Earlier this year, Redfin.com reported that Florida was one of the states that led the country in price increases for high-end properties last year. The online real estate company also found that at the close of 2019, luxury home sales were up, and homes priced above $1.5 million increased by 11.2% in the fourth quarter.
At the time of Redfin’s report, luxury home sales were increasing, and the national average sales price was $1.63 million. Florida was found to lead in high-end market price increases, accounting for three of the top-five performing states. Florida’s luxury market saw an influx of affluent out-of-state buyers looking to benefit from the state’s low tax environment.
According to Mansion Global and Redfin.com, West Palm Beach, Florida, was at the top of the list of 10 cities where luxury home prices rose most in the fourth quarter of 2019. This was the second quarter in a row for West Palm Beach to be at the top of this list. West Palm Beach saw its prices rise 104.5% over a year.
March reports showed sales in the South Florida luxury market as buyers from tax-burdened states continued to migrate into the area. Further, in May, realtors reported seeing an influx of buyers from New York City and other large metropolitan areas looking to buy in the Sunshine State’s South Florida luxury condo market. Florida continues to offer a favorable climate for business and have beneficial tax laws. Further, areas such as the Town of Palm Beach provide exclusive luxury properties close to thriving business and financial centers. Wealthier individuals seeking to relocate their home and commercial interests are likely to continue moving into this vibrant community.
At Rabideau Klein, we have extensive experience handling real estate matters in the Town of Palm Beach. Guy Rabideau, Esq. and David E. Klein, Esq. are Florida Board-Certified Real Estate Attorneys with the experience you need to evaluate your Palm Beach County real estate purchase. Contact Rabideau Klein today to discuss your real estate legal needs.