Beaches and BBQ’s
Hope everyone is hanging in there. Extra special Happy Mother’s Day to all the moms making it happen.
A couple trends:
The sales market is slow because we haven’t been able to show property. But, there are hungry buyers eager to lock in historically low interest rates (sub 3%).
Although, there are many rental cancellation requests, there are also many rental requests for tenants to extend their stays and new rental requests are for longer time frames than typical.
A few predictions:
Longer term rentals will become more common. Currently single week rentals account for 80% +/- of all summer leases; this number will decline for the foreseeable future.
As long as the island is open for business, high-end retailers will do well. They’ll be limited to amount of customers in their shops at a given time, so when it’s a customer’s turn to go into the shop, they’ll be more ready to pull the trigger, as going for a second look won’t be nearly as easy as past summers. And, there will be more “by appointment” business that will result in big ticket sales for the shopkeepers.
Areas with bigger acreage will get hot.
Pools will continue to be en vogue.
There will be lots more beaching and bbqing this summer.
Year over year comparison of YTD total volume:
’09 – $97mm *Lowest total yearly volume.
’10 – $153mm
’11 – $124mm
’12 – $191mm
’13 – $116mm
’14 – $238mm *$1bn+ year.
’15 – $203mm
’16 – $286mm
’17 – $247mm *$1bn+ year.
’18 – $344mm *$1bn+ year. Highest total yearly volume.
’19 – $244mm *$1bn+ year.
’20 – $232mm
Remember, what doesn’t break us makes us stronger and we ain’t breaking!