The pandemic still has effects over the real estate market, and this time people are losing their minds due to the over-the-top offers they have encountered. In today’s entry, we will go through the topic of what’s happening with the Weston Hills Country Club Homes, as well as the demand behind these homes.
Feverish demand for Weston Hills Country Club homes hide
What are Weston Hills Country Club homes?
This is a luxury community that can be found on the championship golf courses on the Weston Hills Golf and Country Club. It’s located near spectacular beaches, famous restaurants and fabulous shopping stores.
Many people prefer purchasing a country club home due to the tranquility of the neighborhood. Also, buying a property here will mean easier access to some of the most important international airports located in Florida.
Among these benefits, Weston Hill has been voted one of the most desirable communities in Broward and Dade counties. As a resident, you get to use the community parks, play on the volleyball or basketball courts.
Living here is definitely a summer dream. The beaches are near the houses, you can entertain yourself with everything the community has to offer, and even shop.
The current situation with Weston Hills
After a shocking blow caused by the pandemic lockdown back in 2020, single-family home sales declined rapidly across Florida in the fourth quarter of 2021.
Single-family sales fell in a shocking way year over year, and this happened due to the result of limited inventory. In some scenarios, the amount of homes and condos faced a limitation of one month of inventory.
On the other hand, Condo sales rose in the fourth quarter of 2021. Because of this, many real estate agents have listed homes for sale that are more expensive than usual.
In fact there was a surprising property that was offered for about $750,000 which is a price significantly higher than the average property. This has caused clients to consider if it’s a good idea to buy a home in Florida.
But this is happening all over Florida. Let’s see how the Weston Hills Country Club homes affect the most important areas of real estate in South Florida:
Miami Beach
Miami Beach is one of the most popular areas in Florida. This includes Bal Harbor, Bay Harbor Islands, Golden Beach, Key Biscayne, Sunny Isles Beach and many more.
Here, residential sales rose more than 40% and that led to more than 1,500 closings in the fourth quarter in comparison with the same period back in 2020.
Furthermore, single-family homes declined by 20% year over year, to more than 160 closings in the fourth quarter. Also, inventory decreased by 60% to 200 active listings, while the supply fell to 3.5 months.
If we talk about Condo sales, there was a significant improvement. They rose 50% to 1,400 closings, while the inventory was cut in half, getting to 2,700 listings, while supply fell to 5.5 months.
The median condo price grew a significant 18%, and the prices rose to $472,500. Meanwhile the median single-family home price increased more than 30% to $2.6 million.
Coastal Miami
The coastal areas include:
- Coconut Grove.
- Palmetto Bay.
- Greater Downtown Miami.
Most of the residential sales went up thanks to an excellent process of selling condos. These sales were able to increase a 36% of popularity among buyers, getting close to selling 3,300 properties.
Single-family homes sales were not as popular, and there was a decline of 5%, while only 2,162 properties were sold. Moreover, Condo inventory had the worse numbers, with only 2,727 listings with just 2.5 months of supply.
In addition, single-family listings decreased 30% to 1,300 while working under two months of supply.
Fort Lauderdale
You have probably considered purchasing a property in Fort Lauderdale, and it’s completely reasonable. Thanks to Fort Lauderdale’s popularity, Condo sales increased 29% and sold more than 700 properties, while home sales dropped 6%.
When it comes to condos costs, they rose up to $410,000, and as for the median price of homes, the increase was a total of 12%, with a final cost of $572,500.
Palm Beach
Palm Beach has an interesting real estate market. Around 60 condos were sold, and there was a decrease of 40%, and family home sales decreased a lot more, presenting a 68% decline.
Price growth was higher in Palm Beach. First we have the median single-family home prices, which escalated 72% and to $8.5 million.
West Palm Beach
West Palm Beach was the reveal of the year, given that condo sales increased immensely, surpassing 60% of the market’s income. Nonetheless, inventory is not doing so well in West Palm Beach.
At the end of the fourth quarter of 2021, not more than 200 condos were still available to purchase, and 230 single-family homes were listed. Besides, due to a high demand and limited supply, the median cost of the condos went from $196,000 to $419,000, placing them as top-tier properties for newcomers who are looking to move to Florida.
Boca Raton
Boca Raton is doing alright. Condo sales are close to 1,000 listings, and to a 51% annual increase. On the other side, single-family homes sales decreased 15%, meaning there were less than 700 sales.
If we talk prices, the median condo cost escalated 35% and the price settled on $310,000 and $690,000 for single-family properties.
The money is what matters
Buyers from different states have propelled the costs to new percentages, and this has made the task of presenting competitive offers a hard thing to accomplish.
Property prices below $1 million are not common these days, so it’s not surprising to see buyers getting in line to take a closer look at the houses that are priced in that range.
Different agents have had certain people show up over two days for open properties in Miami’s Belle Meade. Some of the houses had a cost of $2 million, and many clients presented offers, making the price increase up to $2.1 million thanks to the cash offers.
Some clients have had to think of ways to make their offers stand out from the rest. They write love letters, and even offer to let the buyers use post-sale occupancy.
The different types of real estate markets in Florida
Even though the Weston Hills Country Club homes are leading the real estate market right now, it doesn’t mean that they are going to stay at the top of the list forever.
You need to keep in mind that a lot of people are looking for something different when it comes to buying a property, and Weston Hills can offer something truly unique, so we can understand why the buyers are going to do their best to get the attention of potential clients.
When a higher number of people consider moving to Florida, it’s very easy to pay whatever it takes to find the right property. However, if you want to move when prices are low, there won’t be a lot of options to consider.
Nonetheless, you are going to find buyers who offer ridiculous offers to buy a house that’s not worth it, so you have to be very careful. Besides, moving to Weston Hills is not something that everyone can afford, and most of the people who do so, are from different states, and they tend to focus on moving to a luxurious home.
Yet, if you are looking for something far more affordable, then you can take a closer look at the rest of offers from agents all over Florida. In the following list you can find the different types of real estate markets in Florida, which is going to help you understand the current issue with over-the-tops offers:
The balanced market
A balanced real estate market exists when the supply and demand for both homes and condos are almost identical. In a balanced market, there is at least a six month supply of properties available on the market.
The current situation with the feverish demand for Weston Hills Country Club homes is a clear example of an unbalanced real estate market, because there is not an equal supply and demand of properties, so the clients are going with the newest choice, country club homes.
Buyer’s market
Next there is the buyer’s market, which happens when there are more people interested in selling rather than people wanting to buy. Buyers tend to take more time to shop for a home because the houses sit on the market for a few months, even a year without selling.
After checking that the houses are still available for purchase, they decide to take a look at different options, and they lose interest in the “normal” houses.
Seller’s market
Lastly, there’s the seller’s market, in which buyers look for homes and condos in areas with plenty of properties for sale. Generally, sellers tend to study the completion’s offers, and if we talk about Weston Hills Country Club homes, sellers are definitely going to establish over-the-top offers to try to get the attention of potential buyers.
