A Fresh Start

By Roger Grody

Ashumans, it is entirely natural to constantly be contemplating a move to a different location perceived to offer a better quality of life, whether that be a suburban subdivision or exotic destination halfway across the globe. The pandemic taught us how easily that kind of transition can be achieved, without even compromising one’s income. Most fear-induced flight has now subsided, but wanderlust continues to drive people to promising new destinations.

Some major companies have not fully recalled employees back to the office, and others have adopted policies allowing people to continue working remotely. It is no longer unusual for executives to negotiate deals requiring their presence at corporate headquarters just a few days per month. That flexibility allows people to work from Big Sky Country, the Florida Keys or even the Costa del Sol instead of making daily commutes to Manhattan.

Some of the real estate markets that exploded during the pandemic were idyllic resort destinations such as Lake Placid, New York or Taos, New Mexico. Other seasonal or weekend getaways like Palm Springs, California and Cape Cod, Massachusetts were suddenly considered for primary residences. The flight from big cities has largely dissipated as COVID-19 has become manageable — and younger professionals will always gravitate to urban energy — but Americans are not likely to abandon their newfound taste for geographic liberation.

Moving companies such as United Van Lines and U-Haul, as well CoreLogic and other organizations crunching data for the real estate industry, have arrived at a consensus on migrating Americans. Even now, with the pandemic mostly in the rear-view mirror, households are continuing to depart congested, high-cost cities such as New York, San Francisco and Los Angeles. Chief beneficiaries — those places to which Americans are fleeing — include Nashville, Dallas and Florida destinations such as Greater Tampa, Sarasota and the Lakeland-Winter Haven metro area.

Hawaii, because of its relative isolation and strict COVID-19 protocols, was a popular place to vacation and relocate to during the pandemic, and businesspeople find Honolulu pieds-à-terre attractive diversions on extended business trips to Asia. Despite high costs and limited housing supply, the Aloha State remains popular in the post-pandemic environment. There has been a significant migration of high-tech firms from California’s Silicon Valley to Austin, Texas, drawn by more affordable real estate and lower taxes. Despite difficult comps to 2021, the luxury market in Austin remains strong and looks promising in future years.

Brandy Coffey, a Keller Williams luxury agent in Sarasota, Florida, reports sustained interest in the burgeoning Gulf Coast metropolitan area, destined to be a magnet for migrating Americans for years to come. “We used to be known as a retirement community, but that has shifted,” reports Coffey, who adds, “The pandemic brought more year-round families as opposed to seasonal buyers and retirees.”

Coffey also notes that while metro Sarasota traditionally drew from the Midwest, buyers from states like California and Texas discovered the region during the pandemic and are continuing to arrive. There is also strong demand from the Northeast, buyers from South Florida who recognize Sarasota as a better value, and even Europeans. “We have a lot of new construction, which is what people are after,” states Coffey, who reports that while inventories are gradually expanding, prices continue to increase.

L.A. and San Francisco may be currently out of favor, but not all of California has lost its magic, with desert resort communities drawing new fans and the Santa Barbara area popular among high-net-worth individuals. Steve Epstein, a top Keller Williams Luxury agent with offices in Montecito and Santa Barbara, reports that while volume is off more than 30 percent from the frenzied days of the pandemic, October 2022 was the very first month prices showed even a slight negative adjustment.

“During COVID, an economist described the migration here from the Bay Area alone as a ‘stampede,’” says Epstein, who notes many technology executives were not only attracted by a higher quality of life, but prices that were perceived as attractive vis-à-vis Silicon Valley. Epstein reports that Greater Los Angeles is typically the prime source of transplants, followed by San Francisco. Chicago and New York also provide significant numbers of refugees to the “California Riviera,” he advises. “Historically, with our solid demand and virtually no supply, we’ve fared much better in previous economic downturns than other markets,” says Epstein, who adds, “We start later and recover earlier.”

Popular new destinations are not limited to the U.S., as “digital nomads” have discovered they can conduct their businesses, whether it be copywriting or software development, from anyplace with reliable Wi-Fi. Amy Suto, a freelance writer and CEO of Sutoscience, left her career as a Hollywood screenwriter in 2020 to embark on a perpetual adventure. “During the pandemic, everybody was working remotely, so people started reimagining their lives in terms of how they wanted to work and travel,” explains Suto, whose eponymous blog provides insights and guidance to fellow digital nomads.

Suto, who reports that a growing number of desirable nations offer digital nomad visas, explains, “More countries are giving tax breaks to digital nomads, attempting to capture that wandering talent.” She notes that an entire infrastructure has been established to cater to this community of freelancers, with various companies providing residential accommodations, coworking spaces and health insurance to nomads around the world.

