It used to be that people moved to Florida to retire or just spend the winter in the sunshine, but during these unprecedented times, real estate sales trends are proving that the sunshine state is much more than a vacation or retirement destination. According to the New York Times, nearly 1000 people move to Florida every day. Luxury homes sales are in high demand as northerners from densely populated states with high tax burdens abandon cities like New York, Boston, and Chicago.
Now, with business changing to remote workplaces, professionals enjoy newfound freedom to relocate for a higher quality lifestyle. In addition to the obvious year-round sunshine and a milder climate, there are other important reasons that one in every eight out-of-state moves is headed to Florida.
Peace of Mind
“Many people are migrating south because they no longer feel safe in their communities,” says Stephann Cotton, CEO, and Founder of Cotton & Company, a global leader in luxury real estate marketing. “With their cities remaining in COVID lockdown and new threats from political protests, people no longer feel safe in their urban environments. Having no sense of security has become an unacceptable living condition, yet they can still find peace of mind here in Florida.”
Kolter Urban, a leading south Florida developer, recognized growing demand from these northern states and acted quickly to reach out to potential homebuyers. Cotton & Company created the “Find Your Place in the Sun” campaign to reach potential homebuyers with move-in ready condominium offerings throughout Kolter’s Florida properties.
With a COVID 19 vaccine looming somewhere in the unknown future, individuals have discovered through the quarantine period that they yearn for new surroundings. With Winter just around the corner, many homebuyers are seeking more outdoor space in the event of another urban lockdown. They are also looking for a fresh home environment where they can separate their remote work office from their day-to-day living space. Additionally, they just want more breathing room, desiring less densely populated areas.
With historically low interest rates today, many millennials are jumping into the market to take advantage of the opportunity before these rates climb. With liquidity returning for home sellers, move up and move around buyers are also in the market. Florida real estate offers a wide selection of homes to choose from with great value. There is no state income or estate taxes, and residents may qualify for homestead exemptions of up to $50,000 on their primary residences, as well as a 3% cap annually on home assessments.
“Florida’s market has been on fire these past few months”, says Laurie Andrews, Cotton & Company Chief Marketing Officer and Agency Principal. “For Kolter, we focused on New Jersey, New York, and Connecticut audiences. With the onset of fall temperatures, we know these markets will begin looking for their Florida address. Kolter is well-positioned to capture this energy.”
Cotton & Company’s “Find Your Place in the Sun” campaign for Kolter Urban included an inventory clearinghouse website at LIVEKOLTER.com. Both digital and traditional media were used to capture interest and website visitors. Homebuyers had the opportunity to review individual listings, complete with robust photo galleries, amenities overviews, and pricing.
We expect the migration to Florida to continue for quite some time, adding pressure to the shortage of move-in ready inventory. With construction and labor costs continuing to rise, new homes and condominium prices will also continue to increase in the future.
For over 34 years, Cotton & Company has worked with over 1700 real estate developers, builders, hospitality companies, and country club marketers. A dedicated team of copywriters, website programmers, graphic artists, digital marketing professionals, and marketing strategists are ready to jump in and develop a customized program to help clients achieve sales success. As the premier luxury real estate marketing and advertising agency, the experts at Cotton & Company elevate client brands and bring them to the next level. Learn how to empower real estate success by visiting cottonco.com