Jill DiDonna of GL Homes shares her thoughts on luxury home construction.
GL Homes
As the air begins to get colder in the Northeast, Behind the Hedges is starting to turn its attention to Palm Beach, so we wanted to check out the gorgeous residential architecture. We reached out to Jill Didona, Chief Marketing Officer at GL Homes, one of Florida’s largest luxury home builders.
For more than 45 years, GL Homes has formed residential communities and built quality homes that more than 100,000 people call home. GL Homes, based in Sunrise, Fla., has built or is building several luxury communities in Boca Raton, Palm Beach Gardens and other areas of South Florida.
What are you paying attention to in the market right now?
Demand for luxury homes is incredibly strong throughout South Florida. Although things have normalized a bit since the peak of the Great Migration in 2021 and 2022, demand still outstrips inventory and homes are still selling at a fast pace in some of Palm Beach County’s prime locations. I am doing it.
Boca Raton, in particular, stands out as a market experiencing a resurgence in demand from luxury homebuyers. Thanks to our A+ location, we’re seeing an influx of young families from places like New York, Chicago, and even California. Boca is located between two international airports and benefits from close proximity to fine dining and shopping, top public and private schools, great parks and golf courses, and many Fortune 500 employers. We have sold over 500 homes since 2022 in the Lotus Palm community, just off Glades Road (prices starting at $1.4 million), and our newly launched neighborhood community, Lotus Edge Homes are also selling rapidly.
How will lower mortgage rates affect sales?
Our buyers tend to be affluent and are not very sensitive to interest rates, so it has not had a significant impact on our sales. (GL home prices in Palm Beach County’s prime market range from $900,000 to $3 million). The limited supply of high quality existing home inventory contributes to our strong sales. Today’s buyers want a modern, trendy home with lots of upscale details and great amenities, and are gravitating toward newly built single-family homes and condos.
What do you expect to happen for the rest of 2024?
We expect a very active home buying season for the remainder of this year and into early 2025. November through April is typically the busiest home buying “season” in South Florida, but today’s home buyers want a year-round place to live in Florida. Sales activities have also remained stable throughout the year.
Some trends we’re noticing:
• Wealth is moving west in Palm Beach County. There will always be demand for central downtown locations like Delray Beach and Palm Beach Island, but luxury goods in those markets are limited, so many wealthy buyers choose more suburban locations. I’m doing it. There will be less traffic and more space. For example, APEX at Avenir in Palm Beach Gardens has sold more than 130 homes so far this year. We believe this is due to our excellent location, the quality of our master-planned community amenities, and the fact that we are close to 3 in the world. class golf course.
• New condo regulations signed into law this year are making people hesitant to buy condos and will likely increase management fees and special assessments. Many people, especially those 55 and older, are drawn from condos to single-family communities like Boynton Beach’s Valencia Grand Community (starting at $1 million) for amenities, social programs, and lower dues.
This article was published in the October 24, 2024 edition of Behind The Hedges in Dan’s Papers. Read the complete digital version here. For information on real estate in the Palm Beach area, click here.
5 bedroom, 5 bath floor plan for sale.
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