Orlando, FL, September 6, 2022
Florida is one of the hottest real estate markets of the past few years and growing. A natural extension of that is the BAHAMAS, only fifty (50) miles away in some stretches. The luxury residences, commercial shopping area and world-class innovative marina will accommodate mega-yachts and high-end travelers looking for a respite from the challenges of the day.
The luxury real estate market is getting a significant boost from an increasing number of wealthy individuals who are showing a deep appreciation for owning multiple homes. The world’s affluent population—those with a net worth of more than $5 million—grew by nearly 20% in 2021, according to The Report: 2022 Global Luxury Market Insights, produced by Coldwell Banker Real Estate LLC and the Coldwell Banker Global Luxury program. In the U.S. alone, the wealth growth rates pressed even higher, rising nearly 25% during that period.
As a result, luxury real estate is growing. The sales of single-family luxury homes, defined as the top 10% of any given market, climbed nearly 15% in 2021, and prices increased 20% from 2020, according to the report. In America, about 2.6 million millionaires [those households with investments of $1M or more] are in this category. About 1.5 millionaires own vacation homes. Not all of them rent these houses out.
Additionally, savvy investors are focusing on and around marinas and the surrounding real estate. With luxury boat sales at their highest levels in fifteen years, Barron’s has recorded growth of 20% annually during the pandemic. Our projects will incorporate this with the growing yacht market. It is a second home lifestyle people want to engage.
Given the built-in foot traffic and activity around marinas, it makes sense that real estate developers would be drawn to them as investments. Across the world, developers have included marinas as part of a larger mixed use development proposals.
With all the top markets in the United States becoming saturated and capping out regrading costs, many second home buyers will look for nearby places with beaches, boating, and exciting excursion options. Hence the BAHAMAS…