October 2020 Boca Raton Area Luxury Market Report from Jean-Luc Andriot and The Institute for Luxury Home Marketing

As I am a member of The Institute for Luxury Marketing, I thought I would share with you their Boca Raton - Delray Beach October 2020 report.

It is your guide to a general analysis on the trends and comparative data on the top-residential markets in the Boca Raton - Delray Beach area.

Statistics are separated between single family homes and condominiums / townhomes in Boca Raton - Delray Beach.

The North American market:

Fall changes

Last month, the Luxury Market Report reviewed how the affluent’s changing demands has affected their real estate choices not just in terms of property size and amenities, but also the location of their primary residence.

The luxury real estate industry now fully recognizes the significance of these key requirements as well as the importance of addressing the physical, social, and mental/emotional/spiritual dimensions of their affluent buyers.

These changes in demand are not only reflected in the Institute’s on-going analysis of the luxury real estate market, but also corroborated by ‘on the ground’ intel from our members in communities throughout North America.

In today’s luxury market, home purchase decisions are now being based on the experiences, features, and amenities that enable their owners to enjoy a luxurious lifestyle from within the boundaries of their property and offer quick access to recreational spaces.

Our findings indicate that demand has increased substantially for larger properties – those that were previously viewed as too labor-intensive and expensive to run and manage, are now the prime target.

It further explains why resort and smaller communities have increasingly seen their luxury properties become more popular, as they can offer more space and quick access to outdoor activities, and why amenities such as swimming pools, previously being filled-in, are once again top of the ‘must-haves’ list.