We hope that everyone had a wonderful season in Palm Beach. I am happy to report that besides our town being in better shape than I ever remember, the real estate market is also moving in all the correct directions. Always up!
All our data and details are available through our collaboration and membership with Palm Beach Multiple Listing Service and the TFA research department. All data is a year over year analysis.
It’s worth taking a drive through the North End (area between the inlet and Wells Road) of Palm Beach. Many of the older homes have been replaced with new construction, access to beach has become more private, our clubs have been updated and the underground burial of power lines is well under way.
The high demand for this area, with a mean sold price of $4.2M, has proven to be a difficult place to buy a home. Inventory was down 17% which also brought down the total amount of homes sold and volume. These prices will quickly change with 7 pending sales and a list price mean of $7.5M.
My favorite north end home that we sold, privately in an off-market sale, was 1438 N Ocean Blvd. The original family all surfed and seemed they were a blast because always played in the ocean. Today, the 4-story oceanfront house has been totally rebuilt, renovated, decorated and will be one of the most sought-after rentals in the 2019-2020 season. Call me for rates and availability.
Living in town proved to be very popular with an increase of 34% of homes under contract, 9% increase in volume and a 9% increase in the median price to $3.7M. This price will stay steady next quarter with 7 homes pending and a median list price of $4.4M
Our favorite in town pick was the sale of 209 Pendleton. It was a gracious Volk home, overlooking the Breakers Golf Course. Today, the home is undergoing a total renovation and is a good house to keep on your radar in case it comes back on the market for sale.
South of Worth Ave to Sloane’s Curve had a slow start with low numbers in sales, volume and a median price at $7.8M. But the end of season proved that there is a strong demand for this market with 5 pending sales, 3 direct waterfront and a median listing price of $17M.
These strong endings to the season are due to our smart sellers knowing when to reduce the list price to get the home sold. A good real estate agent, such as TFA, is important in the transaction process to feed clients accurate sales data needed to analyze the market.
The TFA award for the prettiest house with attention to every minute detail in the renovation is 555 Island Drive.
You would never know it with all the traffic in town, but the condo market was steady with little change from last season. The top popular buildings were Palm Beach Tower, Sun and Surf and the Winthrop House. Over 25% of the condos sold had 3 bedrooms or more. Median sold price for condos was $875,000 and 8 sales are pending.
Sneak preview: TFA will welcome PBrentals. Our new concept rental company committed to connecting personalized services and interactive technology. Call us for more details.
TFA associates are always available to help you with all your real estate needs. Visit us in our office or call us. 561-659-5113