The suburbs of Tampa Bay and Sarasota are booming! While COVID-19 has caused much uncertainty in 2020, it has brought clarity to one aspect of life: where we call home has never been more important. With more Americans working, going to school and quarantining in their homes, many people are looking for a change. This combined with record low mortgage rates means it’s an attractive time for prospective home buyers and home builders across the region are reporting record sales.

Members Only Access: Watch the webinar recording and see the slides at this link.

Panelists:

• Lesley Deutch, Managing Principal, John Burns Consulting
• Laura Cole, Senior Vice President, LWR Communities
• Patrick Neal, CEO, Neal Communities
• Willy Nunn, President, Homes by WestBay
• Rick Severance, President at Wellen Park, Mattamy Homes

Session Insights and Highlights:

SUBURBAN SHIFT

• The pandemic has accelerated the trends already happening, not necessarily changing the buyer profile.
• At Lakewood Ranch, a large percentage are buying homes, sight unseen.
• At Wellen Park, inbound growth is over 40% of the buyers, mostly from the east coast and buyers from Tampa and Orlando. Many are cash buyers.
• Neal Communities build from Tampa to Naples. 50% of our buyers have an out of state address.
• Surging demand has included many from New Year, New Jersey, Chicago.
• Suburbs are NOT the suburbs of our parents.
• Many more are urban buyers who like the urban life and like the walkable attainable amenity. People want resort style, amenities, but also need great schools
• Homes By WestBay launched Casa Fresca last year, a more affordable product, and the homes see immediately when released. These are heavily weighted to families including those getting out of apartments
• Interest rates are influencing this surge

CONSUMER PREFERENCES

• Before it was all about the community and now it is all about the house. However, buyers aren’t necessarily more involved in picking out things because it can be overwhelming.
• Multigenerational focus is influencing amenity and home design decisions, including a supporting family unit.
• From an amenities standpoint, master planned communities are becoming more connected
• Trails and parks are the connected tissue is what people are looking for
• People want to come and be together, but spaces where you can do it in a socially acceptable way

MARKETS

• With the uncoupling of work from the office, Florida has become very attractive especially among consumers from high-tax budget conscious states
• There is still a lot of land in Florida. Municipalities that can accommodate growth are going to win. The real growth will come from local governments that allow it to happen.
• Hillsborough has 2-3 years, after that it’s East Pasco, Polk and Manatee
• The next wave of growth will be in Manatee County