For over two decades, Steve Solomon has built successful client relationships as a luxury real estate agent in Boca Raton. Solomon’s knowledge and access to the high-end South Florida real estate market has earned him the coveted title as the # 1 Douglas Elliman Agent in other Boca Raton and Delray Beach. Solomon sat down with Haute Residence to discuss the top three qualities luxury homebuyers are seeking and where he sees the market heading in the coming years.
What are the current real estate market trends and conditions in Boca Raton?
The market in Boca Raton, in general, is healthy. That being said, some segments of the market are stronger than others. Properly positioned single family homes under $1.5M and over $5M are selling very well. The market for $1.5M-5M houses are seeing plenty of buyer activity but those buyers so far this season, have been waiting before pulling the trigger on an offer. The oceanfront/waterfront condo market in this area is very active in all price ranges. Most country club homes have taken a hit in value as interest in golf has waned in general. Now that prices in the country clubs have adjusted to market demand however, we do see home sales in some private clubs ticking up slightly.
What are the top 3 things luxury homebuyers look for?
1) It’s no surprise as our market is greatly influenced by trends in New York and Southern California, that there has been a demand for renovated homes and condos that offer a lighter color palate with clean lines and less heavy detail.
2) Views have always been important for the luxury buyer and it still holds true today. Whether the view is of the ocean, a canal, a lake or green fairways or otherwise, we generally find good/great views are very important.
3) The savvy luxury buyer today will look for either great value or great condition (and sometimes both). This sort of goes back to the first answer. When buying a luxury resale property (as opposed to new construction), buyers today are either going to want to move in with little or no renovation or buy at such a discounted price it makes sense to invest their time and money to create the look they desire.
Where do you foresee the luxury real estate market heading in the spring and summer of 2019?
Barring any major political or international problems, the market in South Florida will remain strong. Our beautiful weather together with the fact that Florida has no state income tax is a big driver of the luxury market here. As long as they stay the same, our market will continue to do well. Furthermore, in the past, the Boca Raton and Delray Beach markets were not as popular with international buyers that generally flock to Miami and Fort Lauderdale. I do believe we are beginning to see an uptick in interest from international buyers.
Is there a push for vertical living in Boca Raton or is it still horizontal based?
Delray Beach and the areas around Atlantic Avenue had a renaissance a few years ago and now downtown Boca is definitely seeing one with new residential construction on many corners. Projects like Alina, Tower 155 and others in the development pipeline offer luxury condo buyers looking for a more “urban” lifestyle great options.
What do you recommend to homebuyers looking to invest in Boca Raton as we head into 2019?
The tried and true age-old adage of location, location, location still holds just as true today. If you buy a place on the water or actually with any great view, these properties will almost always hold value better than those without.