U.S. News & World Report recently ranked Daytona Beach No. 8 on its list of “Best Places to Retire.” Now, a new national ranking has declared Volusia County the No. 1 market to buy a vacation home.
“The top market to keep an eye on in 2024 is Volusia County, Florida, witnessing a remarkable 47% year-over-year increase in average second-home value,” states the report by Pacaso, a San Francisco, California company that helps people buy luxury vacation homes. “Volusia also experienced a surge in second home transactions, registering 19% growth and ranking as the second-largest year-over-year expansion.”
Volusia County also ranked No. 2 in the nation in Pacaso’s list of the “Top 10 Markets with the Biggest Increases in Second Home Transactions.”
“I think these rankings show that we’re on the map as a desirable place for a second home,” said John Adams, president of Adams, Cameron & Co. Realtors.
2nd-home buyer couple to eventually live here year-round
Scott Yurchison, a Realtor with Collado Real Estate in New Smyrna Beach, said he has helped a number of clients buy second homes who wound up deciding to move here permanently.
That’s what happened to Darrin and Kris Currier, a couple from Washington state that Yurchison helped recently purchase a riverfront home in New Smyrna Beach.
The couple’s $5.7 million purchase on Feb. 7 of the luxury property at 1316 N. Peninsula Ave. is the most paid for a single-family home in Volusia County so far this year, according to the Volusia County Property Appraiser’s Office.
For now, it will be a vacation getaway for the Curriers, but they plan to eventually make it their permanent home.
“We fell in love with the place,” said Darrin Currier, who added that he and his wife love the “authentic beach” and “not-quite-so-loud” feel of New Smyrna Beach.
“We still have our place in Washington for now. Our goal is to make New Smyrna Beach our primary residence within a year or so,” he said.
Top 10 rankings at a glance:
Here’s Pacaso’s ranking of the “Top 10 Markets to Watch in 2024 With Largest Price Appreciation YTD”:
1. Volusia County (landmark/major city: Daytona Beach), Florida (+47%). 2. Atlantic County (Atlantic City), New Jersey(+41%). 3. Jefferson County (Golden), Colorado(+37%). 4. Indian River County (Vero Beach), Florida(+30%). 5. (tie) Washoe County (Reno), Nevada(+26%). 5. (tie) Brunswick County (Leland), North Carolina(+26%). 7. Orange County (Orlando), Florida(+22%). 8. Fairfax County (Fairfax), Virginia(+20%). 9. (tie) Plymouth County (Plymouth), Massachusetts(+18%). 9. (tie) Summit County (Park City), Utah (+18%).
And here’s the “Top 10 Markets with the Biggest Increases in Second Home Transactions in 2023”: 1. Newport County (landmark/major city: Newport), Rhode Island(+64%). 2. Volusia County (Daytona Beach), Florida (+19%). 3. York County (Kennebunkport), Maine (+16%). 4. (tie) Fairfield County (Greenwich), Connecticut (+14%). 4. (tie) Cumberland County (Portland), Maine (+14%). 6. Yavapai County (Prescott), Arizona (+13.9%). 7. Rockingham County (Portsmouth), New Hampshire (+13.8%). 8. Douglas County (Lake Tahoe), Nevada (+13%). 9. Island County (Whidbey Island), Washington (+11%). 10. Westchester County (Westchester), New York (+10%).
How did they come up with the rankings?
The report by Pacaso stated that it identified the top U.S. luxury second-home markets of 2023 by selecting the 10 counties with the highest year-over-year growth in closed transactions of second homes valued over $1 million from 2022 to 2023. Counties with fewer than 20 second-home transactions were excluded.
The report defines luxury second homes as those sold for $1 million or more that are specifically designated for seasonal and/or recreational purposes. The second homes include condominiums, confirmed Chrissy Bruchey, a spokeswoman for Pacaso.
The ranking of destinations to watch in 2024 was compiled by looking at markets with the biggest appreciation in value for second homes, based on data provided by First American Data & Analytics.
What is Pacaso?
The company describes itself as a “technology-enabled marketplace that modernizes real estate co-ownership to making owning a second home possible and enjoyable to more people. Pacaso curates luxury listings with premium amenities and high-end contemporary interior design, offers 1/8 to 1/2 ownership with integrated financing, and, after purchase, professionally manages the home and supports seamless resale.”
