Traditionally the spring season accounts for 40% of the year’s sales. According to second-quarter reports issued by various Palm Beach real estate agencies, this quarter saw fewer single-family sales than the same time last year but more pending sales.
In the first four days of July, we had 4 single-family residential sales totaling more than $200,000,000. That included the record sale of Terry Allen Kramer’s estate at 1295 South Ocean Blvd which recorded for $105,000,000. Sydell Miller’s grand estate at 1415 South Ocean Blvd is under contract with a rumored sales price more than that. The total dollar amount of single-family home sales on the island is more than $287,000,000 since July 1.
We read that foreign buyers and investors have all but disappeared which has affected new condominium sales in LA and the Bay Area as well as Miami. Palm Beach is different. We only have two new high-rise luxury condominiums on the water on South Flagler facing the island of Palm Beach.
These purchasers, part-time or full time, are trading their homes or older condominiums for less square footage, but more amenities. They are choosing carefree living in high-rises with beautiful views, high ceilings with floor to ceiling windows, and amenities in the building.
The Bristol at 1100 S Flagler Drive is completed and residents have begun moving in.
La Clara at 1515 S Flagler Drive has begun construction with an anticipated completion date of late 2021.