John Wilson of Douglas Elliman on the Hot Palm Beach Real Estate market
Palm Beach and West Palm Beach have experienced a very active real estate market.
Both places are located in Palm Beach County in Sunny southern FloridaWith the first to sit on the barrier island and the second just just over the Lagoon Lake Worth.
The Palm Beach County had over 13,300 sales transactions for family homes and 9,900 offers for residential and city houses near 2024, according to a report by Broward, Palm Beach and St. Lucies realtors.
Family houses in Palm Beach, Florida, USA, Wednesday, April 7, 2021. Purchases for family homes at a price of $ 10 million or more increased 306% in March as soon (Marco Bello / Bloomberg via Getty Images / Getty Images)
“There are currently real estate in southern Florida in general, but especially West Palm Beach, Palm Beach is extremely active,” Douglas Elliman said sales associate John Wilson Fox job In an interview, the addition of the area has a “crowd of new development”.
There were 398 new signed contracts for the Palm Beach Family Homes and 335 for Condos last month, Report He showed from Douglas Elliman. Some 1,600 homes were new.
Contracts and lists signed Condo also increased in January in January.
The Luxury Market Palm Beach and West Palm Beach flourished.
“Many, say, like $ 700,000 to $ 2 million, it’s a type of interest rate market, so it’s not so much where we mostly deal with on the island and western Palm Beach, and we do a lot of new development, there is a lot of cash,” Wilson said.
He said he “never saw anything like that” at the West Palm Beach Market.
West Palm Beach Skyline contains the Royal Park Bridge, West Palm Beach, Florida. (Photo: Visions of America/Joseph Sohm/UCG/Universal Images Group via Getty Images) (Visions of America/Joseph Sohm/UCG/Universal Images Group via Getty Images/Getty Images)
“West Palm, I describe it this way … It was kind of like the outside of the island if you know what I think and somehow quiet and I wasn’t really overlooked, but now, with all the developers and things coming here, this is a place on fire, and it’s exciting because only so many new things happen. It’s like the Renaissance, if you will.”
Wilson said demand in Palm Beach and West Palm Beach luxury markets In recent months, it has grown “exponentially.”
“Just before the election, it was kind of like” Wait and see. “Yes, there was an activity, but I think people refrained themselves, and it seemed that after the election, the market just lit it. It just got more active, a lot of people watched,” he said.
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New signed contracts for family homes worth at least $ 1 million in Palm Beach County consisted of 138 in January, compared to 90 in the same month last year, Douglas Elliman revealed.
He noted that ultra-luxurious market properties in the Palm Beach area and West Palm Beach Trgulas before the November election “even in the season, which is summer time”, but said the luxury market “definitely” an increase of activity after the election.
Palm Beach district commissioned 132 sales of homes worth more than $ 10 million during 2024, according to a recent report from the compass. This marked a 21.1% jump compared to one year.
Wilson also weighed on what he thinks he encourages demand in two sites.
“People want to be here,” he said. “Everyone has always known about the island of Palm Beach, but I think that during the man, what happened, people have discovered, and what you had was that you all the new group went into town during a man, and what happened then? Like all things in life, all of a sudden, you start talking to your friends” I have so much fun “and” You Gotta, and more people. “
The development of the West Palm Beach building also played a role, Wilson said.
West Palm Beach, Lake Worth Lagoon and Marina. (Photo: Jeffrey Greenberg/Universal Images Group via Getty Images) (Jeffrey Greenberg / Universal Images Group via Getty Images / Getty Images)
He also said that young families move to the area because of the new development and “what happens to all Hedge funds.”
More than 300 Hedge funds, private capital companies and financial services are invited by Dom Palm Beach County, according to the development of the Palm Beach County Committee.
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This helped that the area, especially West Palm Beach, earned the nickname “Wall Street South”.
Wilson also told the Fox Business “will always be demand on the island [Palm Beach]But you can come to West Palm Beach, get a wonderful residence, whether it is a new development apartment or a house for much less than on the island, and literally just cross the bridge and still be on the island and all activity and valuable Avenue and shopping. ”
The Avenue Worth area is in Palm Beach known for its restaurants and top purchases.
Wilson said that there are no “new development buildings” in Palm Beach, so “a lot of things happen and that the apartment market is traded, but the market of family homes is extremely strong” and “remains very strong”.
Florida (East / East)
West Palm Beach sees many new luxury apartments, he said.
Real estate markets in two cities have not become hot overnight, Wilson reports. Instead, it has been going on “for several years”, with flourishing during pandemic, helping it.
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“I think they will continue to go more for demand,” Wilson said, noting that many people from northeast and California come to the area.
“If you are looking at the potential of long -term growth in the next two to three years, I would say that this market will continue to drive more.”
The Palm Beach houses in January had a medium -sized price of $ 3 million, Realtor.com said. In West Palm Beach it was $ 374,200.
