It’s hard to believe this is the first week of Fall while temperatures are still in the high 80s.
A headline in the WSJ this past weekend read “US Existing Home Sales Stalled in August”. The article points to the fact that the median sales price for existing homes in August was up 4.6% from a year ago and that the decrease in home sales is not representative of the luxury end of the housing market. Home sales over $1,000,0000 increased 12% and 9% in sales between $750,000 and $1,000,000. Read more.
Palm Beach is truly a luxury housing market. Out of the 111 active residential single family listings, only one house is listed under $1,000,000. This cottage is 896 SF and priced at $885,000. The next least expensive listing is $1,595,000 whereas the most expensive listing is asking $61,500,000— a 29,2910 SF ocean to Intracoastal estate.
Active listing as per the PB MLS*:
Our housing market continues to be strong. These luxury buyers have benefited the most from the thriving stock market and many are taking their gains and putting it in real estate. We are witnessing the relocation of many buyers as well as money management firms because of Florida’s favorable tax climate. The number of private equity firms based in Florida has been increasing steadily. Currently, there are 68 firms up from 56 in 2017 and 34 in 2013. Read more.
*As per Palm Beach MLS (PB MLS) as of September 23, 2018
View the Fall Issue of Douglas Elliman’s portfolio of resale, new development and rental properties from Coast to Coast as well as interesting stories into not only the homes themselves but the way of life they offer. Click here.