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Market for second homes grows-Purchasing Vacation Homes Is Not Just For The Rich Anymore, Says NRIA

SEACAUCUS, NJ / ACCESSWIRE / January 14, 2022 / National Realty Investment Advisors (NRIA), a leading developer of luxury real estate on the East Coast announces that the firm is seeing the market for second and vacation homes explode during the pandemic. And South Florida, NRIA says, is where many are looking to live the vacation lifestyle year-round.

As the pandemic changes the way we live and work, purchasing vacation homes is not just for the rich anymore. With a new ability to work from almost anywhere, ordinary Americans are in the market for a second home.

And South Florida, in particular, is where many look to buy that holiday chateau, say the experts at National Realty Investment Advisors (NRIA).

Reports show that vacation home sales rose by up to 33% as the pandemic took hold. That outpaces overall growth in existing-home sales.

And NRIA is working overtime to keep up with the new demand for second homes, says Nicholas Malinosky, executive director of luxury sales for real estate brokerage Douglas Elliman.

"Buyers' interest in NRIA's Gulf Stream Views, a 14-unit Boynton Beach townhouse project, was red-hot even before construction started," Malinosky says. "It's not uncommon for units in projects like these to sell site-unseen. The desire for vacation homes in Florida is growing, and I can't see that slowing down anytime soon."

Florida is an "outside state" year-round, Malinosky explains. Buyers from New York and New Jersey can now work anywhere because of remote employment and are looking to take advantage of the Florida lifestyle. They can be on their laptops by the pool in the dead of winter. And even better, second-home buyers can rent out their vacation homes when they won't be using them-making that vacation home a sound financial investment and not just an added expense.

The hottest vacation home county during the pandemic was Lee County, Florida, where Fort Myers is located.

And NRIA, seeing the need for additional housing opportunities in the exceptionally desirable area, closed on 4.7 acres of land near downtown Fort Myers in 2021. The property currently includes a hotel, a marina with 131 boat slips, retail space, and a beach-themed restaurant.

And most importantly, the project has initial approval to develop two 25-floor residential towers on the Caloosahatchee River and another five-story residential building on the site. The project will offer 352 residential units in total for those seeking to savor the sandy beaches of South Florida.

Glenn La Mattina, Chief Operating Officer for NRIA, says that the choice to invest in beach-side properties in South Florida is a smart one for both real estate developers and second-home buyers alike. "Great weather, friendly people, low taxes, and fewer government mandates," he says. "It's an easy place to go to relax. And let's not forget the views. The way the ocean sparkles in the moonlight is spectacular."

As remote work becomes the norm and not the exception to the rule, the market for second homes is likely to continue to grow, say the experts at NRIA. Add flexible work hours to the mix, and it's going to be a lot easier to live like we are on vacation year-round, they explain.

About NRIA

With a history of over a decade of delivering the highest quality in construction, NRIA, headquartered in Secaucus, New Jersey, has earned its reputation as one of the leading real estate developers in the nation.

For more information about NRIA, visit www.nria.net.

Contact information:

Dawn Ouellette Nixon
ReputePR
212-736-0800
cam@reputepr.com
https://www.reputepr.com/

SOURCE: NRIA



View source version on accesswire.com:
https://www.accesswire.com/683510/Market-for-second-homes-grows-Purchasing-Vacation-Homes-Is-Not-Just-For-The-Rich-Anymore-Says-NRIA

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