September 21, 2012
It looks like the Palm Beach real estate market is catching up to Miami. It took a bit longer for the Palm Beach luxury real estate market to recover, but it looks like we are there.
The quintessential Palm Beach has always been a popular location for luxury oceanfront home owners because of the fine boutiques, 5 star restaurants, and the ocean views. The housing market crash put a hold on the purchasing of luxury oceanfront homes for a while though.
According to the Realtors Association of Palm Beach, the median price of condominiums in Palm Beach County rose 16 percent this August compared to the same time last year. Inventory is falling pretty quickly. Luxury condominium inventory is 43.6 percent lower than August of 2011. Closed sales rose 8.4 percent this year as well.
“Buyers who were sitting on the sidelines became very active after the first of the year,” said Bonnie Lazar, 2012 president of the Realtors Association of the Palm Beaches. “As a result, inventory moved quickly and changed the dynamics of the market, sparking an increase in the median price of single-family homes.”
A few of the in demand luxury oceanfront condo buildings located in Palm Beach are The Excelsior, Luxuria, Bellaria, One Watermark Place, Dolcevita and The Ritz-Carlton Residences.
