Long a destination for wealthy New Yorkers looking for some sunshine and an escape from the winters, Palm Beach is having a buying frenzy that is surprising even the most seasoned industry experts.
The Wall Street Journal took a look at the records for Palm Beach County and found a pretty mind-blowing statistic: Since March 2020, there have been at least 22 sales of $40 million or more, with two over $100 million and about 35 over $30 million, according to property records and data compiled by the Corcoran Group and Miller Samuel.
According to the WSJ, notable buyers include casino mogul Steve Wynn, software billionaire Larry Ellison and designer Tommy Hilfiger.
Naturally, this type of buyer’s attention is driving up sales on properties large and small. Across all price points, the number of sales of single-family homes in Palm Beach rose 90 percent during the second quarter of 2021, compared with the second quarter of 2020, Miller Samuel data shows.
So far this year, Palm Beach has had more sales above $50 million than either New York or Los Angeles.
Read more on the Wall Street Journal’s Palm Beach profile by clicking here.