Top Three Reasons the Daytona Beach Area Luxury Market is Growing
Now already through the first month of 2017, we have seen a very strong sellers market in many communities around Daytona Beach and there is also growing demand for luxury real estate in our area. Daytona Beach area homes and condos are often much more affordable than at other Florida beaches, and this has prompted more buyers to flock to our area, while also beginning to drive sale prices higher. We have seen a 30% increase in the number of real estate sales above $500,000 over the last two years, and below will will outline the top three reasons we think the luxury market in Daytona Beach will continue to expand in 2017.
Commercial Expansion & Entertainment - Even though the Hard Rock project was recently muted, there is still a great deal of growth around the Daytona Beach area. The One Daytona project is moving along nicely, Tanger Outlets are open for business and there is even plans for a Villages-like 55+ community with a beach club coming soon. Our area beaches are still “World Famous” for the compact sand that allows exercise and beach driving and the intracoastal provides more waterfront opportunities for fishing and boating enthusiasts.
New Mortgage Opportunities - This year, Fannie Mae and Freddie Mac will provide backing for larger mortgages that will draw more luxury buyers to our area. These new mortgage options will allow Daytona Beach home and condo buyers to have a lower percent down on their luxury purchase, and with our average price hovering much lower than other areas, this will open new price-range markets to our many motivated buyers.
More Foreign Buyers - Many foreign buyers have looked to real estate in the United States for many years to find safer investments. We help many international buyers now, and expect more to enter our market this year as they are priced out of larger metropolitan areas. With many prime oceanfront and riverfront options, and the convenience to major attractions in Orlando, we believe foreign capital will continue to find it’s way to the Daytona Beach area
Kevin Kling already has nine sales so far this year and is averaging more than $400,000 per transaction. We understand the luxury home and condo market and have been entrusted with many stunning, luxury listings. Call us today at (386) 527-8577 to discuss the Daytona Beach area luxury real estate market or to find your next dream home by the beach.