Second-HomeBuyersStill Relish Pandemic-Era Buys,asNew BuyersHit theMarket

The luxury second-home market saw a boom during the pandemic years,and buyers seem to be staying put

Real estate sales in Turks and Caicos,for one,reached more than US$141million in the first quarter of 2022,according to a report from Turks & Caicos Sotheby?s International Realty The sales volume for existing condominiums,which saw the most action,increased by 6153% year over year

Pandemic-era buyers are holding onto luxury and superluxury properties,which are often their second,third,or fourth,says Joe Zahm,president and broker,Turks & Caicos Sotheby?s International Realty They?ve scooped up both stand-alone homes or those part of managed communities because ?it?s a safe-haven residence with ease of use and access,including no income,business,or property taxes (except for a one-time stamp duty upon purchase)?

In the traditional New York City second-home markets,there is still a great deal of interest

In Litchfield County,Connecticut,?interest has remained very active We aren? t seeing the frenzy of last year,but there is still major interest,?says Kathryn Clair,real estate professional,William Pitt Sotheby?s International Realty Further,Clair says that she isn? t seeing buyer?s remorse from people who bought second homes in Litchfield during the pandemic They may be returning to jobs and apartments in New York,but they?re keeping their new Connecticut houses as weekend homes

In New York?s Hudson Valley,luxury buyers are ?still looking mostly in the countryside,?says Raj Kumar,associate broker,Four Seasons Sotheby?s International Realty

And like Clair,Kumar isn? t seeing resales from weekenders who bought during the pandemic ?That?s verified by the prices,which are holding,?he says ?I haven? t had any sales below the asking price?

In New Jersey,Charles Oppler,CEO,managing partner,and co-owner,Prominent Properties Sotheby?s International Realty,has not seen ?much of a return from the buyers in terms of remorse,? he says During the pandemic,many of the luxury buyers were looking for ?space,community and quality of life They are happy where they are,especially with locked-in interest rates near 3%? Further south,on a wealthy swath of the Florida panhandle,?we have continued to see the strongest interest and purchases in our new urbanism communities on State Road 30A in Alys Beach, Rosemary Beach,WaterColor,and WaterSound,?says Blake Morar, broker and owner,Scenic Sotheby?s International Realty ?They are high-quality developments with ?strong architectural guidelines that have done extremely well?

Turks& CaicosRealEstateSales

First-quarter condominium sales show a major increase in recent years The first quarter of 2022 saw a major jump in the volume of sales compared with the same time in 2021, but prices remained almost the same