As public debate continues to rage about how to manage the COVID virus, Florida’s decision to remain “open for business” has manifested itself in a state-wide real estate boom. With thousands of homeowners migrating to the low-tax, high-quality lifestyle, real estate developers are battling to capture their share of the market.
Data from LendingTree clearly identifies Florida as the top destination. Nearly 1,000 people per day moving to the Sunshine State, and single-family home inventories are rapidly decreasing. Many transplants are leaving densely populated communities and have been reluctant to consider condominium living in their new locale. So what are South Florida’s luxury condominium developers doing to capture their share of the post-COVID migration?
As new single-family home inventory shrinks, buyers seeking new construction will be faced with fewer options. Option 1 get in line for a “to be built” residence, which may take many months or close to a year to complete their new home. But if urgency is truly driving the homebuyer’s purchase decision, new luxury condominiums become the next logical option. It’s a market dynamic on the horizon that will benefit developers with move-in ready inventory. Getting that message out to the market will be critical to drive condo sales success this Winter.
Headquartered in Palm Beach County, Florida, Kolter Urban, boasts an impressive portfolio of luxury coastal properties in prime second home markets. With construction being completed on three projects over the summer, the sales forecast was uncertain heading into the Fall. Now, these properties are quickly becoming the beneficiary of a red-hot real estate market, and Kolter’s foresight is paying off.
Kolter Urban partnered with Cotton & Company to strategically attack the opportunity, while continuing to drive pre-sale interest in its future residential offerings. Cotton & Company developed a move-in ready showcase for Kolter, where buyers can consider their options city-by-city. All of Kolter’s luxury residences available for immediate occupancy are listed at LiveKolter.com, which is promoted through digital marketing targeting buyers fleeing the north who are seeking instant gratification.
The campaign tag line “Find your Place in the Sun” cast a wide net for those seeking a Florida lifestyle. Future homebuyers will be presented with the option of Move-In Ready residences or for those seeking a longer timeline, they are also updated on new pre-construction opportunities.
In Sarasota, Core Development is also presenting its final residences to the market. The building received its certificate of occupancy in the Fall of 2020, and homebuyers are taking note of the remaining residences. With the Ritz-Carlton Sarasota by Kolter also nearing sellout, BLVD Sarasota will be the only remaining luxury condominium available for immediate occupancy in the city’s downtown corridor.
For real estate developers seeking to capture the energy of the destination real estate boom, Cotton & Company’s experienced team is ready to develop a customized program to reach your sales objectives. Cotton & Company is an industry-leading marketing and advertising firm focusing exclusively on residential real estate. The firm utilizes time-tested real estate expertise combined with innovative digital marketing strategies to develop a cost-efficient marketing program. For more information on the Cotton & Company’s services, call 772-600-3501 or register at cottonco.com. You’ll receive a copy of Solutions Magazine, an educational publication for the real estate development industry.