Snakehead
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Wealthy people who never took a hit, or who live in expensive areas, or locked down areas, wanting to move, or buy a second, third, 20th home. Cash buyers, investment buyers, investment companies.
That and a complete lack of starter homes being built. All luxury units, or "starting in the 400's" (and it means $495k, minimum).
We are currently trying to buy on the FL panhandle. We've been outbid on 4 homes and I'm pretty sure a couple were cash buyers trying to get away from NY.