Why Now Is the Time to Sell (or Buy) Luxury Homes in Palm Beach

Why Now Is the Time to Sell (or Buy) Luxury Homes in Palm Beach

And why The Fuchs Group should be your realtor of choice

 According to a recent article in World Property Journal, luxury home sales in Palm Beach County spiked 83% in Q3 2020. They also reported, after surveying several Miami Realters, that Palm Beach County total home sales rose 15.2% year over year, single-family home sales surged 17.1% in that same time, and condo sales rose 12.7% during that period. And they attribute nearly all of it to COVID-19.

 Basically, the coronavirus has forced the trend of homebuyers from New York and other cold weather (and tax-burdened) Northeastern states to accelerate their search for homes in South Florida. What is the far-East expression? Every tragedy brings opportunity?

 It is not just an invasion from the north. Local homeowners are looking for more space due to remote work and more and more schooling is happening at home, not to mention the fact that mortgage rates are currently at historic lows. There quite literally might never be a better time to buy or sell real estate in Palm Beach County in general, and luxury real estate in particular.

 The draw for wealthy transplants

 Before COVID-19, the Palm Beach market was already remarkably strong. The whole South Florida area showed record low delinquencies and no subprime mortgage crisis to speak of. We had strong demand with low supplies, low interest rates and a strong population growth, as well as significant interest from foreign buyers. We had tax refugees from tax-burdened states, high consumer confidence and a strong job market. Without the fallout from a pandemic, the area was posed for success by most important measures. Now?

 Palm Beach County single-family home sales that were $1 million and up had 598 transactions in Q3 of 2020, an 82.9% increase over 2019. Luxury condo sales jumped 52.5% (151 transactions) in the same period. Owning property is still considered a stable asset, especially in such a volatile economy, which helps to create a robust market for luxury single-family properties.

 On top of that, median home prices rose in 3Q 2020, and the “home dollar volume” rose 44.3%. It is for these reasons and more that Jay Phillip Parker, CEO of Douglas Elliman’s Florida brokerage said of Palm Beach, “It may be the hottest real estate market in the world right now,” when interviewed for a CNBC article. Speaking of wealthy northeasterners, he continued by stating, “At a certain point, their friends are all in Florida, they’re hearing about how much they like the experience, so they want to move too. It creates a snowball effect.”

 Where The Fuchs Group comes in

 The irony of a snowball in Palm Beach is not lost and is even extended when you consider how this trend impacts the surrounding areas. There is strong demand and limited supply in several of the local suburbs, such as Royal Palm Beach Village, The Acreage, Greenacres, Jupiter and Boynton Beach, all communities within which The Fuchs Group is experienced and ready to help navigate.

 The top Palm Beach County neighborhoods with the lowest months of Condominium supply of inventory includes those same areas plus Delray Beach, the backyard to our own headquarters.  Making The Fuchs Group the logical local choice for helping you take advantage of this market, either by negotiating a purchase on behalf of you and your family or by finding the right buyer for your home because now is the right time.

 As you can see, the growing demand for luxury homes in the region is stemming from a host of factors, including low-interest rates, a prosperous stock market, more work-from-home and remote-learning requirements, and adding a virus to the heavily-taxed snow-magnet of the Northeast only adds fuel to everyone’s fire. If you yourself are currently thinking of either making the move to sunny Florida because it is the right move for you, or you live in Palm Beach, Broward, or Miami-Dade and you want to take advantage of this amazing market, The Fuchs Group would be honored to help you navigate. Call us today at 954-415-8263, and let’s make the most of this historical time in all our lives.

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