Is Florida Your Next Big Move?

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IS FLORIDA YOUR NEXT BIG MOVE?

The exodus to the Gulf Coast of Florida from high-density, high-tax states is accelerating a real estate boom but demand exceeds supply, which have Brokers/Realtors vying for the top real estate spots. Valor Capital is upping the ante in the supply chain—with their 2nd project Serena by the Sea.

The average and median home sale prices in Pinellas County, Florida saw marked increases between January 2020 and January 2021, while at the same time inventory decreased. Yet, new developments in the area are further boosting economic development in the Clearwater-Dunedin areas.

“What took 8-12 months to sell [a luxury property], is taking 1-2 months,” stated Linda Caruso, Realtor for Keller Williams Luxury division and 25-year real estate veteran. “We are running at 50% below normal luxury inventory—properties such as VALOR’s are meeting an increased demand.”

According to Pinellas County Real Estate Statistics for January 2021, released February 19, 2021:

Single-family home average prices rose 20.9% from $340,103 in 2020 to $411,267; median sale prices were up by 16.8% from 2020 at $265,000 to $309,450. Active listings for single-family homes decreased 53.6% from 2,418 in 2020 to 1,121. Townhome/condo average prices were up 17.2% from $262,850 to $308,040 in January 2021; median sale prices increased 28.2% from $175,500 to $225,000. New listings for townhomes/condos decreased 14.9% from 1,042 in 2020 to 887.

Valor Capital is an international real estate developer with more than 35 years of experience and have developed more than $1 billion in properties around the world. Their latest project, Serena by the Sea, a luxury condominium development located on Edgewater Drive in Clearwater is helping to meet the rapidly rising demand:

Sales on the 80-unit development are already underway. Individual unit prices start at $690,000 and go up to $3.5 million. As of March, 53% of the units had already been sold. According to Valor, out-of-state and international buyers are buying sight unseen, utilizing Valor’s state-of-the-art marketing materials.

“This property promotes Pinellas County... an untouched jewel as properties on the coastal waterfront are needed and there is a spotlight on us internationally,” continued Caruso.

“The draw of warm weather—and the fact that much of their clientele is already living nearby provides the perfect mix of incentives for stockbrokers, bankers, and portfolio managers to make Florida their new home state. The market here is just poised to explode,” says Regina Sotomayor, Chief Sales Officer, Valor Capital.