The Palm Beach Real Estate Market Expected to be Active this Summer

The Palm Beach Real Estate Market Expected to be Active this Summer

The Town of Palm Beach is known worldwide for its stunning weather, high-end dining and shopping, premier golf courses, and luxury real estate. In addition to being home to numerous celebrities, this picturesque, oceanside community has a rich architectural and cultural history that it values. Given the Town’s positive attributes, and Florida’s favorable tax laws and pro-business policies, it’s understandable why so many affluent home buyers have flocked to this community in recent years. Up until the March COVID-19 outbreak in the U.S., the area’s luxury housing market was thriving. By many accounts, high-end sales are moving again. As Florida reopens, the Palm Beach real estate market is expected to be active this summer.

The Palm Beach Market Continues to be Popular

When the pandemic first hit, Palm Beach, like many other communities, sheltered in place to avoid spreading the coronavirus.  Since then, those in larger cities, both inside and outside of Florida, have been attracted to Palm Beach for different reasons. In states such as New York, Connecticut, and New Jersey, residents have been contacting brokers about buying in the area because the virus has negatively impacted their daily lives. Namely, living in densely-populated cities has made social-distancing difficult for individuals and their families. Parents in these areas have concerns about taking their children to parks or on walks. Those living in high-rise apartment buildings and condo towers have to worry about sharing elevators and common spaces with their neighbors.

Other queries have come from Floridians and out-of-state individuals looking to find properties with increased square footage, more extensive lawns, pools, and other luxury amenities. In some cases, interested buyers want to purchase vacation homes in the the Town of Palm Beach to have a place to get away from their residences. These and other inquiries are leading brokers and agents to conclude that summer in Palm Beach is going to be active for the real estate market.

The Palm Beach Residential Sales Market

Initially, the area real estate market saw a slowdown when the pandemic struck. However, after a few weeks, sales and leases began to pick back up mainly in the luxury market. By the end of April, there was a noticeable difference. Now, homes are being shown to more interested buyers either with everyone wearing masks and exercising social distancing or through virtual tours with potential buyers having real-time discussions with a live agent.

Each week, luxury homes are listed and sold with no sign of stopping. According to a recent report, “[o]f the seven single-family properties that sold for more than $24 million each since January”, three went under contract either just as the local response to the pandemic got started or several weeks afterward. The later sales were for $46.75 million, $33.2 million, and $25.37 million. There were at least six properties priced above $8.5 million in April and May. John F. Kennedy’s former home just sold in June for $70 million, and John Lennon’s former Palm Beach home is on the market for $47.5 million.

The Palm Beach Rental Market

Real estate agents report that when news of the virus came out, interest was strong in the Palm Beach rental market. People wanted to lease furnished luxury properties, but high-end homes such as these were few and far between. This market remains tight as many renters extended their short-term leases out of necessity when the state’s shelter-in-place order was issued.  However, inquiries for rental vacancies continue to come in, and interest has yet to wane.

Contact the Board-Certified Florida Real Estate Attorneys of Rabideau Klein

At Rabideau Klein, David E. Klein Esq. and Guy Rabideau, Esq. are dedicated, Florida Bar Board-Certified Real Estate Attorneys in the Town of Palm Beach with the expertise and experience you need to ensure that your interests are protected throughout your Palm Beach County real estate matter.  Contact Rabideau Klein today to discuss your Palm Beach area’s real estate legal needs.

 

 

 

 

 

 

 

 

 

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