Summer/Off-Season: The Best Time to Buy

While many are thinking of cool weather retreats this time of year, smart investors are returning to Palm Beach, FL to pick up deals on prime properties, at a fraction of already reduced asking prices. 

With prime and prestigious properties selling at 30% to 50% below sub market asking prices, this may be the best time to buy in a generation.

Three recent closings best exemplify this trend. The most notable is the oceanfront estate at 1530 South Ocean, located in the Estate Section of Palm Beach. The 4 bedroom, 4 bath, 7,179 sq-ft home, with its own oceanfront parcel, sold for $6.5 million (6/18/10) down from an original asking price of $13.5 million (and a subsequent reduction to $9.9 million). A price reduction of 52%.

686 Island Drive, a direct Intracoastal property featuring 5 bedrooms, 7 baths and 10,990 sq-ft., sold for $10.355 million, originally asking $14.95 million (6/15/10), a discount of 31%.

14 Golfview Road, a landmarked Marion Sims Wyeth, located steps from Worth Ave, 4 bedroom, 5 baths, 6,229 sq-ft., closed for $4.319 million (6/15/10), down from an asking price of $5.85 million, a discount of 27%.

This truly is a one-in-a-lifetime opportunity for buyers. Anyone who buys now will look brilliant in five years.

Source: Jacqueline Zimmerman, June 18, 2010