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Summer/Off-Season: The Best Time to Buy

Posted On: 06-18-2010

 

 

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

 

 

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Zimmerman Douglas Elliman

340 Royal Poinciana Way, Suite 318
Palm Beach, FL 33480

Jacqueline A. Zimmerman (561) 906-7153 Direct jz@PalmBeachProperty.com

Adam M. Zimmerman (561) 906-7152 Direct az@PalmBeachProperty.com

(561) 655-8600 Main Office

 
www.DistinctivePalmBeachProperties.com

The Definitive Source for Palm Beach Real Estate

Jacqueline A. Zimmerman(561) 906-7153pAdam M. Zimmerman(561) 906-7152pMain Office(561) 655-8600
Douglas Elliman, Licensed Real Estate Broker | 340 Royal Poinciana Way, Suite 318, Palm Beach, FL 33480


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