As the Palm Beach social scene heats up, so too does its housing market. Between November and April, vacationers flock to the island to avoid the harsh winter of the North, with many choosing to lock down a permanent getaway. Our brokers, who represent Sotheby’s International Realty, Douglas Elliman, Corcoran, and Brown Harris Stevens, are noticing a trend of younger buyers, thanks to state tax benefits as well as new developments like the Brightline train and the Royal Poinciana Plaza. As such, Palm Beach is a city well on its way to being a new Chicago or San Francisco as job opportunities continue to grow. With finite space and ever-increasing interest in the area, our experts urge clients to buy fast as the inventory in Palm Beach is at an all-time low.
Sotheby’s International Realty / 561.301.2211 / firstname.lastname@example.org
Q: Why has there been so much interest in Palm Beach real estate as of late?
A: As many people know, Florida has no state income tax. This in combination with changes in federal tax laws has driven interest in Florida from residents in states with high taxes, in particular those who presently reside in the Northeast and California. Beyond the beneficial financial implications, buyers remain keenly interested in Palm Beach because of its natural beauty, fantastic weather, sophisticated dining and shopping, myriad outdoor sports activities, and the exquisite beaches. Palm Beach is one of the most desirable towns in America to reside, raise a family while also having privacy and security.
Q: What do buyers seem to value the most in a property?
A: The old adage, location, location, location, remains true today. Other important factors in a buyer’s decision making process are price, size, and condition. Depending on a buyer’s desire, walkability and close proximity to center of town seems to appeal to buyers looking to experience all that Palm Beach has to offer. New construction homes remain in high demand, including homes that have been totally renovated.
Q: What advice do you have for sellers?
A: Sellers have to be realistic evaluating the current “market value” of their property.
Q: What do you predict in terms of market activity over the next few months?
A: Palm Beach is known for having a seasonal market, “snowbirds” flying down during the winter to enjoy some sun and surf, escaping the frigid temperatures of the North. In the past few years, the real estate market has continued to be active through the summer. We expect that the strength of the of 2017/2018 season will continue as there is presently fairly low inventory and continued high demand.
Douglas Elliman / 561.653.6224 / email@example.com
Q: What kind of activity should we expect to see during the winter real estate market in Palm Beach?
A: The second it gets cold and the holidays hit, the Palm Beach real estate market heats up. It has been extremely quiet lately and I was starting to get concerned, but as of this week, every listing I have either has an offer in or a contract out. This truly happened like clockwork.
Q: Why have an increasing number of buyers been attracted to West Palm Beach?
A: There are so many reasons, including tax benefits, a better lifestyle, the new and convenient Brightline train—it’s a city on the verge of becoming a Dallas, a Chicago. With The Bristol, La Clara, and what The Related company will bring to West Palm Beach, the city is transforming rapidly.
Q: Does the Island remain a coveted residential area?
Are there any new hotspots on the Island our readers should be aware of?
A: Palm beach Island will and always has been the most coveted part of South Florida. With the new Royal Poinciana Plaza, Palm Beach has found its heart. There is something for everyone at this incredible establishment.
Q: What do you want our readers to know about Douglas Elliman and its Palm Beach presence?
A: With a presence in Aspen, Beverly Hills, New York City, and the Hamptons, Palm Beach completes the circle of where our clients want to be.
Q: How can listers in the Palm Beach area ensure a quick sale?
A: The best way to ensure a quick sale is to have the home look as minimal as possible when going on the market. Excessive drapery and dark colors have gone out of style. The market is extremely strong but you must be smart in your pricing. Overpriced listings will sit regardless of how good a market we are experiencing.
Liza Pulitzer & Whitney McGurk
Brown Harris Stevens / 561.373.0666 / firstname.lastname@example.org & email@example.com
Q: Do you expect to see a lot of activity this winter?
A: Yes, we are expecting to see more activity this winter than ever before. We have noticed increased interest as we head into our season. Our inventory has been at an all-time low with property prices continuing to soar.
Q: What marketing tools do you use to help sellers?
