Presented by the Palm Beach real estate lawyers at Rabideau Klein
October issue: Luxury real estate highlights
$1 Million-plus Single-Family Homes: Q3 Luxury Home Update
The selling price points increased by an average of 3% during quarter three as compared to the same period of last year. In the category of $1 million-plus residential sales inventory continued to decline, where the number of incoming listings decreased by 64%
$1 Million-plus Condos: “Lifetime Opportunity” Penthouse Closes at $15M
Of the twelve $1million-plus sales last month, one was a “Once in a Lifetime Opportunity” and “the most spectacular apartment in Palm Beach,” as advertised in the Multiple Listing Service. The luxury condominium closed for a beefy $15 million.
Palm Beach Land Use: Q3 Construction Valuations Top $84M
The total of valuations of large construction projects nearly doubled with $84.04 million for Q3 2022 and $47.27 million for Quarter Three 2021. The top three builders in terms of total valuation for the period include Hedrick Brothers Construction at $15.12 million, Straticon at $12.2 million and The Weitz Company at $5.37 million.
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.