One of the most popular places for Americans to escape to permanently is Portugal, largely because its “golden visa” program has allowed foreigners to apply for a Portuguese passport after five years if they invested 350,000 euros in real property. Now, after a decade, Portugal is considering discontinuing the program, but would retain visas for digital nomads. Other European nations that still offer golden visas include Spain, Italy and Greece.

With an increasing appetite for guidance on obtaining some of these exotic visas, various consulting firms — Immigrant Invest and Nomad Capitalist, for instance — have emerged to assist investors in navigating the bureaucratic process. “Even before the golden visa, Portugal was probably the best value destination in Europe,” says Dan Prescher, senior editor at International Living magazine, which provides information on housing, health care, transportation, and security for Americans moving abroad.

In 2022, wealthy buyers have fueled a real estate boom in some of Europe’s premier financial capitals. Despite the UK’s current economic woes, London is attracting highnet-worth individuals from the U.S., as well as American technology firms. Conversely, with the implementation of Brexit limiting workers’ flexibility, French expats are returning home from London. That, coupled with the City of Light’s perennial appeal to affluent Americans, continues to energize the Paris luxury market.

3590 Buck Island Drive

GUNTERSVILLE Extraordinary lakeside estate boasting 300 feet of shoreline, over 13,000 square feet, 11 bedrooms and 13 baths to accommodate entertaining at the highest level. Multiple levels accessible by elevator. Host a grand event on the sweeping patio overlooking the lake or enjoy over 600 square feet of screened patio. Step down on the paved pathway or take the trolley. Private piers and a boathouse featuring 4 lifts: 2 for boats and 2 for jet skis. Soak up the sun poolside or cool down under the covered patio with an outdoor dining/kitchen area. Relax in the spa room with a steam shower and sauna. $2,150,000

48 Natures Ridge Way

HUNTSVILLE A beautiful home surrounded by Land Trust and Madison County Nature Trail. Elegant design features include shiplap, wood beams, hardwood flooring throughout the main level and Craftsman-style trim. The floor plan is ideal, with living and dining areas open to the kitchen. The owner’s suite is isolated for privacy and features a spa-like en suite bath. Upper level offers 2 guest bedrooms, a bath and bonus room. Enjoy the outdoor fireplace situated within the screened patio as well as the extended deck, which is perfect for grilling and taking in the natural oasis that is the backyard. $825,000

84 W Champions Boulevard

ROGERS Grand European estate located in the prestigious Pinnacle Country Club subdivision! This spectacular 5,858-square-foot manor boasts exquisite architectural features. Upon entry, you will discover this completely remodeled, one-of-a-kind home. The modern, bright, and beautifully upgraded kitchen boasts lots of built-in cabinetry and a pantry. The open kitchen and great room lead to a gorgeous patio space. The 3rd balcony includes breathtaking views of golf greenways. Perfect for entertaining, with a stunning saltwater pool, you can swim over to relax under your personal waterfall with surrounding lush landscaping. Bonus and media rooms both include a wet bar. You must see this amazing property. $1,500,000

1314 Royal Avenue

CENTERTON Stunning home on an acre lot in the prestigious Versailles subdivision in Centerton, only 4 miles away from downtown Bentonville. This modern masterpiece has an abundance of natural light, high-end finishes, iron doors, tall ceilings and wood floors throughout. On the main level, you will find the primary suite, office, kitchen, living area and guest bedroom, while all other bedrooms and a media room are on the 2nd level. A large island, maple custom cabinets, a gas range with 6 burners and grill, walk-in pantry and much more complete a chef’s dream kitchen! This property has a lot to offer, including fruit trees, an irrigated yard and French drains. $1,250,000

MIKE DULEY & CODY DULEY

Keller Williams Market Pro Realty, The Duley Group

Mike@TheDuleyGroup.com

• T. 479.586.HOME

Cody@TheDuleyGroup.com

• T. 479.530.1012

• findamazingrealestate.com

Beautiful Kingman Estate Home

KINGMAN This luxury estate is located in Rancho Santa Fe, one of Kingman’s premier residential estate areas. Peaceful living on quiet, low-traffic streets, surrounded by newer homes with breathtaking mountain and desert views. Enjoy luxurious, spacious living for the whole family in this 2020 Angle-built home that is like new and move-in ready with owned solar, top-of-the-line appliances, and luxurious finishes throughout. Boasting 5 bedrooms (or Jr master suite, game room, or home office space,) 2.5 baths, and over 2,800 square feet on a .46-acre lot. Take in the epic views and panoramic sunsets year round in the new 35x15 heated, saltwater, pebble tec pool or the brand-new Cal Spa hot tub. 19x19 mini-golf course, fenced pet play area, and 48x25 concrete RV parking with full hookups. $769,000

JEN GESICK REALTOR®, CLHMS

Keller Williams Arizona Living Realty

T. 719.650.4959 • jen@lakehavasuluxury.com

LakeHavasuLuxury.com