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The concept of “co-primary” home is similar in many ways to that of “second home”, but it makes a substantial difference. While the second home is only used for seasons, a “co-primary” home, as the name suggests, also carries the characteristics of a first (main) home. In other words, the owners often divide the length of stay between them. In recent years, with the consolidation of remote work, the concept of “co-primary home” has grown in the US and Florida has been one of the most demanded states for this home format. Read on to better understand the concept and why co-primary homes are on the rise in Florida and contributing to the heating up of the region’s already contested real estate market.
The flight from the big cities
Like Brazilians, Americans also dream of having a second home in Florida . Americans residing in the north of the United States, such as New York and Connecticut, have always seen Florida as a refuge from the harshest days of winter. Florida is also perceived as one of the best places to retire in the US due to its mild climate and better quality of life. For these and other reasons, the so-called “Sunshine State” attracts many Americans and foreigners interested in having a second home in the region.
With the pandemic event, this influx of Americans towards Florida was precipitous. Hundreds of thousands of Americans have invaded Florida in recent years, either to escape the agglomeration of large urban centers, where the risk of contagion was greater, or in search of a bigger house to get through the period of confinement (homes in Florida are cheaper than in the north of the US).
The central region of Florida was the most sought after, causing an imbalance between supply and demand, especially in the segment of single-family homes, which are single-family homes (not semi-detached). The homes residing in cities around Orlando had a significant appreciation, causing the average price of real estate in the region to exceeds the value of US$ 325 thousand, a historic record.
The new setting
Many Americans already had a second home in Florida before the pandemic. With the restrictions imposed and the consolidation of remote work, this public started to use the second home as a primary residence in times of confinement. Gradually, the concept of co-primary home grew among Americans.
Many sold their first home in their home states, moving permanently to Florida. However, a large number of Americans have chosen to maintain their first home and also have a co-primary home in Florida. This second audience now appears to be the post-pandemic trend.
Instead of selling the first home in the home state and moving permanently to Florida, it became more interesting to keep both. After all, a large part of the population misses the fast and vibrant pace of the big city. At the same time, spending long periods in Florida helps maintain mental health by balancing the two lifestyles.
About AMG International Realty
CAP International is an international real estate company specialized in Florida and aimed at the Brazilian public. If you want to know more about co-primary homes in Orlando or Miami, or another real estate segment (vacation homes, single-family homes, condo-hotels, etc.) please get in touch right now and chat with me on WhatsApp: +55 11 98111-2555 (Carlos Barros).