home in 2022,” Heatzig said.

Which in turn breaks the traditional “slow winter” buying season.

LUXURY BEDROOM
LUXURY BEDROOM

”The rental market is a very tight market just as the buy market is very, very competitive right now,” Heatzig said. “Again it all boils down to inventory.”

And when you find it, the Parlantes said you need an agent who knows the market and has the clientele.

PATIO
PATIO

”Someone who knows where that market is heading — getting somebody knowledgable on your side is absolutely going to give you that edge that you need in this market,” Heatzig said.

She also said in response to lower inventory the luxury rental market is also growing in South Florida with more buyers seeking a rental alternative before landing on their desired home.

For more property search info and tips, click here.

Scripps Only Content 2021