Q: How has the pandemic affected the Palm Beach market for the long term?
A: We are continuing to see more and more people move to Palm Beach, daily. Our market is saturated with buyers and very little inventory to choose from. As a consequence, prices and continuing to rise and properties are achieving record sales prices. There is wind in our sails for the foreseeable future as long as we can continue finding off-market opportunities for buyers.
Q: How much have home values in Palm Beach increased?
A: Our market is moving so quickly it’s very difficult to quantify. A year or two ago, we used to say that if you can find a home in the north end for $3M, buy it. Now we’re saying, if you can find a home in the north end for $5M, buy it!
Q: Tell me about some notable sales since March.
A: There have been too many notable sales to even begin thinking about. The most notable numbers are in the total number of single family sales; since 4/1/2020 to 12/10/2020, there have been 138 sales listed in the MLS. During that same time period in 2019, there were only 63 sales listed in the MLS. This does not account for all the off-market sales.
Q: What are the most popular residential areas right now?
A: The north end is the hottest area in Palm Beach. The expansive beaches, access to the bike path, and more relaxed lifestyle is drawing more families as permanent residents.
Q: What’s new and noteworthy on the island?
A: More and more people. Our local businesses should be thriving with all the influx of new people in our area.
Q: Anything else you’d like to share?
A: We are continuously searching for off-market properties to sell. This year, we will need to be creative in putting deals together. With our minimal inventory and high demand, our life long relationships is what is going to help us find more and more off-market opportunities for buyers.