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Palm Beach real estate is very hot, with at least 22 units selling for $ 40 million-plus since Covid

Realtors when the ink dried up in a $ 122.7 million deal for the sale of a modern oceanfront palm beach condo in February this year Ryan Sir Hunt Toasting his success with a glass of champagne and lobster at the table at The Breakers, an iconic hotel in the area.

He closed the deal by plane from New York. This was the biggest deal ever on Palm Beach. It also marked the peak of a dramatic market surge that has overwhelmed local realtors since the beginning of the Covid-19 crisis.

In many ways transaction I spoke perfectly at that unique moment. Seller Mark Pulté is a local developer who once owned President Donald Trump and built a vast estate on 2.25 acres of land near the Palm Beach Country Club. He paid $ 37 million for land in 2017.Buyer: Yet another New York lender Buy a house in Florida.. According to contract savvy, he is a private equity executive and Tiger Global Management partner Scott Schleifer.

Over the past 16 months, buyers have spent billions of dollars on real estate on Palm Beach, a 16-mile barrier island with about 2,500 homes off the Atlantic coast of Florida. Since March 2020, at least 22 cases have exceeded $ 40 million, two have exceeded $ 100 million, and approximately 35 have been $ 30 million, according to asset records and data compiled by Corcoran Group and Miller Samuel. It is over.Notable buyers include casino tycoon Steve Wynn, software billionaire Larry Ellison, Designer Tommy Hilfiger And financial sector tycoons Hedge fundDavid Tepper and Investment Services Entrepreneur Charles R. Schwab.

Purchasing enthusiasm is pushing up higher-value sales than ever before. According to Miller Samuel, in the second quarter of 2021, sales of luxury goods, defined as the top 10% of the market, surged 177.8% compared to the same quarter last year. The median selling price was $ 17.75 million, up 97.2% from the first quarter of 2021, the highest since Miller Samuel started tracking in 2011.

Palm Beach real estate is very hot, with at least 22 units selling for $ 40 million-plus since Covid

Source link Palm Beach real estate is very hot, with at least 22 units selling for $ 40 million-plus since Covid

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