Developments in the 2020 South Florida Real Estate Market

Developments in the 2020 South Florida Real Estate Market

The South Florida real estate market, saw tremendous activity last year.  At the end of 2019, the record-setting sale of Sydell Miller’s Palm Beach estate for $105 million made headlines, and 2020 began with healthy growth in luxury residential sales. In March, activity paused as the state went into shelter-in-place in response to the global pandemic. Although this unprecedented event led some industries to stagnate, in Florida, real estate continued to move. Here are some of the developments in the 2020 South Florida real estate market.

According to a recent report, the single-family market in the Town of Palm Beach is showing signs of increased activity. Area real estate agents anticipate a busy summer in Palm Beach County.  When interviewed, Palm Beach real estate attorney Guy Rabideau of Rabideau Klein, noted that activity has picked up recently and that the firm was having a near-normal week for the season.

The Spec mansion market continues to show sales activity, with several multimillion-dollar sales in recent months. The luxury market remains competitive, and spec mansions are selling in places such as the Town of Palm Beach.

As before, buyers from New York, New Jersey, and Connecticut are seeking high-end real estate in the South Florida market.  These out-of-state residents are looking to leave their tax-burdened states. With its desirable weather, beautiful homes, and favorable laws, Florida continues to be an appealing destination for these transplants. However, since the outbreak of the coronavirus, many residents are now also seeking to leave these densely populated states.

The South Florida rental market has been active this year both before and since the pandemic.  The market was already competitive before the March shelter-in-place order went into effect. However, once people learned they would be indoors for an extended period, many sought to lease luxury properties. South Floridians and out-of-state residents began contacting realtors in Palm Beach County looking for homes with state-of-the-art amenities, spacious lots, swimming pools, and private beach access. In addition, many tenants with short-term rentals have extended their contracts to remain in place in areas such as Palm Beach County.

Contact Our Palm Beach Real Estate Attorneys Today

At Rabideau Klein, David E. Klein Esq. and Guy Rabideau, Esq. are Florida Bar Board-Certified Real Estate Attorneys with extensive experience in the Town of Palm Beach and its surrounding areas. We have the expertise and local knowledge you need to assist with all aspects of your Florida real estate matter.  Contact Rabideau Klein today to discuss your real estate legal needs.

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