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a home that is remodeled by ecclestone to be detuscanized

Low Housing Inventory Drives New Real Estate Industry Trends

Posted on July 13, 2021 | Read time: 4 minutes

Home Renovation in High Demand

Josefine and Alan Cohen live in New York and love the city! Proud to be a part of the most dynamic business region in the world, Long Island and Manhattan are their playgrounds. Their lives are filled with getting together with friends, enjoying the arts, and playing a round of golf in between business meetings and raising a family. The Cohens and friends frequent South Florida during the winter, but this year, they are looking at Boca Raton in a whole new light.

The Cohens aren’t alone. Across the country, especially in the northeast, homebuyers are considering a move south. You could call it the perfect storm of a pandemic hangover – isolation, higher taxes, higher crime, and a growing desire for a higher quality of life. But then that decision is made to purchase a Florida home to enjoy the good life, only to discover there’s low housing inventory and not much real estate available to purchase. Now what?

Prioritize Location and Lifestyle

The basics of real estate remain the same, it’s all about location.

  1. Homebuyers should find the right community that offers the amenities and services to meet their lifestyle above all else.
  2. Keep an open mind. The perfect homes are selling before they hit the market. The real opportunity comes to those with a vision for what could be created with a remodeling project or mansion makeover.
  3. Jump in. If the perfect home isn’t available, homebuyers should take advantage of what is. There’s no better way to learn about pocket listings than to be on the ground in the desired location.

Newly Renovated Homes

The market is constantly evolving. With a lack of land and high demand for new homes, homebuilders have entered the home renovation game. They are purchasing existing residences and renovating them from top to bottom, including replacing windows and doors with impact glass. Boca West Realty is getting out ahead of the curve with innovative thinking. Last year, the company aligned with Hasey Construction, Gemini Homes, and SFL Custom Design Build to create “new” homes due to a lack of inventory and an abundance of outdated product.

“We’re seeing tremendous interest from New York and New Jersey,” says Laurie Andrews, President of Cotton & Company, the marketing firm leading the charge for Boca West. “Last year we had hundreds of requests for rental properties, and there was nothing available. Today, our renovators are just completing the initial construction on our first 17 residences, and the homes are selling almost immediately upon completion.”

Mansion Makeovers

In northern Palm Beach and Martin counties, long-term luxury homebuilder Ecclestone Signature Homes is also entering the renovation game. The wealthy clientele is no longer enamored with Mediterranean design and yet South Florida club communities are filled with it. The firm has found a niche with its new division Ecclestone Home Renovation. Working with private homeowners, Ecclestone is providing architectural and construction services for major home renovations to de-Tuscanize exterior, reimagine living spaces, incorporate new design trends or create spectacular backyards for indoor/outdoor living. Homebuyers are choosing to upgrade their lifestyle in their current location, rather than seeking a new address, and realtors are telling clients they need to buy now and renovate to match their style.

With a growing portfolio of over 1,700 projects throughout the US, and the Caribbean, Cotton & Company is currently working with many club communities and home builders to help navigate this new world. Our team of 30+ real estate marketing specialists understands that creating a brand position and marketing program to capture the energy of this home buying trend is central to achieving success. Understanding the buyer’s perspective is key to capitalizing on this growing demand. Visit CottonCo.com to learn more.

 

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