A: We are actively marketing Palm Beach nationally as well as globally. We just returned from Shanghai, where we were involved in a real estate conference targeting worldwide investors. We continue to see an increasingly international interest in Palm Beach and we are actively working towards capitalizing on that as we did in Shanghai this past month.
Q: What are the most important aspects to consider when choosing a broker?
A: Brokers should be good listeners and first understand what their clients needs are. In selling, how a broker markets properties is very important. It’s also important to understand how hard your agent is going to work for you and how creative they can be in finding the right properties for you. We also feel that local knowledge and relationships with other agents and residents are key, especially when it comes to selling off-market properties.
Q: What trends have you noticed?
A: We are starting to see more younger families and full-time residents coming to Palm Beach. We are also seeing more companies moving their headquarters to Palm Beach County and looking for full-time residency.
Q: Anything else you’d like to share with our readers?
A: We take a very creative approach while using our local intel to help clients. We were both born and raised in Palm Beach and have established a lifetime of relationships.
Sotheby’s International Realty / 561.714.8955 / firstname.lastname@example.org
Q: I know there has been a lot of interest in completely renovated homes. Tell me more about how buyers can benefit from updating homes after purchasing.
A: The rule of thumb is that kitchens and baths sell homes. Buyers want to be able to move right in, unpack, and start living. They don’t want to have to deal with the details of renovations, architects, contractors, etc. As a result, buyers tend to be willing to pay a premium for completely renovated homes or new construction. If buyers do renovate after purchasing, they should focus their efforts on kitchens and bathrooms. Renovating those rooms will add value. If buyers plan on reselling the property, staying with a neutral color palate and limiting custom features are ideal.
Q: What is unique about Palm Beach real estate?
A: Palm Beach is a finite piece of land. We aren’t creating any more of it. Therefore, inventory is often limited. When a special property comes on the market, there is typically high demand and numerous offers. Over the summer, I sold a highly desirable condo unit in 24 days.
Q: Which restaurants and shops best define the area?
A: The Royal Poinciana Plaza is a one-stop shop for all things Palm Beach. Sant Ambroeus is a must-visit for lunch or dinner, Honor Bar is great for a cocktail; and all the shops in between have all the Palm Beach essentials. One of my favorite shops at The Royal Poinciana Plaza is Bognar & Piccolini, a European children’s clothing brand. I spoil my niece and nephew with clothing from there.
Q: Why should buyers and sellers use Sotheby’s?
A: Sotheby’s is simply the best and most well-rounded brokerage. Its brand and international exposure are second to none. Sotheby’s International Realty has over 970 offices in 72 countries. We offer maximum exposure to our listings all over the globe.
The Koch Team at Corcoran Group / 561.379.7718 / email@example.com
Q: I read that many Palm Beach residents are looking to downsize. Why is this?
A: Many people are looking to scale down and simplify their lives. They want something more manageable, easy to maintain, and worry free.
Q: What other trends have you noticed in the area?
A: The trend that we continue to see is that new construction or “nearly” new construction continues to be a hot market segment. This allows buyers to get the latest and greatest, and purchase quality homes built to today’s standards and building codes.
Q: Has the average Palm Beach buyer evolved?
A: The Palm Beach buyer profile has definitely changed over the last few years. Palm Beach continues to get younger and younger. Families are moving here full-time for the quality of life and tax advantages. We have no state income tax. There has been an influx of business owners, since technology has given them the mobility to run their businesses from anywhere. We have great restaurants, shopping, and a cultural and art scene. We even have my favorite spot, SoulCycle! Palm Beach has become much more vibrant—there’s no better place to live and work in than Palm Beach!
Q: Tell us about one of your impressive listings.
A: 134 El Vedado Road is an amazing property. It’s located on a prime “El” street in the Estate Section and sits on over 1.3 acres, which is a rarity in Palm Beach. The main house is a John Volk that has been stunningly renovated and there are beautiful outdoor spaces including a large pool area and a tennis court.
Q: What should our readers keep in mind while looking for their next purchase?
A: There is a finite number of properties in Palm Beach due to its size. When you find a property you like, do not hesitate—buy it! It’s a great place to diversify and “land bank” you money.