Still wondering if it's a good time to purchase a home in Palm Beach County, FL?
Read through this detailed article from Forbes.com Contributor Troy McCullen for more info.
Palm Beach County, Florida Home Prices Continue to Rise
The Fite Group Luxury Homes - A home for sale in Palm Beach for $1,895,000.
Home prices in Florida's Palm Beach County continued their upward trend in May, reaching another post-crash high.
The median price of a single-family home sold in Palm Beach County in May rose to $335,000, a 7.9 percent increase from a year ago and up slightly from April’s $327,000, according to the Realtors Association of the Palm Beaches.
Drastic year-over- year increases in home sales were of particular interest; 45.1% increase in the sale of homes between $600,000 - $999,999, 19.8% increase in homes over one million dollars and 18.6% increase in homes between $400,000 - $599,999. Additionally, there was a 4.3% year-over- year increase in closed sales to 1,768 with a 14.3% increase in cash sales.
“Statistics for May reflect double digit increases in closed sales above $300,000 which contributed to the rise in our median sale price,” said Jeffrey Levine, President-Elect of the Realtors® Association of the Palm Beaches (RAPB). “Meanwhile, we ended May with 4.9 months’ of inventory, the same as last year.”
Palm Beach County has long been one of the most sought-after places to own real estate in the country. The county is home to a broad range of boldface names including pop star Ariana Grande, Microsoft founder Bill Gates, and basketball legend Michael Jordan. President Donald Trump's Mar-a-Lago estate is also in Palm Beach.
The town — located on a 16-mile-long barrier island — has long ranked near the top of quality-of-life surveys thanks to an abundance of natural beauty and an upscale lifestyle and social scene. In winter, the calendar of social engagements rivals New York’s Hamptons in summer, with polo and equestrian events sprinkled among dozens of glitzy fundraisers and art fairs. Palm Beach County has more than 140 golf courses — more than any other county in the US.
There is also no individual income taxes, no estate taxes and no capital gains taxes, which offers moneyed retirees an alluring measure of wealth protection. Just over half of the town’s population (55.8 per cent) are aged 65 or older, according to the US Census. That ranks the town of more than 8,500 inhabitants among the most densely populated locations for retirement-age individuals in the country.
Long a haven for affluent Americans during the winter months, the town of Palm Beach dates back to the early 1880s when it was founded by US industrialist Henry Morrison Flagler. Early inhabitants included Thomas Adams, the inventor of Tutti-Frutti chewing gum.
Palm Beach began attracting high-profile residents in the 1920s and 1930s when the town became the winter retreat for the likes of Joseph Kennedy, father of future US president John F Kennedy. JFK himself wintered in Palm Beach during his presidency when the Kennedy family occupied an 11-bedroom, oceanfront estate that came to be known as the Winter White House. Today golfer Tiger Woods, singer Jimmy Buffett and US presidential hopeful Donald Trump all own property locally.
There has been a sharp rise in the town’s cultural offering over the past two decades. The Raymond F Kravis Center for the Performing Arts, the Norton Museum of Art as well as several venues for the performing arts are recent additions to a town that hosts international film festivals and boat shows which attract hundreds of thousands of visitors a year.
Troy McMullen , CONTRIBUTOR
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