John Wilson de Douglas Elliman on the Hot Palm Beach real estate market
Palm Beach and West Palm Beach are experiencing a very active real estate market.
The two places are located in the county of Palm Beach in South Florida SunnyWith the first seated on a barrier island and the second just opposite the lagoon of Lake Worth.
The county of Palm Beach experienced more than 13,300 sales transactions of single-family houses and 9,900 condos and house offers in closed row in 2024, according to a Broward, Palm Beach and Saint-Lucces report.
Unifamilial houses in Palm Beach, Florida, United States, Wednesday April 7, 2021. Purchasing contracts for single-family houses for $ 10 million or more increased by 306% in March compared to the previous year, the biggest gain since the start of the pandemic, evaluator, assessor (Marco Bello / Bloomberg via Getty Images / Getty Images)
“Right now, real estate in the south of Florida in general, but especially West Palm Beach, Palm Beach is extremely active,” said John Wilson to the sales associate of Douglas Elliman, John Wilson Renard business In an interview, the addition of the region has “new developments clusters”.
There were 398 new contracts signed for the unified houses of Palm Beach County and 335 for condos last month, a report by Douglas Elliman has shown. Some 1,600 houses were newly listed.
Condo signed contracts and lists also increased from one year to the next in January.
The luxury markets of Palm Beach and West Palm Beach were particularly flourishing.
“Much of it, let’s say like $ 700,000 to $ 2 million, it is in a way a market focused on interest rates, so it is not as much, where we are mainly dealing with the island and West Palm Beach, and we do a lot of new developments, a lot of money,” said Wilson.
He said he had “never seen anything like this” on the West Palm Beach market.
West Palm Beach Skyline includes Royal Park Draw Bridge, West Palm Beach, Florida. (Photo of: Visions of America / Joseph Sohm / UCG / Universal Images Group via Getty Images) (Visions of America / Joseph Sohm / UCG / Universal Images Group via Getty Images / Getty Images)
“West Palm, I describe it that way … It was a bit like the outside of the island if you know what I mean and somehow calm and really developed either, but now, with all the developers and things that come here, this place is on fire, and it’s exciting because there are so many new things. It’s like a rebirth, if you do.”
Wilson declared the request to Palm Beach and West Palm Beach’s luxury markets had grown up “exponentially” in recent months.
“Just before the elections, it was a bit like” wait and see. “Yes, there was activity, but I think people held back, and it seemed that after the elections, the market turned on. It became much more active, many more people were watching,” he said.
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New contracts signed for single -family houses worth at least 1 million dollars in the County of Palm Beach succeeded at 138 in January, against 90 in the same month of last year, according to the report by Douglas Elliman.
He noted that the properties of the ultra-luxury market in the region of Palm Beach and West Palm Beach was negotiating before the November elections “even in season, which is summer”, but said that the luxury market “had definitively” an increase in activity after the elections.
Palm Beach County scored 132 houses of houses worth more than $ 10 million in 2024, according to a recent report of the compass. This marked a 21.1% leap in annual shift.
Wilson also weighed what he thinks of stimulating demand in both places.
“People want to be here,” he said. “Everyone is always known to Palm Beach Island, but I think that during the covid, what happened is that people rediscovered it, and what you had is that you have had a whole new group that rolls in town during Covid, then what happens? Like all things in life, all the time, you start to say to your friends” I have more and more. “
The development of the building in West Palm Beach has also played a role, according to Wilson.
West Palm Beach, Lake Worth Lagoon and Marina. (Photo of: Jeffrey Greenberg / Universal Images Group via Getty Images) (Jeffrey Greenberg / Universal Images Group via Getty Images / Getty Images)
He also said that young families have moved to the region because of the new development and “what’s going on with all hedge funds”.
More than 300 Hedge Funds, investment capital companies and financial services call the country of the County of Palm Beach, according to the Palm Beach County Development Council.
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He helped the region, especially West Palm Beach, to win the nickname “Wall Street South”.
Wilson also told Fox Business “there will always be a request on the island [Palm Beach]But you can come to West Palm Beach, get a beautiful residence, whether it is a new development condo or a house for much less than on the island, and literally cross a bridge and always be on the island and all the activity and the value of the avenue and purchases. “”
Worth Avenue is a district of Palm Beach known for its restaurants and high -end purchases.
Wilson said that there are “no new development buildings” in Palm Beach, so “there is a lot of things happening and that there is a lot of trade on the condos market, but the unifamilial house market is extremely strong” and “continues to remain very strong”.
Florida (Istock / Istock)
West Palm Beach sees many new luxury condos buildings under development, he also said.
The real estate markets of the two cities did not become hot overnight, according to Wilson. On the contrary, it has been going on for “a few years now”, with the boom during the pandemic helping to drive this.
He was optimistic about the future for the real estate markets in Palm Beach and West Palm Beach.
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“I think that will continue to increase because of demand,” said Wilson, noting that many people from northeast and California come to the region.
“If you are considering long -term growth potential in the two to three years, I would say that this market will continue to drive higher.”
Homes at Palm Beach had a median registration price of $ 3 million in January, according to Realtor.com. In West Palm Beach, it was $ 374,200.
