Palm Beach Luxury Real Estate Market Shows Signs of Turning Around

Palm Beach Luxury Real Estate Market Shows Signs of Turning Around

By Veronika Bondarenko, Inman

After several weeks of a coronavirus-induced standstill, the luxury real estate market in Palm Beach is showing the first signs of picking up.

The six-month period immediately before the outbreak was an extremely strong one for the South Florida beach town, Palm Beach Daily News reported. Between October 2019 and March 2020, $671 million in single-family real estate was sold — more than double the $253 million that sold in the same period a year ago.

The area is known for its abundance of mansions and role as a winter escape for the wealthy — hedge fund manager Steven Schonfeld broke real estate records when he bought a $105 million estate from beauty entrepreneur Sydell Miller in late 2019.

But then the COVID-19 outbreak hit the United States, and by early April, both the city of Palm Beach and state of Florida had declared states of emergency. While real estate was dubbed an “essential business” in Florida, very few people were traveling, viewing homes or buying real estate at all. Some deals that were already in process closed, but many new ones fell through as would-be buyers sheltered in place while many condo associations outright barred any visitors and made selling impossible.

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