Dear Clients, Potential Buyers, Sellers, Friends and Associates:
Happy New Year! 2019 certainly was a record setting year for Palm Beach Real Estate…We are delighted to share Our Fourth Quarter Market report below, to read full report…Click this Link
4th Qtr. 2019 Market Report update:
Area 1: (Inlet Drive to Wells Road) 10 homes SOLD –
Average price: $10,054,717 – Average per sq. ft. $1,198
Highest priced per sq. ft. 1610 N Ocean Blvd – $2,278
Lowest priced per sq. ft. 232 Colonial Lane – $659
Area 2: (Wells Road to Worth Ave.) 7 homes SOLD –
Average price: $4,538 – Average per sq. ft. $1,078
Highest priced per sq. ft. 125 Chilean Ave – $1,225
Lowest priced per sq. ft. 236 Pendleton Ave – $517
Area 3: (Worth Avenue to Sloan’s Curve) 1 home SOLD –
Average price: $105,000,000 – Average per sq. ft. $1,241
Highest priced per sq. ft. 1415 S Ocean Blvd – $1,241
Lowest priced per sq. ft. N/A
Area 1, 2, 3 TOWNHOUSES – SOLD
Average price: $2,175,000 – Average per sq. ft. $1,132
Highest priced per sq. ft. N/A
Area 2: CONDOS (Worth Avenue to Wells Road) 20 condos SOLD
Average price: $1,977,197 – Average per sq. ft. $1,013
Highest priced per sq. ft. 100 Worth Ave– $1,847
Lowest priced per sq. ft 44 Cocoanut Row 324B – $343
As 2019 started out, sales were a bit sluggish with a late December 2018 stock market plunge, China trade war global worries, and a federal government shutdown looming… but once we hit July of 2019, Palm Beach real estate sales were sizzling and we were off to the races in the Fourth Quarter. In fact, 2019 broke real estate records and grabbed headlines. In December, the record breaking sale of beauty mogul Sydell Miller’s oceanfront home at 1415 South Ocean Blvd. located in Area 3, Billionaires Row, to Steve Schonfeld and his wife was an amazing end to 2019.
Just for the Record…let’s recap some of the biggest off market deals on the Island in 2019: According to the Palm Beach Daily News article by, Darrel Hoffheinz, posted January 5, 2020;
1415 South Ocean Blvd., Billionaire’s Row, sold in December; $105 million, reportedly actually sold for $111 million in an off market sale.
1295 South Ocean Blvd., Billionaire’s Row, sold in June; $104.99 million. Shattered a former island record for a single-buyer/single-seller transaction, which stood for more than a decade.
60 Blossom Way, Billionaire’s Row, sold in September; $99.13 million to Chicago hedge-funder, and part time Palm Beach resident, Ken Grifffin, who added to his adjacent holdings-now totaling more than 20 acres of mostly vacant acres.
The list of sold Palm Beach homes goes on and on, and on…..just to name a few:
1960 South Ocean Blvd., Billionaire’s Row; sold in August; $43 million; Reported buyer, Steve Wynn/casino mogul.
1071 North Ocean Blvd., New Construction; sold in July; $40.87 million.
525 North County Road, Vacant Oceanfront Lot; sold in July; $37.29; seller linked to Russian billionaire Dmitry Rybolovelv.
101 Casa Bendita, Seaside Mansion, sold in July; $30,275; seller Robert V. Matthews lost in bankruptcy.
225 Indian Road, Direct Inlet/Intracoastal property, sold late December; $28.98 million.
980 North Ocean Blvd., $28.98 million; sold in April; $28.66 million.
What’s the bottom line… Palm Beach Real estate is HOT, HOT, HOT with so many headlines, including President Trump declaring his residency in Palm Beach along with many high net worth individuals and families fleeing high tax states such as California, Connecticut, and New York…just to name a few. Trump’s move will bring huge Tax Advantages by claiming Mara-Lago in Palm Beach as his official residence and homestead he has traded a high tax state, New York, for a low one. According to the Palm Beach Daily News by Jeff Ostrowski.., Dated November 1, 2019;
“As Florida’s business boosters have stressed for decades, the state collects no income tax. In contrast, New York City residents can owe state and city income taxes at rates topping 12 percent. The 2017 tax package championed by Trump raised the burden on New Yorkers, and on residents of other high-tax states, by ending a longstanding federal tax deduction on state and local taxes.
“There’s more of an incentive to come down here now, because you can’t deduct your state taxes,” said tax attorney Eugene Pollingue Jr. of Saul Ewing Arnstein and Lehr in West Palm Beach. “Every client I have, I recommend to them to become a Florida resident.”
In another contrast with New York, Florida has no estate tax, which is imposed on the wealthy when they die. New York, on the other hand, has a top estate tax rate of 16 percent.
Florida Tax Watch recently reported that residents of New York pay more in state and local taxes than residents of any other state. The group calculated New York’s annual tax burden at $11,810 per person. Florida ranked 40th, at $5,733.”
Read this article to learn the benefits of declaring Florida your residence. Read full article here: Click Here.
Specializing in Palm Beach Luxury Real Estate for over 30 years, let our expertise work for you… We pride ourselves in prompt, professional real estate services with our Local Expertise, Global Reach, and Unrivaled web site www.LindaOlsson.com
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