The Palm Beach Real estate market continues to be strong, as high net worth Buyers continue their desire to enjoy the many benefits of the Palm Beach Lifestyle and take advantage of the many tax benefits provided by residing in Florida. With California, New York, New Jersey and other states continuing to raise taxes on homeowners, Preserve Your Wealth relocate to Florida: No State Tax, No Inheritance Tax, No State Income Tax, No Flip Tax, No Salt Tax. Please consult your tax advisor, and preview the report provided to us by Wilmington Trust, by clicking this link.
We are delighted to have Listed and Sold Penthouse A at 100 Royal Palm Way, Palm Beach in record time. We had multiple offers and sold the Penthouse on September 15, 2022 for the asking price of $15,000,000…It was truly a once in a lifetime opportunity with an over 3,000 sq. foot wrap-around terrace and unobstructed ocean views from every room! We represented the Buyers and the Sellers in this exclusive transaction.The Facts are…Inventory is Low, Demand is High, and Prices remain Strong. P alm Beach is a unique market, a community that “Everyone who’s Anyone” wants to be and they are willing to pay for it! Prices have Skyrocketed over the past several years since the arrival of the Coronavirus in the Spring of 2020. The interesting thing is…Now that so many people from the Northeast have actually relocated to Palm Beach, they love the Town, the Palm Beach Community, and the Lifestyle, and they are bringing their friends and family, which is changing the dynamics to a younger crowd desiring to raise their families here. Demand is causing a continuing tightening of the market as inventory for single family homes is the lowest it has been in years, with only 12 homes for sale In-Town from Worth Avenue to Wells Road, 27 homes for sale in the North End from Wells Road to Inlet Drive, and in the Estate Section, there are only 5 homes listed for sale. Palm Beach’s turbocharged market saw eager buyers scrambling to find homes to suit their needs, and many of those buyers have opted to take rental homes or condominiums as they “hurry up and wait” for their dream home to become available.
We have something for everyone from Pied’s-A-Terre to Oceanfront Estates, they are just harder to find. For example, on South Ocean Blvd, between Worth Avenue and The Breakers, there are 3 Direct Oceanfront units for sale. At the prestigious One Breakers Row, there are 4 units available from $9.5 million to $22 million.
Recapping the Uber High-End Palm Beach Market this summer, and the same montra continues…Tight Supply, Big Demand! From $30 million to $86 million, these are the top Ten Home Sales that sold “off-season” since May in Palm Beach. Many of these sales are sold “off market “, and are never officially listed “for sale”. At $85.98 million, 901 North Ocean; $72.85 million, 102 Jungle Road; $56 million, 325 Via Linda; $46 million, 662 Island Drive; $44.88 million, 2315 S. Ocean Blvd.; $44.375 million; 1320 N. Lake Way; $39.9 million, 1020 N. Lake Way; $36.5 million, 625 Crest Road; $32.525 million, 1494 N. Lake Way; $31.25 million, 640 Island Drive. According to the article published by the Palm Beach Daily News on April 16, 2022 regarding the newest Forbes 400 List, ” A record setting 54 billionaires have been identified as having strong residential ties to the island”.We are pleased to share our Third Quarter Market Report with you. The limited inventory of homes for sale in Palm Beach is evident by the sales recorded this quarter in addition to the fact that this summer, everyone was traveling after Covid restrictions have finally been lifted, and travel was most definitely on the agenda for everyone! Please click on the link to preview our Third Quarter Market Report.
Market Summary of Palm Beach Home and Condominium Sales–Third Quarter (July through September) See Below:
3rd Qtr. 2022 Market Report update:
Area 1: (Inlet Drive to Wells Road) 5 homes SOLD –
Average price: $9,312,950 – Average per sq.ft. $2,638
Highest priced per sq.ft. 171 El Pueblo Way – $3,111
Lowest priced per sq.ft. 250 Bahama Lane – $2,025
Area 2: (Wells Road to Worth Ave.) 4 homes SOLD –
Average price: $9,967,825 – Average per sq.ft. $3,060
Highest priced per sq.ft. 135 Chilean Ave – $3,551
Lowest priced per sq.ft. 130 Brazilian Ave – $2,762
Area 3: (Worth Avenue to Sloan’s Curve) 1 home SOLD –
Average price: $23,285,572 – Average per sq.ft. $1,842
Highest priced per sq.ft. 125 Via Del Lago – $1,842
Area 2: CONDOS (Worth Avenue to Wells Road) 11 condos SOLD
Average price: $3,788,727 – Average per sq.ft. $2,014
Highest priced per sq.ft. 100 Royal Palm Way PH1 – $2,555
Lowest priced per sq.ft. 325 S Lake Dr 6 – $1,668
With November just around the corner, Buyers are actively searching for properties to move into this Season! Activity is picking up in Town and across the bridge, as everyone is coming back from the Hamptons, Nantucket, and all their European travels this summer! The car carriers are back, restaurants are booking up, and the social calendar is going to be on fire this season!
Specializing in Palm Beach Luxury Real Estate for Over 30 Years, Contact us Today, In-Depth Knowledge of the Market;
- Ranked by Real Trends, as one of “America’s Best Real Estate Professionals”, which ranks the top producing agents in each State;
- Wall Street Journal for Sales-Volume, Individual Agents as 10th in Palm Beach, 29th in the State of Florida, and 140th in the Nation;
- Expert Negotiation Skills and Superior Service;
- Global Reach, Local Expertise, Unrivaled Website: www.LindaOlsson.com providing global internet exposure on over 300 of the most highly visible web sites;
- Including Trulia, Zillow, Wall Street Journal. com, Realtor.com, and two MLS services;
- First Class Advertising; prominent publications and professional photography; incomparable targeted marketing; direct mail, email blasts, and social media;
- Over 30 Years of Experience…We Get Results!