In anticipation of the South Florida selling season, we sat down with Alex Platt, the principal agent of The Platt Group at Compass in Boca Raton, to discuss current trends.
Platt is a South Florida native and a top-producing real estate broker who focuses on Boca Raton and Delray Beach. Over the past three years, The Platt Group accomplished $400,000,000 in sales. The team was recently named as one of America’s Best Real Estate Agents by The Wall Street Journal.
BTH: What are the current trends in the South Florida real estate market?
AP: High Demand: Ultra-luxury properties and updated single-family homes in good school districts are in strong demand. However, single-family home sales slowed in August as families settled for school.
Low Demand: Condo demand has decreased due to rising fees and special assessments for concrete restoration.
Migration Patterns: There’s a significant influx of buyers from high-tax states like New York and California, as well as from Canada, attracted by Florida’s lower taxes and favorable climate.
Home Values: Home values and prices have maintained or slightly increased over the past year, despite buyers seeking deals to offset interest rates. Homes are still selling at prices similar to 2022.
BTH: What are the best neighborhoods for real estate investment in South Florida?
AP: Some of the best areas for real estate investment in South Florida include Downtown Delray Beach, the newest hot spot with amazing new restaurants and hotels; Lake Worth for its short-term rentals; Pompano Beach due to minimal rental restrictions and brand new condos; and East Boca for its excellent schools.
BTH: Are there any up-and-coming areas in South Florida that investors should keep an eye on?
AP: Northwood in West Palm Beach is attractive due to its proximity to Palm Beach Island, where many celebrities and high-profile individuals reside. Though Boca Raton and Delray have been popular for years, buyers are now seeking the next hot spot without moving as far north as Port St. Lucie. With significant investments in cities like Pompano, Deerfield, and Boynton Beach, savvy buyers are increasingly drawn to the cities, particularly areas close to the beach.
BTH: How can sellers maximize the value of their home in South Florida?
AP: A fresh coat of paint throughout the home offers the best ROI when preparing a property for sale. It’s cost-effective and makes the home look new again. Another simple update is enhancing the landscaping and adding flowers. An often overlooked but easy update is ensuring all lightbulbs are the same color and upgrading them to LEDs. If you want to invest a bit more, buyers always appreciate updated kitchens, bathrooms, and flooring. Additionally, professional staging can help potential buyers visualize the space effectively.
BTH: What are some of the top community amenities that buyers are looking for in South Florida?
AP: Currently, buyers are highly interested in country club amenities without the associated fees. New construction communities are rapidly emerging, offering extensive amenities such as pickleball, padel, splash pads, water slides, indoor basketball courts, playgrounds, arcades, full-service bars and restaurants, resort-style gyms, and tennis courts. The clear must-haves include a pool and a grassy area for kids and pets. Additionally, modern kitchens with high-end appliances and finishes, dedicated home office spaces, home gyms or access to community fitness centers, and gated communities with advanced security features are in high demand.
Email tvecsey@danspapers.com with further comments, questions or tips. Follow Behind The Hedges on Instagram and X. This article appeared in the Labor Day weekend issue of Behind The Hedges inside Dan’s Papers. Read the full digital edition here. For more Palm Beach area real estate, click here.