The real estate market in the United States has managed to stay afloat and prosper despite the economic challenges of the COVID-19 pandemic.
While the real estate market has seen unprecedented growth throughout the country, real estate has been absolutely booming in Southwest Florida. The unprecedented surges in the market are attributable to a variety of factors, such as tax benefits in Florida, low interest rates, commercial market, and new constructions.
In addition to the aforementioned benefits, Southwest Florida offers an excellent quality of life. The region has also captured a lot of traffic due to international travel bans. From vacation rental properties to permanent residences to commercial complexes, the real estate sales in Southwest Florida have had great upsurges in the past year. The region’s desirability as a ‘gateway’ for people has greatly increased.
According to current projections, about 850 people will move to Florida per day over the course of the next 5 years. While the real estate market in Florida extends to Midwest and Northeast cities, SW Florida Real Estate has received the most attention to date.
In 2021, Southwest Florida saw a lot of relocations from Texas, California, and the Pacific Northwest. These relocations are driven by the accessibility of the region through non-stop routes from San Diego, Seattle, and San Francisco to the Southwest Florida International Airport.
Fastest-growing Cities in Southwest Florida
The cities in Southwest Florida that have seen enormous traffic during the pandemic include Cape Coral, Naples, Bonita Springs, Fort Myers, and Bradenton. People are moving to Southwest Florida because of many reasons, including enhanced quality of life, open economy, comparatively low COVID-19 case counts, stable remote working scene, political stability, and laws related to tax.
As far as vacation rental sales are concerned, the surge is more attributable to the natural landscape of Southwest Florida than anything else. From sandy beaches to subtropical scenes to vibrant nightlife, the region is a home to many attractions and outdoor activities.
Southwest Florida is home to some of the wealthiest cities in the country. Naples, for example, boasts more millionaires than any other U.S. community. Naples has a very diverse community that includes both married and unmarried couples, singles, children under the age of 18, and senior population who likes to watch movies all day.
The desirability of Naples as a city of residence has always been high. The city boasts both full-time and part-time residents. It is deemed as a city of all seasons that attracts wealthy families, tourists, students who do part-time jobs, vacationers, beachcombers, and retirees. The city is home to classy restaurants, art galleries, and indie boutiques, and beautiful residential areas. It is one of the very few cities in the country that has managed to stay open even during the pandemic. The COVID-19 case count in Naples has always been relatively low.
Similarly, Fort Myers and Bonita Springs have also seen massive traffic during the pandemic, specifically in the last year. The massive traffic that these cities have captured is mostly attributable to the local government’s efforts to contain COVID-19. Nonetheless, other factors like homestead tax exemption, commercial market opportunities, and increased investments have also played a huge part in the uptick and interest in real estate in the region.
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