You would think they were giving away Birkin bags the way the media has been hyping the Northeast exodus to South Florida. While there is increased volatility in the market due to the pandemic, the election and social instability, Palm Beach’s hyper-local real estate has indeed felt the influx. Northerners are discovering they can work remotely and in 75 degree weather. High end buyers want a winter escape during this second pandemic wave were they can golf on their lunch break. And rentals? Well, they've been hard to secure due to extremely low inventory. Some tenants are paying up to 30 percent more year-to-year for a seasonal rental--if they can find them.
It is a seller’s market. Closed sales in Palm Beach Gardens are up 38% YTD. The median sales price is 21% higher YTD and dollar volume is up 100 percent. That said, Northern buyers are fussy. Homes fetching higher prices are ones that are already renovated. Impact windows and newer roofs are one of the top upgrade that buyers are requesting. Kitchens and baths would be second. Gated communities are also hot due to recent unrest.
Given the lack of inventory in suburban tri-state areas and their much higher prices, we feel bullish on the market through the middle of 2021. For more info, contact clteam@onesothebysrealty.com
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