Question of the Week: Is the lux market in South Florida continuing to move toward single-family and away from condos due to COVID-19?
Craig Studnicky, president of RelatedISG International Realty, knows the score.
“While there has been a demand for single family homes over the past six months, we are now seeing buyers start to reenter the condo market. Recently, there has been a surge in condo sales across the tri-county area as single-family home inventory is continuing to decrease rapidly. According to a recent RelatedISG report, sales in Miami, Broward and Palm Beach counties were up by 31 percent in new transactions this October compared to October of 2019, signaling the beginning of the condo market’s comeback. Condo sales dropped sharply in Q2 of this year, but we’ve seen these buildings adapt to make their common areas safe and implement measures like social distancing and limited elevator capacity. People have started to feel safer reentering these buildings and we’ll continue to see a large amount of activity in the condo market during Q4 and Q1 of 2021.”