WHILE THE NATIONAL DISCUSSION on the affordable housing crisis continues, there appears to be no shortage of luxury housing being sold. Reports from luxury new-home builders WCI Communities and Toll Brothers both indicate record-setting sales in high-end products. In August, WCI sold out the first high-rise in its Lost Key Golf and Beach Club on the Northwest Florida island Perdido Key in an hour. Prices ranged from $400,000 to more than $1 million.
In an October statement, Toll Brothers CEO Robert Toll reported record-breaking contracts, backlogs, revenues, and net income. He attributed the results to constricted land supply from government regulation, increasing numbers of affluent buyers, and maturing baby boomers entering their peak earning years.
While luxury home buyers two years ago spoke often of the purchase as an investment choice, buyers now are talking more about wanting a casual, maintenance-free lifestyle of a high-rise luxury tower.
“We're seeing it more and more in primary but especially in second homes,” says Pamela Cox, WCI Communities spokesperson. “They show up with a toothbrush and clothes, and they're out on the golf course and the water.”
WCI recently sold its largest penthouse ever, Cox says—with nearly 13,000 square feet including balconies—in The Seasons in Naples, Fla. The asking price was $13 million.
“We do have two more in that building,” Cox says, “if you're interested.”
Learn more about markets featured in this article: Orlando, FL.