The name Pacaso “is a riff on the name of the famous artist Picasso who was known for Cubism which brings together individual elements to create a new and innovative whole,” she said. “At Pacaso, we bring together different families and individuals to buy vacation homes.”
Sales of million-dollar homes ahead of last year’s pace
Volusia County has had 45 sales of luxury homes that sold for $1 million or more in the first three months of 2024, up from 38 in the first quarter of 2023.
Four of the top five home sales in the county for the year to date occurred in New Smyrna Beach, according to the list provided by the Volusia County Property Appraiser’s Office.
Here’s a look at the top five so far:
1. $5.7 million: 1316 N. Peninsula Ave., New Smyrna Beach
DATE SALE CLOSED: Feb. 7
DESCRIPTION: Built in 2005, this three-story riverfront home has five bedrooms, seven baths and 7,439 square feet of living space on a 0.41-acre lot. The open-concept floor plan includes floor-to-ceiling windows in the grand living area and panoramic views of the Indian River and surrounding landscape. The home includes a gourmet kitchen and a separate combination kitchen/family room. Outside, it offers an expansive terrace along with a pool, spa, covered patio and a dock and boat house with a boat lift. The property also includes an attached two-car garage.
WHO HANDLED THE DEAL: The listing agent was Loretta Burn of Haven Waterfront Real Estate in New Smyrna Beach. The buyers’ agent was Scott Yurchison of Collado Real Estate in New Smyrna Beach.
2. $5.18 million: 700 N. Peninsula Ave., New Smyrna Beach
DATE SALE CLOSED: Feb. 28
DESCRIPTION: Built in 2009, this five-bedroom, six-bath house along the Intracoastal Waterway offers 5,120 square feet of living space and a 3.5-car garage. It sits on a half-acre lot with 57 feet of frontage along the river as well as a dock. The backyard includes a covered lanai and an outdoor kitchen as well as an infinity pool and spa and a view of the Ponce Inlet lighthouse located just a mile to the north.
WHO HANDLED THE DEAL: The listing agent was Terri Jackson of The Keyes Co. in New Smyrna Beach. The buyers’ agent was Pat Collado, broker/owner of Collado Real Estate.
3. $4.5 million: 437 N. Beach St., Ormond Beach
DATE SALE CLOSED: Jan. 4
DESCRIPTION: Built in 2014, this two-story riverfront custom home was designed by Ormond Beach architect Ben Butera. It has five bedrooms, six baths and a total of 7,455 square feet of living space. Features include an open floor plan, a great room that looks out at the backyard pool and spa as well as the Halifax River, a chef’s kitchen, a home theater, and an outdoor lanai and summer kitchen. It also has a 4-car garage. It sits on a 0.92-acre lot and includes a dock and boat house.
WHO HANDLED THE DEAL: The listing agent was Bill Navarra, broker/owner of Realty Pros Assured in Ormond Beach. The buyers’ agent was Rhonda Carson of Re/Max Signature.
4. (tie) $4 million: 6364 S. Atlantic Ave., New Smyrna Beach
DATE SALE CLOSED: Feb. 15
DESCRIPTION: Built in 2007, this three-story oceanfront home offers five bedrooms, 5.5 baths and 4,730 square feet of living space on a 5,000-square-foot lot. It also comes with a two-car garage. Amenities include a pool, 12-foot tall ceilings, a large “chef-inspired” kitchen with top-of-the-line Viking appliances, a bar and an elevator.
WHO HANDLED THE DEAL: The buyers and sellers were both represented by Rob West of Engel & Volkers in New Smyrna Beach.
4. (tie) $4 million: 2500 N. Peninsula Ave., New Smyrna Beach
DATE SALE CLOSED: Jan. 15
DESCRIPTION: Built in 2015, this two-story riverfront home offers three bedrooms, five baths and 4,239 square feet of living space on a 0.71-acre lot. Features include a pool, Jacuzzi spa, and oversized boat lift, a two-car attached garage and a 1-acre detached garage. The home is also equipped with an elevator.
WHO HANDLED THE DEAL: The private sale-by-owner was done without Realtors.
