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Although the suburbs of New York, the Hamptons, and Aspen all saw revenues and prices increase in 2020, activity has been feverish in Florida’s Palm Beach County, from Boca Raton to Jupiter. For some of the most frenzied purchasing, the upscale town of Palm Beach, a sliver of an island that is home to billionaires, has become a hotbed of activity.

Per the Palm Beach Daily News, the Palm Beach County Clerk’s office reported more than 20 home transactions in excess of $20 million in 2020, versus 10 in 2019. A North Ocean Boulevard home is set to go on the market for $75 million at the beginning of next month, completely decorated by a designer with furnishings and even kitchen tools.

As with residency changes, Florida makes it easier to stay, while cities such as New York have several requirements to let people leave. New York has provided guidance that unless the employer had municipal offices in the local area, workers operating remotely outside the state will still be required to pay for city taxes.

Should you need a quick loan for Palm Beach real estate, please get in touch with us.

To read more, visit https://www.bloomberg.com/news/articles/2021-01-05/frenzied-palm-beach-home-market-has-buyers-bidding-sight-unseen.

This update is by hard money lenders Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on Broward County hard money lending, please call 954-816-0388 or fill out our application.

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