Since March, Palm Beach County has been managing under orders related to the pandemic. While the state has been working to prevent the spread of COVID-19, some businesses have had to cease operations temporarily. With Florida reopening, area merchants are preparing for business traffic to increase. Despite recent events, the high-end real estate market didn’t experience as much of a slowdown in activity. Here is what luxury sellers can expect as Palm Beach County reopens:
Palm Beach Luxury Sellers are Seeing an Active Market
Just recently, an estate once owned by the iconic Kennedy family sold for $70 million in Palm Beach. The property located at 1095 N. Ocean Avenue was known as the “Winter Whitehouse” long before Mar-a-Lago made headlines. Former President John F. Kennedy, his wife Jackie, and other famous family members are said to have spent time in this palatial home. Another luxurious Palm Beach estate, “La Solana” just listed for 49.5 million. This treasured home spans 20,000 square feet and boasts 16 bedrooms, 17 full bathrooms, five half-bathrooms, and an Old-World style. While not every property in the Town of Palm Beach is selling for these prices, there have been several multi-million-dollar property sales in the area since March. The Spec or Speculation Mansion market is also seeing considerable interest from luxury buyers with several properties having sold before construction has finished.
Buyers and Tenants are Looking to Move Away from Cities
With its gorgeous weather, unparalleled high-end properties, and favorable tax laws, the Town of Palm Beach has always attracted discerning buyers. Before the coronavirus outbreak in the U.S., Palm Beach already had a competitive luxury real estate market. Since COVID-19, interest in high-end properties has been coming from multiple sources. After March of 2020, parties contacted Palm Beach realtors fairly quickly, asking about residential properties for sale or lease. The area continues to be a top destination for New Yorkers and other east-coast residents looking to move away from their impacted communities. Florida residents are also seeking spacious residences with high-end amenities inside one of Palm Beach County’s many exclusive neighborhoods. Recently, there has been a general increase in buyers looking to relocate from larger cities into Palm Beach County. Buyers who had been looking to acquire property in Palm Beach before the pandemic are also returning ready to move forward in the residential real estate market.
Palm Beach Brokers Expect a Busy Season
In this climate, those with the means to buy in this sought-after community appear to be doing so, and area real estate agents are bracing for an active summer season. Brokers report that sales prices have held steady during this time and, in some cases, have gone higher due to limited supply. Buyers have been contacting agents, stating that they are buying in Palm Beach as soon as they can travel.
Contact the Florida Board Certified Real Estate Attorneys of Rabideau Klein
At Rabideau Klein, we have extensive experience handling multi-million-dollar transactions for high-end residential and commercial real estate in Palm Beach County. David E. Klein Esq. and Guy Rabideau, Esq. are also Florida Bar Board-Certified Real Estate attorneys with the expertise and experience you need to protect your interests during your Palm Beach County luxury real estate matter. Contact Rabideau Klein today to discuss your Palm Beach real estate legal needs.