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Are luxury houses becoming more popular than condos in Florida?

Luxury condos are oftentimes a good choice for the retiree or "snow-bird" who winters in Florida to escape the cold of their home state. However, recent trends indicate more people are buying single-family homes while the number of condo sales is decreasing. This begs the question: Are luxury vacation homes becoming more popular than condos?

According to the Realtor Association of Sarasota and Manatee, July saw the sale of 802 single-family homes and 304 townhouses or condos. In Sarasota, the number of single-family sales increased by about 14%, while condo deals have decreased by 10.6%. 

Luxury beach houses trending for vacationers

The Herald Tribune reports that many tourists and second-home owners are trading in condos for multi-million-dollar beachfront homes throughout the state of Florida.

Many people purchasing or building new beachfront properties have Florida ties and recall vacationing in the area. They'd like to either settle permanently or have a second home along the beach. Instead of a condo where you share the beach with others in the same development, you could have your own private beach.

What should you consider when purchasing the luxury home of your dreams?

It's exciting to consider buying a second house or your dream house, but there are certain precautions you should take before finalizing the purchase. For example:

  • Understand how to search for your luxury home: The search process differs when you buy a luxury house as opposed to just any single-family house. Instead of searching the internet, you might need to consult a Sarasota realtor. News of luxury homes for sales tends to travel by word-of-mouth.
  • Make sure to document everything: Documenting your finances well allows you to prove to the bank you have the means to afford the desired house. There's more financial scrutiny in the high-end market.
  • Surround yourself with professionals: Consider consulting with an experienced real estate attorney. A real estate lawyer can help you navigate the buying process and protect your interests. 

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