2023 Luxury Real Estate Market Recap

luxury real estate

2023 Luxury Real Estate Market Recap

May 2, 2023

In the middle of March, the Market Trends of Southwest Florida convention brought together real estate professionals from around the region to discuss the real estate trends of 2023. Here are realtor Annie Hagstrom’s takeaways from the event for the current and future state of luxury real estate in Southwest Florida:

Hurricane Ian Didn’t Deter Coastal Community Sales

At the Market Trends of Southwest Florida convention in Fort Myers Randy Thibaut, founder of LSI Companies, pointed out that Southwest Florida is still booming. “[Hurricane Ian] brought a frenzy of investors, buyers, and developers to our market that was never here before,” he told Fox 4 News. In essence, well-built luxury real estate properties are able to hold their own in the face of adversity and buyers feel confident that these luxury homes can weather any storm.

Buying A Home Is About More Than Location

In 2023, luxury real estate buyers are interested in more than just the physical location of a property. After Hurricane Ian, buyers became more aware of the protections certain homes have against future hurricanes and storms. Additionally, homeowners are looking at amenities included with the price. While beach and waterfront properties will likely always be hot sellers in the Naples area, home buyers are equally interested in the other amenities that come with those spectacular properties. For example, is there a golf membership included with the home? Does the property come with access to wellness amenities like a pool, gym, or spa?

Cash Buyers Are Becoming More Common

With increased interest rates in the first quarter of 2023, you may think the luxury real estate market in Southwest Florida would be cooling— quickly! However, the home-buying market is still strong. That may be in part because the housing market is seeing a trend toward more cash purchases. However, when interest rates do come back down, the market will likely see more traditional mortgage sales come back and the real estate market will see even further growth in Southwest Florida. “When the interest rates come back down when the supply chain is balanced and we see decreases in the construction and labor markets…once those align, watch out. This market is going to be on fire.” Thibaut told Fox 4 News.

 

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