This pandemic seems to have been good for real estate located in places that people like to spend time in, but maybe had to limit their time there in the past because of things they had to do like, you know, work in an office. This includes everywhere from "cottage country" outside of Toronto to sunny destinations like Miami.
Here are some figures that I came across for South Florida via Analytics Miami. Comparing November 2020 to a year prior, condo transaction volumes in Miami-Dade country are, interestingly, up 4.3% for condos less than $1 million and up 61.4% for condos worth more than $1 million.
Somewhat similarly, single family home transaction volumes in Miami-Dade county (for the same time period) are down 5.2% for houses worth less than $1 million and up 100% for houses worth more than $1 million.
Sometimes you see a decline like this (the -5.2%) because there simply aren't enough houses on the market for less than $1 million. But it could also be that more rich people are looking for expensive properties in Miami compared to last year.
As you may have gathered from here and here and here, I'm not all that bullish on the permanency of this whole working from home thing. But there's no denying that there's a very clear trend around people moving to places that are warmer. This was happening well before COVID-19.
There is also some evidence that rich people are starting (continuing?) to eschew high tax states like California for lower tax states like Florida and Texas. I don't have the data to be able to comment on how meaningful this trend is, but, for whatever it's worth, apparently Elon Musk just moved to Austin.
Photo by aurora.kreativ on Unsplash
It’s the dog days of summer right now and I suspect that some of you may be spending your time (or at least some of it) near water. So here is one of my favorite lakeside homes. It is a live/work photography studio sitting on top of a boathouse on Stoney Lake in the Kawartha Lakes region of Ontario. It is by gh3*. They do terrific work.
I love the relationship to the Canadian Shield (see above). And I love how it is a dramatic departure from the archetypal Ontario cottage. I am more impressed by a project like this (it has 1 bedroom) than I am by a 5,000 square foot “cottage estate.”
Some of you may be wondering how a largely all glass curtain wall box performs environmentally during these dog days of summer and I am wondering the exact same thing. But it is north facing. And the goal was to create a space that would enable photos not possible in a conventional studio.
For more on the project, including other photos, go here.
I live in Toronto.
When I am headed north to cottage country, I say that I am going up north.
When the Florida snowbirds talk about escaping the winter, they usually say that they are headed down south.
These geographic references are fairly straightforward.
If a friend were to move to Vancouver, I might say that she or he moved out west. This one starts to get a bit more interesting because it speaks to a location that is out, or away, from the center. Toronto is the center and that person has moved out from it.
But the one that really made me think was down east. My mother was born in the Canadian Maritimes and when she references this part of the country she calls it down east.
I used to ask her: “Why is it called down east? Geographically, it is actually up east.”
Turns out that down east is (probably) a nautical reference. It is used to identify parts of the east coast in both New England and Canada. The prevailing winds in these parts blow from the southwest. So when sailors traveled from the west to east they were going downwind.
So there you have it. Do you have any peculiar geographic references in your part of the world?
UPDATE: I should have also mentioned that the St. Lawrence River generally flows north-easterly and that there’s an elevational difference between what was formerly known as Upper Canada and Lower Canada.
Photo by Matthias Jordan on Unsplash