Is Palm Beach worth investing in significant numbers for investors?
Palm Beach is the third largest county in Florida. But is it worth investing in other countries if the state has cities like Miami? The article will explain why flats for sale in Palm Beach will be a profitable investment option.
Palm Beach residences up 14% in 2022
In 2022, Palm Beach recorded an increase in property values. So, if in 2021, the average price of a house for 1 family was $500,000, then in 2022, it has already risen to $570,000.
Moreover, prices for luxury housing are growing even faster, and the cost of individual objects has increased by almost 90% over the year. For example, in June 2021, a 5-bedroom mansion on the first line was bought for $35.4 million. And in December 2022, the same house in the same condition, without major repairs, was bought for $66 million. And this object is just one of several such profitable deals.
Another example is the most expensive condominium in the area, which is located on the roof of the Tiffani & Co. jewelry boutique. A 6-bedroom residence without renovation and furniture but with a spacious terrace and garden was bought in July 2022 for $15.5 million. However, already in November 2022, the owner put it up for sale, raising the price tag to $24 million.
Palm Beach Investment Housing Sells From $290,000 In February 2023
According to the site Florida.Realestate now in the district, you can buy housing for $290,000. For convenience, you can the minimum and maximum real estate prices in Palm Beach and their small descriptions.
– Apartments – $290,000
– 86m2 2 Bedroom Condominium with Worth Lagoon View – $24 million
– 917.5 m2 6 bedroom rooftop condominium at Tiffani & Co – $495,000
– House of 196 m2 with 3 bedrooms, 12 km from the coast – $218 million
– Villa project with 11 bedrooms on a separate island
Home sales down over 30% in December 2022
In 2021 and early 2022, the number of sales broke all records. Starting in the fall of 2022, demand is falling. For example, if you take condominiums and townhouses, then in this segment, the indicators fell by 34.4% from October 2021 to October 2022. Last year, the number of sales was 878 units; a year earlier, 1338 objects were sold.
This situation on the market suggests that transactions are now beneficial for those who want to buy real estate because supply exceeds demand. However, this situation does not affect the luxury real estate sector, where the owners of properties on the first line often receive offers to buy, even if their houses still need to be listed.
At the end of 2022, properties spent an average of 92 days on the market
In December 2022, the county saw an increase in the average time properties spend on the market. Now it’s 92 days. Compared to December 2021, the term has almost doubled. However, according to real estate agents, this data does not apply to the sector of luxury properties. So, in the district, there is a high demand for ready-to-move houses by the ocean, and residences that need repair are idle.
In February 2023, there were 333 residences for sale in the district
There are currently several hundred properties for sale in Palm Beach. The median price per square meter for homes in the county is $5,577, and the median home value is $3.5 million.
View all properties for sale in Palm Beach. Florida.Realestate staff can help you find the homes you want to rent or resell.
3 benefits of investing in real estate in Florida
Florida is the most attractive state for investors. It is advisable to invest in Florida real estate immediately for 3 reasons:
– Favorable climate, thanks to which pensioners and young people from other states move here to live;
– Stable price growth and high liquidity of apartments and villas (for example, in Tampa and Miami, from 2015 to 2022, housing has risen in price by a record 27%);
– A large selection of objects and no restrictions on purchasing real estate for foreigners.
Both an individual and a legal entity can become the owner of a flat, apartment, or villa.