Balmy Palm Beach is on fire-especially when it comes to high level real estate.
Since Donald Trump’s second presidential victory in November, the wealthy ultra have gathered in exclusive enclave, running home sales at registered levels while Miami and Broward fight to continue. Palm Beach, of course, has long been the home of the property of President Mar-a-Lake.
Only in January, sales of houses with a single family, prone to $ 5 million or more at Palm Beach, were tripled a year ago, according to data from Douglas Elliman.
Agreements for all homes with a single family in Palm Beach County also increased, by 41% year by year. But the real action is at the ultra-luxury level.
Thirteen contracts were signed for property worth $ 10 million or more last month – of only three in January 2024.
This follows a massive dance in November and December, when 19 such agreements were made, more than three times last year’s total.
Much of this purchasing rage focuses on Palm Beach’s most famous resident.
“We have undoubtedly seen a big clash after the election,” Margit Brandt of Premier Estate Properties said, whose sales include property within the sea-lake security area, Global Manksion told.
“Some international buyers now have their views at Palm Beach, so we have largely expanded the buyer’s pool. Palm Beach is on the world stage now; the center of the universe.”
Among the high profile transactions, the Fox News Sean Hannity host recently grabbed a $ 14.9 million house, while a good home from Mar-a-lake sold for $ 19.5 million less than half of its original price of $ 45 million.
As Palm Beach blooms, the Miami-Dade and Broward circles are feeling the cold. Luxury Miami-Dade contracts, which once rivaled the Palm Beach market, are cut in half, falling to only 10 in January.
Broward saw only two agreements over $ 5 million, with only one by year ago. The Condo market is not doing much better.
Sales fell nearly 37% in Miami-Dade and 46% in Broward, while Palm Beach County collected the trend with an increase of 11%.
Despite the question at Palm Beach, inventory is raising, as it seems that homeowners are looking for money. Listings for homes with a single family are more than 50% in Palm Beach and Miami-Dade, while the broward saw a decline.
At the luxurious level, valuable houses of about $ 5 million increased more than 60% in all three counties.
The inventory of Condo also grew at Palm Beach and Miami-Dade-up 32%and 40%, respectively while the broward without a 22%decline.
#Palm #Beachs #luxurious #housing #market #blooms #Miami #fights #Trump #election #victory
Image Source : nypost.com