Dear Potential Buyers, Sellers, Valued Customers and Friends,
It has been a whirlwind of a Season this year, with events outpacing time. It’s hard to believe but, today was the Annual end of Season Civic Association Meeting held at the Flagler Museum with the State of the Town Address by our beloved Mayor Danielle Moore, which is always are great day with attendance of about 300 including the Civic Association Directors, Town Counsel Members, as well as Town Residents. Click here to preview the video.
We are pleased to share with you our First Quarter Market Report containing sales of Palm Beach Homes, Condominiums, Townhomes and Land. With global uncertainty and interest rates rising, in addition to a few Regional bank failures, other parts of the country’s housing has been affected, putting a “stall” on sales for the time being, particularly for those buyers who are now priced out of the market due to soaring prices of real estate coupled with higher mortgage rates, which causes some buyers to be on “Hold” as they “Hope” home prices will deflate and return to a buyers market.
1st Qtr. 2023 Market Report update:
Area 1: (Inlet Drive to Wells Road) 4 homes SOLD –
Average price: $8,262,477 – Average per sq.ft. $2,229
Highest priced per sq.ft. 239 Wells Rd. – $2,432
Lowest priced per sq.ft. 111 Reef Rd. – $1,739
Highest priced per sq.ft. 265 Park Ave. – $2,484
Lowest priced per sq.ft. 254 County Rd. – $1,833
Area 3: (Worth Avenue to Sloan’s Curve) 3 homes SOLD –
Average price: $29,508,333 – Average per sq.ft. $3,314
Highest priced per sq.ft. 550 S. Ocean Blvd. – $4,274
Lowest priced per sq.ft. 466 S. Ocean Blvd. – $2,824
Area 1, 2, 3 TOWNHOUSES – 3 SOLD
Average price: $9,285,919 – Average per sq.ft. $1,971
Highest priced per sq.ft. 220 Brazilian Ave. – $2,334
Lowest priced per sq.ft. 218 Brazilian Ave. – $1,558
Area 2: CONDOS (Worth Avenue to Wells Road) 22 condos SOLD
Average price: $2,563,314 – Average per sq.ft. $1,482
Highest priced per sq.ft. 360 S. Ocean Blvd. 4C – $3,122
Lowest priced per sq.ft. 235 Sunrise Ave. 1050-1051 – $758
Palm Beach is another story….As many of our sales are based on lifestyle, and relocation of families from high tax states such as California, Chicago, New Jersey, New York, and Connecticut. Young and old have reasons to relocate to South Florida, and it’s not just the weather! Many years ago, I represented and sold a home to the then President of PepsiCo, who at that time resided in Greenwich, Ct. When I advised him of his real estate tax rate for the Palm Beach home he was purchasing, he replied” Linda, please.. “No one can die in Connecticut”! His goal was to relocate and homestead here as the are no inheritance or estate taxes in Florida.
While this quarter has shown fewer sales in the first quarter of 2023, than we had during the frenzied sales in 2022, the market is always strong as Palm Beach has a limited supply of single family homes, land, and condominiums with only approx. 9,000 residents in total. Prices have dropped on a per sq. ft. basis from their 2022 Covid prices, when bidding wars were de rigueur, but as you will see from our current Quarterly Report, the low end of the market, i.e.., homes priced under $10,000,000 are selling many times for land and/or as total renovation projects…As is the high end of the Palm Beach market in the, Estate Section waterfront homes, both on the Ocean and the Intracoastal selling at approximately 90% of their asking prices of $15,000,000 and over. Since April 1, we are experiencing an uptick in pricing, and we will be excited to share our Second Quarter Market report with you as there are several properties already “Pending” or under contract, and the largest parcel of Direct Oceanfront land is now listed at $200 million.