The exodus to the Gulf Coast of Florida from high-density, high-tax states is accelerating a real estate boom but demand exceeds supply, which have Brokers/Realtors vying for the top real estate spots. Valor Capital is upping the ante in the supply chain—with their 2nd project Serena by the Sea.
Average and median home sale prices in Pinellas County saw marked increases between January 2020 and January 2021, while at the same time inventory decreased. Yet, new developments in the area are further boosting economic development in the Clearwater-Dunedin areas. Valor Capital will be hosting a kick-off for buyers, in celebrity style, called a Friends and Family Soiree on Saturday, April 10, for their second luxury property that is already 53% sold.
Attending the event in person will be Ryan Serhant, American real estate broker, author, and television personality who currently stars on Bravo’s hit television series Million Dollar Listing New York. Serhant, who has a keen interest in the Clearwater-Dunedin market, stated the Clearwater-Dunedin real estate market currently has some of the biggest growth potential in the world currently.
“What took 8-12 months to sell [a luxury property], is taking 1-2 months,” stated Linda Caruso, Realtor for Keller Williams Luxury division and 25-year real estate veteran. “We are running at 50% below normal luxury inventory—properties such as VALOR’s are meeting an increased demand.”
According to Pinellas County Real Estate Statistics for January 2021, released February 19, 2021: (1)
- Single-family home average prices rose 20.9% from $340,103 in 2020 to $411,267; median sale prices were up by 16.8% from 2020 at $265,000 to $309,450.
- Active listings for single-family homes decreased 53.6% from 2,418 in 2020 to 1,121.
- Townhome/condo average prices were up 17.2% from $262,850 to $308,040 in January 2021; median sale prices increased 28.2% from $175,500 to $225,000.
- New listings for townhomes/condos decreased 14.9% from 1,042 in 2020 to 887.
Valor Capital is an international real estate developer with more than 35 years of experience and have developed more than $1 billion in properties around the world. Their latest project, Serena by the Sea, a luxury condominium development located on Edgewater Drive in Clearwater is helping to meet the rapidly rising demand:
- Sales on the 80-unit development are already underway.
- Individual unit prices start at $690,000 and go up to $3.5 million.
- As of March, 53% of the units had already been sold.
- According to Valor, out-of-state and international buyers are buying sight unseen, utilizing Valor’s state-of-the-art marketing materials.
“This property [Serena by the Sea] promotes Pinellas County… an untouched jewel as properties on the coastal waterfront are needed and there is a spotlight on us internationally,” continued Caruso.
According to Caruso, luxury home inventory is half of what it was in 2020, while luxury home sales are 10% higher since January 2021. That means Pinellas only has 500 luxury properties at a given time to be sold—when they usually should be at 1,000. People are buying properties sight unseen because they know the value.
In addition to Ryan Serhant’s attendance at Valor’s kick-off celebration on April 10th at the Wyndham Grand Clearwater Beach Hotel, this gala will feature live entertainment from The Jersey Boys who will be performing the music of Frankie Valli and The Four Seasons. Also appearing will be The Headliners Band, voted Florida’s #1 band year after year, and featuring world-class vocalists and entertainers.
