Naples sees rise in multigenerational home trends

The tides are shifting once again in relocations and multigenerational living in Naples, two topics that often influence one another. Pandemic-era migration models have reversed, with the hottest housing markets sitting above the Mason-Dixon line in the Midwest and Northeast. 

“I do find that we’re seeing a migration back north. I’m moving people back to Canada and Minnesota,” said Monique Carlone of EXP Realty.  

With costs of services including daycare and assisted living increasing, Carlone also continues to see an increase in multigenerational living or other family-oriented arrangements. She moved in recently with her sister. 

“We spend a lot of time speaking to wealth in Naples, but there’s really a lot of average Joes,” Carlone said. “COVID really put a hammer in the community, so your family became that community.” 

A mother-in-law suite or second master previously was reserved for ultra-luxury, but local experts now say they’re hot commodities in other market segments.  

Trading separate properties for liquidity  

“The typical scene is that a mom and dad in semi- or early retirement come here to buy a five-bedroom house because they think the kids are going to come. Then they end up downsizing and sometimes the kids even move down. They age out and downsize to move in with the kids, leaving them with more liquidity,” Carlone said. 

Where’s that liquidity going? Back into essential services such as caregiving, in-home hospice and other domestic care resources that give busy families some of their time back. 

“The real estate market needs a wake-up call,” Carlone said. “Instead of selling two houses, you’re going to be selling one. We’re going to have to sell more to keep up with production.”  

A family Realtor can make a difference 

In the eyes of Michele Klinowski of Downing-Frye Realty, the consumer’s choice of agent is paramount in relocation or multigenerational setups. 

 “Using the same agent is more cohesive,” she said.  

Carlone has seen her clients reap value when working with the same agent across the family.  

“Get an agent who isn’t so specialized that they can’t accommodate multiple needs,” she said. “They need to understand the family dynamic and what you’re looking for.”  

What about relocating your business? 

Relocating a business, especially in high-net-worth areas, forces owners to think beyond basic costs. 

“It’s really a talent, tax and lifestyle decision all at once,” said Shahrukh Zahir, founder of Florida-based Right Fit Advisors. 

Zahir recommends businesses negotiate flexibility, not just price, with commercial sellers. With a fast-changing market, shorter lease terms, expansion and contraction clauses and sublease rights are paramount. 

“Think about ecosystems,” Zahir said. “The best moves we’ve made weren’t just about the home, they were about proximity to clients, talent pools and business communities.”  

Whether searching for commercial or residential, the constant remains that an ever-challenging economy and increasing costs of living are affecting patterns.  

“With the economy going how it is, we’re going to continue seeing more of this,” Carlone said.