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Luxury market report reflects Palm Beach’s real estate resurgence

Posted On: 10-07-2015

By Darrell Hofheinz

Daily News Staff Writer

A national sales report confirms that the economic fundamentals boosting Palm Beach’s bustling real estate scene also are driving luxury housing markets across the United States.

Palm Beach ranked 16th in the country among cities with the highest number of home sales closed at $10 million or more during the 12 months that ended June 30, based on multiple listing service data compiled for a new analysis.

This was the first time Palm Beach earned a spot on the top 20 list for sales in the highest price category and the segment immediately below it, $5 million to $10 million, according to the Coldwell Banker Previews International’s Luxury Market Report. The real estate firm commissions the annual analysis, which was released Tuesday.

Palm Beach also ranked in the top 20 among cities with the most active sales listings priced above $5 million.

The island saw seven MLS-listed residential properties sell for $10 million or more during the report’s time period. But the analysis does not take into account properties that sold off market — and in Palm Beach, that number isn’t inconsequential, as real estate agents here know.

The report reflects strengthening home prices, which have been seen across all housing categories in post-recession Palm Beach. In past years, the island’s diverse housing stock — including hundreds of condominiums hit hard by the recession — helped drag down overall sales figures here, local real estate observers say. But during the past year, the condominium market has rebounded strongly, a development that has boosted the overall sales climate.

Meanwhile, larger issues are at play, according to the forward to the report, co-signed by Coldwell Banker Real Estate President and CEO Budge Huskey and Ginette Wright, vice president of luxury marketing for Coldwell Banker Previews International.

“The growth of the global economy as well as a rising emphasis on real estate as a wealth asset class have led to an expansion of the high-end real estate marketplace,” the forward states.

With 217 sales, New York City led the list of properties that sold for $10 million or more. Rounding out the top five were Beverly Hills, Calif. (34 sales); Los Angeles (34 sales); Aspen, Colo. (24 sales); and Miami Beach (20 sales). In Florida, Naples came in at No. 7 with 12 sales. Delray Beach, making its first appearance on the list, took the 13th slot, with eight sales.

Palm Beach also ranked 14th on the list of sales recorded at between $5 million and $10 million. The report shows there were 36 of those transactions on the island. With 786 sales, New York City again led that price category, followed by Los Angeles (130 sales); Beverly Hills (111 sales); Miami Beach (87 sales); and Naples (79 sales). Boca Raton, with 32 sales, was the only other Florida city on the list and was ranked in 17th place.

Coldwell Banker does not have much of a presence in Palm Beach. The firm is owned by the massive NRT conglomerate, which also owns the Corcoran Group and Sotheby’s International Realty. Those two agencies, by agreement, handle most of the sales in Palm Beach, said Duff Rubin, senior regional vice president for Coldwell Banker’s southeast Florida region.

Palm Beach’s showing in the report reflects an overall trend, Rubin added: The affluent are taking a second look at Florida as a destination for primary homes rather than vacation residences, drawn by the climate and the state’s favorable tax picture, he said.

In the other key lists in the report:

* Palm Beach ranked 18th out of 20 among cities with the most active sales listings priced between $5 million and $10 million. Palm Beach had 53 such listings. New York City led the list with 939, followed by Miami Beach in the No. 2 slot with 197.

* Palm Beach ranked No. 19th out of 20 among cities with the most sales listings priced at $10 million or more. New York City and Miami again topped the list.

* Palm Beach’s 33480 ZIP code ranked 19th out of 20 in the number of sales that closed between $5 million and $10 million, with 36 such transactions. Beverly Hills’ famous 90210 ZIP took the top spot with 111 transactions.

* Palm Beach’s ZIP code ranked 20th out of 20 among ZIPs with the highest number of listings — 53 — priced between $5 million and $10 million. Aspen’s 81611 placed first with 151 listings.

 

 

Source: Darrell Hofheinz, October 7, 2015 Palm Beach Daily News

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