With a “transformational” 2021 almost behind him, Jay Phillip Parker, CEO of Douglas Elliman Florida, joined The Real Deal at the 2021 Showcase + Forum and spoke to the Brand Studio team about what he expects in 2022.
Parker credits Florida’s tax reforms and the “frenzy” for Florida real estate during COVID with this year’s successes — which included nearly $15B in transaction volume and 300% growth year-over-year.
But now, he said, the frenzy has transformed into a “more balanced sense of change.” The market, which once relied heavily on international buyers and snowbirds who only stayed a few months out of the year, has become one with a growing population of permanent residents, a larger cultural scene and an increasing ability to deliver housing product that rivals other major metropolitan areas.
And buyers want any product they can get. “We’ve seen an absolute surge in the number of transactions in single-family homes,” Parker noted. And those who can’t get single-family homes have turned to larger condo-style offerings with lifestyle amenities. Capitalizing on that need, his team has launched sales at new developments including Mr. C Tigertail in Coconut Grove and Five Park on Miami Beach. Right now, they can’t roll out new offerings fast enough. “Every one of our markets are seeing an unprecedented level of demand,” Parker said.
Watch the video for more on Douglas Elliman’s banner year, and for Parker’s take on the Florida market.