Florida sees nearly 1,000 new residents per day, fueled by a new desire for lifestyle changes and tax benefits. With Miami one of the largest beneficiaries of this migration, we sit down with One Thousand Museum’s co-developer Louis Birdman for his take on the market and the unique position that One Thousand Museum holds to attract luxury buyers.
Photo Credit: Courtesy of One Thousand Museum
What’s the current status of the high-end home market?
The high-end is seeing a lot of demand and performing better than other market sectors right now. We have seen a ton of interest of late, and even logged over $100 million in transactions this year.
How has COVID-19 impacted this sector? Which markets are doing relatively well? Which have been impacted the most? How has it played out in towers/condos?
In March when the pandemic hit, there was a migration out of highly dense cities. One Thousand Museum saw immediate interest from states like New York, Connecticut, Illinois and California – some buyers who had been mulling over a home in South Florida and ended up expediting their timelines. While some vacation home shoppers opted for single-family homes over condos, the tower didn’t see any drop-off as its floorplans run upwards of 10K interior square feet, and include the benefits and conveniences of condo living.
Photo Credit: Courtesy of One Thousand Museum
What’s the investment outlook for this segment?
Not only is it a buyer’s market right now, but interest rates are historically low. It’s a great time to buy.
Will COVID cause more people to want second homes as a refuge/place to social distance, or will the economic uncertainty caused by COVID make buyers want to sit on cash instead?
Shelter-in-place has made people evaluate how and where they live. And while some have been more cautious and are taking a wait-and-see approach, real estate remains one of the safest investments.
Photo Credit: Courtesy of One Thousand Museum
How is the second home market different from the primary home market? What are the similarities?
The primary home market is also performing well, again due to the migration from highly dense cities. South Florida has been a popular destination for second-homes and permanent relocations, not just due to the pandemic, but over the past few years and spurred in part by the SALT tax and overall lifestyle benefits of the area.
What design elements and must-haves do homeowners want and expect?
Buyers right now are craving space, both interior and exterior, and they want either ocean views or access so even while remaining at home, they never feel cooped up.
Photo Credit: Courtesy of One Thousand Museum
For more on One Thousand Museum, call 855-663-6873 or visit www.1000museum.com.
