According to a recent survey, sales of Palm Beach homes saw triple-digit increases during the third quarter as the well-to-do left the cities and increased tax states of the Northeast. During the quarter, the mean home price in Palm Beach was over $7 million, according to the report. As signed contracts leaped more than 60 percent in September, the upswing shows no signs of dragging.
Per the survey, Palm Beach’s home inventory decreased by nearly 80 percent in the third quarter versus a year earlier. Less than a five-month availability now remains. Palm Beach’s strength represents greater demand for homes in southern Florida, particularly at the high end, as affluent people leave behind the population congestion, high taxes, and cooler weather of the Northeast and Midwest. Prices soared by a double-digit rate in cities like Fort Lauderdale, Miami, Boca Raton, and portions of Tampa.
Luxury home prices rose just over 40 percent during the quarter in Miami, with the average selling price reaching more than $2.5 million. Fort Lauderdale’s average home prices climbed 16 percent, while in Boca Raton, they were up 11 percent.
To read more, visit https://www.cnbc.com/2020/10/15/palm-beach-may-be-hottest-real-estate-market-in-the-world-brokers-say-.html.
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.