Presented by the Palm Beach real estate lawyers at Rabideau Klein
July luxury real estate highlights
$1 Million-plus houses: Q2 2022 median price increased 94%
The 94% increase in the median sale average of luxury home category of houses in sold at $1 million or more as compared to Q2 2021 beat the increase of all single-family home sales in Palm Beach, which was 81%.
$1 Million-plus condos: Q2 2022 average luxe condo price $2.7M
During Quarter Two the average median price point for condominiums rose 40% to $2.7 million as compared to the same period of the prior year. The largest transaction was the $15.5 million sale of the unfinished rooftop penthouse at the top of the Tiffany Building.
Palm Beach Land Use: $2.3 million touch-up slated for the Colony Hotel
The permit for Palm Beach’s well known “pink” hotel includes fresh paint, new awnings and interior finishes such as wallpaper and light fixtures. Altogether, permit valuations for large-scale construction projects during Q2 rose 67% as compared to Q2 of 2021.
Town of Palm Beach Brief
Each issue reports on both private and advertised Town of Palm Beach real estate activity for the prior month in the category of luxury residential sales and listings priced at $1 million or more. The report reviews the Town of Palm Beach’s land usage, specifically, building and development applications as presented to the Town, and the Architectural and Landmarks Commissions, and permits of large scale building projects in the $100 thousand-plus valuation category. The information reflects all data entered by the last day of the prior month. When a sale or listing for that month is posted after the last day of the month, that information will be rolled into the following month’s report.
All information contained in the report is deemed to be reliable, but is not guaranteed. Neither Rabideau Klein, nor any of its employees makes any representations or warranties as to the accuracy of its contents.