The pandemic has certainly resulted in new trends. From the return of QR codes to the increase in remote working environments, we have seen many shifts take place. As more Americans have sought out activities that promote social distancing, boating and water sports as a whole have become one of the most popular activities. As a result, boat sales reached a 13-year high in 2020 and were up 12% from the prior year. In fact, boat dealerships are struggling to maintain inventory and manufacturers have had to expand production capacity to meet the increased demand.
Supply and demand
Simply put, there is only a finite supply of water frontage with ocean access. As you would expect, more boaters entering the market has resulted in a substantial increased demand in waterfront housing with dockage. Throughout South Florida, many boat owners are now frantically turning to the housing market to find docking options. Needless to say, this has resulted in the already high demand for waterfront property to increase further. In fact, we are even hearing reports from our waterfront homeowner clients stating that they are receiving letters in the mail from boat owners looking to rent private dockage behind their residence. Of course, in many cities and towns, the leasing of private dockage behind your residence is against local ordinances.
Summary
The boating community has exploded during the past few years and many of these new boat owners are quickly realizing the convenience of having private dockage behind their homes. Although the demand for waterfront property has always remained strong throughout South Florida, we are now seeing record-setting levels of interest. From a simple supply and demand perspective, it is hard to argue against a waterfront property investment. At Live South Florida Realty, Inc. we have assisted many clients achieve their dreams of owning waterfront property. Be sure to contact us today to find your slice of paradise!
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
