Is It Pandemic Pandemonium as Buyers Snap Up Luxury Digs?

The numbers tell a curious story at the moment. One indicator shows a slight slowdown in sales, but other figures describe a brisk market – especially when it comes to million-dollar properties.

Comparing August 2020 with August 2019, overall sales are down about 4%, according to Hillsborough County stats. But the dollar volume is up 12%. That means that even though fewer homes changed hands, the total of all August deals still reached $736 million. Compare this with last year’s significantly lower total of $658 million. 

And homes are flying off the market! The median time to contract is just sixteen days. During the same period last year, it took almost a month after listing for a home in that price range to reel in a contract. 

A Deeper Dive into Million-Dollar Home Sales

Here’s what is happening in the million-dollar-plus home market in Hillsborough County. Sales are up almost 53 percent over August a year ago. Some 55 homes costing $1 million or more changed hands in August. 53% is an amazing leap! And for homes costing between half a million and a million dollars, similarly, there’s a hike of more than 50%  in the $600k to $999k price range, almost 150 homes closed successfully in August. 

That’s just not true of homes that have traditionally been big sellers in the Tampa market – homes priced at between $250k and $400k. That category of home sales increased by around 10%. And the trajectory is downward for homes below $250k. For those homes, sales are decreasing from 24% to 75%, depending on the price sliver you examine. 

It looks like those who can afford a luxury home are finding Tampa a tempting target as they look to relocate during this pandemic. So what’s next? In August, 71 homes costing $1 million or more were newly listed (an increase of 65% over the year before), giving those buyers something to choose from.

A $29 Million Dollar Listing

You probably instantly knew that this headline refers to Derek Jeter’s Davis Islands home, whose September listing was reported across the country. The tenant since April, Tom Brady, reportedly will be looking for a multimillion-dollar home himself, either now or definitely when some lucky buyer takes possession of the Jeter mansion.

Here’s the Jeter home and a few of his neighbors’ homes for sale on Davis Islands.

Davis Islands, by the way, made Southern Living’s Top 10 list of 2020 Best Neighborhoods earlier this year. The magazine cites the enclave’s “architecturally eclectic historic homes” and the walkable shops, restaurants and bars.

It’s a good bet none but the most serious of buyers will see the inside of the Jeter place, so here are a few of the amenities, just to give you a taste: Seven bedrooms and eight full bathrooms, a dock and two boat lifts, an 80-foot saltwater lap pool, a 24-foot foyer with floor-to-ceiling glass — all in a 22,000 square-foot granite-and-limestone walled estate built on 345 west-facing feet of open bay. In a megahome of this caliber, you’d expect nothing less than its hardwood millwork, hand-polished Venetian plaster, and mosaic tiles. The “owner’s retreat” sports a sitting area, fireplaces and a private balcony.

I’m not the listing agent for the Derek Jeter home, but if you are looking to be represented by a buyer’s agent, I hope you will consider using me! You can reach me here.

What’s your pleasure? Are you in the market for a million-dollar home? Even if that’s slightly beyond your pocketbook, I’d be delighted to help you find your new digs. Feel free to give me a shout.